Title: Task 1: What is business about?
Course: Corporate Social Responsibility online > Section: Part 1: Business ethics and Sustainability

/ca. 45 minutes/

When we think about business, we usually think about money. Why is this so? We know that to run a successful business we need money, because we need to:

There are so many costs that we need to bear and we also want to make a profit:

Isn't it obvious? Yes - it is. Yet, is money the reason why businesses are established? Is money the core element that drives business activity?

Take a while and think about it:

What do you think business is about?
What is the main driver of business?
What does  ethics have to do with business?

Now, we invite you to meet R. Edward Freeman, recently one of the most influential scholars in  management. Freeman is an American philosopher and professor of business administration at the Darden School of the University of Virginia, particularly known for his work on stakeholder theory (1984) and on business ethics.

On Friday, 15 November 2013, Ed Freeman spoke in Charlottesville, at Virginia’s first TEDx event, TEDxCharlottesville. In his talk entitled "Business is about purpose ", he explained how business and business people can make a difference in the world, and why we need a new story about business to make this difference happen.

Listen to Ed Freeman and answer following questions:

https://www.youtube.com/watch?v=7dugfwJthBY

Source: TEDx Talks, Business is about purpose: R. Edward Freeman at TEDxCharlottesville 2013, 25.01.2014 [access 13.06.2020]. Available from Youtube: https://www.youtube.com/watch?time_continue=1&v=7dugfwJthBY

What is the 'current story' about business according to Ed Freeman?
What is the main driver of businesses according to Freeman? Can you think about any other drivers?
Why does Freeman assume that ethics is 'a practical stuff'? What is ethics about and what is its connection to business activity?
What does Freeman mean when mentioning 'the new story about business'? How do you understand it?

When you compare your own and Freeman's thoughts on business and its drivers, can you see any difference? What do you think it depends on?

Now, prepare your own statement on "What is business about" and share it in the discussion below.

Please also comment on at least two statements made by other discussion participants.