What is the importance of values in business?
This essay is going to analyse a number of businesses, which support this quote and businesses, which do not. This quote has been written by Innocent smoothie founders who believe that by having decent values it prevents businesses from acting like idiots. It comes from their book ‘innocent our story & some things we’ve learned’. This book shows how innocent have developed into the brand they are today which is an eco-friendly company producing natural and healthy products.
Decent values can be seen to be what the business is about and how they act, John Lewis and The Body Shop have similar values. These three companies are all socially aware and have a good reputation because of this. Values should vary between businesses because they are not the same and it is about what they do as a business. Another issue is that some companies many say they have values but its whether they act accordingly to them.
Milton Friedman states, “The Social Responsibility of Business Is to Increase Its Profits” (reason.com [online]). This quote is stating that business should only be concerned about increasing profits because that is there purpose. Friedman goes against the quote from Germain and Reed because they believe that it is not just about profit and that businesses should have a social responsibility. Friedman also states, “no one wants to be a puppet, especially someone in a profession that prides itself on entrepreneurial vision and self-reliance” (May & Cheney & Roper, 2007, p. 209). Friedman believes that no one should be made to be socially responsible especially entrepreneurs. Innocent founders would disagree with this because they are entrepreneurs who have produced a brand that is socially responsible and generates profit. This goes against Friedman and today many businesses would disagree because consumers want businesses to be socially responsible and are willing to pay for it.
From the quote this there...