Once Henry Ford said “the best way to make money is not to think too much about making it”, in the light of the observation raised by Henry Ford discuss the changing philosophy of business. Is business responsible to the society?
Changing Philosophy of Business
There was a time when business was expected to devote whole heartedly to producing and distributing goods and services and to make innovations and to improving products with an ultimate aim of maximization of profits. But today the business is increasingly called upon to promote a variety of social purposes (social responsibility) in addition to what it was called upon to do in good old days. New rules have been assigned to business which it is asked to play in the social system today. The business is no longer expected to ignore public interest and thereby evade its social responsibilities. Its business is not only to do just the business. No doubt money chasing is still the economic objective of the business. Maximization of profits still continues to be the business norm.
In Henry Ford philosophy of business cheating should have been given a goodbye signal. Adulteration must have been the word of past. False advertisement, misleading information, products non-conforming to the quality indicated therein should have been the story of yesterday. Though all these are still there and it seems that in India and Pakistan the business prosper only with all these and these are the only recognized means of maximizing profits. However, these should have not been the story in a country which claims to be striving hard for the establishment of a welfare state. Our business and businessman should take a leaf out of what Henry Ford observed in his biography. He said
“The best way to make money is not to think too much about making it”.
“Organize your business to do as much good as you could do for everybody”.
“More and more goods for more and more people at lower and lower prices”.
Henry Ford Social Responsibility of Business
Henry Ford, in the observations quoted above emphasized the social responsibility of business and through his sayings he emphasized the philosophy of business lies in serving the society instead of serving own-self. He was of the view that by serving the society the business really serves itself. But the philosophy of the business has to undergo a change. Maximization of social responsibility of business should be the main objective, which though indirectly, will bring prosperity to the business. For human betterment, for service and for self-improvement this social responsibility the business has to shoulder.
Business and Society
In fact the very existence of the business depends upon the society. A better well of and improved society an insurance which guarantees a prosperous and well developed business world. Thus self-interest and public good go parallel. They cannot be kept apart. In fact they are inextricably interwoven. The social mingled that they cannot be separated even if one thinks of separating them and tries his best to do so.
