8072 Reflective Essay.edited

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Running Head: REFLECTIVE ESSAY 1

Reflective Essay

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REFLECTIVE ESSAY 2

Reflective Essay

The dynamics of business management have evolved greatly with the passage of time. The sole

purpose of business has shifted from profit maximization to creating a positive output for the

overall community. Although there was a minimal concept of morality connected with business

management since the start of the industrial revolution but with the advancement in technology

and information revolution, there has emerged a very strong concept of sustainable management

of the business. This concept is regulated under corporate governance. The shift of business from

profit maximization to a fulfillment of a purpose for the betterment of society has changed the

governance model. This is being moderated through corporate social responsibility and sustainable

development principles (Bansal, 2014).

Under corporate governance, businesses ensure that their products, service, and operations at large

are beneficial for shareholders, investors, customers, suppliers, employees, distributors,

government, and society at large. Corporate governance is a combination of corporate values and

governance models of society. Previously businesses had the sole objective of profit maximization

and governance models were placed for facilitating the society. Integration between the two

concepts has resulted in a balance between financial and social goals. In other words, business

operating under corporate governance wants to achieve a balance between profit and purpose.

Profit generation is still one of the key goals of every business but now it has been applied with a

purpose which is not to damage one or more segments of society for profit generation. For this

purpose sustainable management practices have been introduced. Sustainable management is the

approach that ensures that in process of business management no damage is done to society. This

includes both biotic and abiotic factors of society.

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Running Head: REFLECTIVE ESSAY 1 Reflective Essay Student Name Course Name Professor Name Institution Name Date: REFLECTIVE ESSAY 2 Reflective Essay The dynamics of business management have evolved greatly with the passage of time. The sole purpose of business has shifted from profit maximization to creating a positive output for the overall community. Although there was a minimal concept of morality connected with business management since the start of the industrial revolution but with the advancement in technology and information revolution, there has emerged a very strong concept of sustainable management of the business. This concept is regulated under corporate governance. The shift of business from profit maximization to a fulfillment of a purpose for the betterment of society has changed the governance model. This is being moderated through corporate social responsibility and sustainable development principles (Bansal, 2014). Under corporate governance, businesses ensure that their products, service, and operations at large are beneficial for shareholders, investors, customers, suppliers, employees, distributors, government, and society at large. Corporate governance ...
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Tags: business management Corporate Governance reflective essay Management dynamics Interdisciplinary Management