Unit 1: Chapter 4

Being a good entrepreneur isn’t just about making money. Good entrepreneurs solve problems. You need to make money to solve problems, and you need to solve problems to make money. Entrepreneurs need to know how to balance economics with societal relations. Responsible business owners will use their business to solve problems, sometimes ones that aren’t directly profitable. Businesses that do good things will be seen as “good” in the public eye, and will build trust with people. People are more likely to buy from businesses they trust. Companies often have a mission statement, which allows for a company to express its purpose. Mission statements can describe a company’s central purpose, as well as its societal purpose.

Business owners are legally obligated to give their employees a safe and fair workplace. Employees also need the tools and training to do their job properly. There needs to be respect between employees and employers. Employers should trust their employees, and their employees should trust them back. Employees should be able to take their sick days, and their employers should be understanding. Employees who are treated well will be more enthusiastic about work and will be willing to work harder. It also will make hiring easier, as not many people are willing to work in a place where they are treated poorly. Treating employees well is crucial to a successful business.

Business owners don’t just have to treat employees with respect, they also have to respect their customers. Customers are willing to buy from a brand they’ve had success with before, so the real challenge comes in getting new customers. When people are buying from a business, the most important thing is the quality of the product. The next most important thing is honesty. People won’t be willing to give money to a business if they think they’re being lied to. People also want a business that responds to their customers. If someone receives a faulty product, they are going to want to contact the business. Good customer service can help a business grow, and have repeat customers.

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