INTRODUCTION TO
BUSINESS AND ITS PUBLICS
business is the primary source of all value created in our economy. Business innovates more effectively than organizations in any other sector. Then, it leverages those innovations to bring new and better products and services to market to make people’s lives better, while at the same time creating rewarding jobs and profit for owners and shareholders. Businesses partner more today than in the past not only with one another but also with government and non-profits, developing solutions to social problems that seem impossible to fix. The most successful businesses have an important feature in common – they have a clear sense of purpose guiding them. Purpose-driven organizations shape their own environments proactively rather than reacting to the environments of others. Leaders and members of such organizations share clear common goals, and those goals help them to coordinate, accomplish a great deal, and avoid ethical lapses. The essays in this volume are great examples of how prepared Stern students are to change the world using the strengths of business. In each essay, the author seizes upon a serious social ill – a problem he or she feels passionate about and wishes to solve – and outlines a path for corporate action. Amy Dong offers a plan for how markets like Whole Foods can reduce food waste by changing customer views of produce that doesn’t perfectly conform
to prototypes, and Jane Lin calls on oil companies like BP to stock a novel sponge capable of absorbing spilled oil, reducing environmental damage. Their solutions are both creative and implementable. New businesses may emerge from the solutions in these essays. And while these businesses might ultimately seek to capture some portion of the value created and distribute it to those who have invested in creating solutions, they recognize that value must be created before it can be captured and distributed. In this way, these essays reflect the philosophy behind the Business and Its Publics course. Business and Its Publics introduces students to the role of business in broader society as well as the relationships between business and other important societal institutions. Students explore the novel partnerships that are developed between business and other institutions to address society’s most pressing needs. The course prepares students to offer novel, value-creating solutions to these problems by helping develop students’ critical thinking skills that enable them to analyze issues, evaluate arguments, and become aware of (indeed, embrace) multiple perspectives. As evidenced by this collection of essays, this approach is one that will continue to leverage the strength of business to advance our society and make the world a better place.
BATIA WIESENFELD Andre J.L. Koo Professor of Management Chair, Management and Organizations Department
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