Business as a Social Institute

[Name of the institute]Business as a Social Institute

Introduction

Globalization is a phenomenon that is in vogue nowadays. In this rapidly changing world, to succeed it is imperative for an organization to adopt the phenomenon of globalization. Th8is phenomenon of globalization is giving rise to the more and more people to launch their own business or expand their existing businesses. As a result of this new urge of globalization more and more people are indulging into trade and other businesses. This boost in the business is facilitating many social benefits. There are a number of ways in which it can say that businesses all over the world in each and every country act as the social institute. The aim and objective of this paper is also to undertake the process of discussion about the topic that businesses are the social institute. The following part of the paper presents discussion about this topic from variegated perspectives.

Background

The world in which we line today is moving at a fast pace. Technological changes and advancements have revolutionized our world. The only thing that is constant in this world is change. In order to deal with this rapidly changing world, more and more number of people are moving towards the phenomenon of entrepreneurship and launching their own businesses. Entrepreneurship is the act of being an entrepreneur. Entrepreneur refers to any person who identifies an opportunity and organizes the resources needed to implement it. This can result in the creation of new organizations, companies or may be part of revitalizing mature organizations in response to potential opportunities. This frequent increase of preference of people to engage in entrepreneurship has raised a number of questions. The quest that this paper under discussion talks about is the relation of business activity with the culture and values.

Discussion

Social Institute can be defined as a formal or informal setting the purpose of which is to define relations in society, thinking and behavior. By the formal institutions are entitled to, the financial and banking system, the mechanism of government, forms of social organization of production and distribution of goods and services. Among the informal institutions stands the business climate in the country and the region, traditions, habits and mentality of people, the style of their work and behavior. Social institutions determine the competitiveness of national economies, and mutual trust between the public, business and government. Thus the economy is regarded as a functional subsystem of society, and economic growth is not an end in itself but a means of solving social problems, development of social capital and quality of life in the country and the region (Carroll and Buchholtz, 2011).

Socially responsible business approach is a mode of business in which the primary goal is to make a positive impact on society (people, families, ecology, or similar) while providing a product or service to consumers and to make a profit (Francis, 2006).

The main and core principal of socially responsible entrepreneur is to serve. Such entrepreneurs work to bring improvement from the social ...