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🎓 Wrapping up Ethics and Finance!

What is purpose of a business?

What is the purpose of a business? Is it to make money? To provide goods and services? To create jobs? To change the world?

The truth is, the purpose of a business can be all of those things. But I believe that the most important purpose of a business is to benefit the community (through employment, better products and governance) among other social benefits.

A business that creates positive ethical and social benefits is one that:

  • Treats its employees fairly and with respect. This means paying them a living wage, providing them with safe working conditions, and giving them opportunities for advancement.
  • Gives back to the community. This can be done through donations, volunteer work, or other forms of support.
  • Operates in an environmentally sustainable way. This means reducing its environmental impact and using resources wisely.
  • Creates products and services that make the world a better place. This could mean anything from developing new medical treatments to providing affordable housing.

There are many businesses that are doing a great job of creating positive ethical and social benefits. Here are a few examples:

  • Ben & Jerry’s: This ice cream company is known for its commitment to social responsibility. It donates a portion of its profits to charitable causes, and it uses only Fairtrade ingredients.
  • Toms Shoes & Bombas: These companies gives a pair of shoes or socks to those in need for every pair they sell.
  • Patagonia: This outdoor clothing company is committed to environmental sustainability. It uses recycled materials in its products and offsets its carbon emissions.
  • Thrive Market: This online grocery store sells healthy food at affordable prices. It also donates a portion of its profits to food banks.
  • Warby Parker: This eyeglasses company gives a pair of glasses to someone in need for every pair it sells.

Cheers 🥂