Introduction to Business

 When I think of business, I know that there are many factors that come into play. When one thing is combined with another can create a service or product that we use on a daily basis. For example, our local McDonald’s. They provide a product and service in the food industry. They created the cheeseburger, French fries, and fruit pies. They took food and revolutionized the concept of fast food. This means if you need a quick, affordable lunch, you drive up with your vehicle to the drive-thru window to order then pick up your food at the next window. Who would have thought about that unless you were trying to run a business that changed through the times?

This week, we were able to understand what business means and how we use it every day. We also got to read a talk by Kim B. Clark who described the role of business in society. He continues to talk about 3 Forces that businesses can exploit to shape society. 

3 forces affecting business: 

1. Changes in Technology - Information: dramatic changes in the way organizations work, changes in the way Markets work, changes in the way people interact and work. 

2. Changes in Geopolitically - opening up new trade patterns, new patterns of investment, and dramatic change in the nature of the world political scene. 

3. Increasing reliance on markets to solve problems in society; business is front and center and become a powerful, dynamic force in society. 

My personal notes and excerpts from the video are examples of what we read in Chapter 1- Sections 1.1 and 1.2. I like that he was able to break it down so that I could understand what he meant by what business is affected by and where the modern student can learn from the past and apply it to the future. 

• Why is business so important to an individual's spiritual life and a country's economy?

I feel like business allows an individual to grow and flourish spiritually by making the right choices ethically and becoming a business-minded person which allows one to perfect oneself in the spiritual realm. Much like the mind, the spirit feeds off faith and hope for better things like making weak things become strong.

• Elder Kim B. Clark, former President of BYU-Idaho, suggests that business is the most dynamic force in society. He states, "the world is increasingly reliant on markets to solve problems in society." Describe at least one example where a business has solved a societal problem.

A business can either hinder or provide for a society depending on its purpose. A business can lose its purpose along the way to finding its footing. I found my example through google.com under 'companies that have taken a bold stand on social issues.' In 2019, Walmart CEO Doug McMillon announced that they would discontinue selling handguns and ammunition. The CEO also continued to send letters to the White House and Congressional leaders regarding background checks prior to gun purchases. As we know this may be a small feat from the largest retailer in the U.S.A. but it solved one of many issues in society. Elder Clark was referring to how much of an influence a business can have on us all.

References:

Link - Walmart excerpt