What Are the Fundamental Purposes of Business and the Responsibilities Assignment

What Are the Fundamental Purposes of Business and the Responsibilities of Strategic Leaders - date Examplethe consuming public, reference will non only be made to those who patronise the products and go of particular businesses but all other people who in a way may be affected by what a business entity does. It is not surprising that in the 1970s, Milton Friedman saw the sole objective of business as making profits but with time, this diversityd to a much holistic responsibility of creating and retentivity customers by Peter Drucker.Based on the dynamic needs of society by the years, it will powerfully be accepted that today, the primary purpose of business is to solve peoples problems. This is certainly an all-in-all purpose that comes with a parcel out of implications for doing business. First, it implies that people ar the real focus for doing business. With people being the real focus of doing business also, it is not just about creating business around people and taking opportunity of them but then amiable in a shared-responsibility that ensures that the people also benefit from the business (Porter & Kramer, 2006). There are a human activity of theories and concepts that have been used in literature to explain the form of shared-responsibility between businesses and the people. One of these is the concept of sustainability. below the sustainability framework, businesses are expected to be functional from three major perspectives which are economic, social, and environmental (Porter & Kramer, 2006). As furthermost as economic sustainability is concerned, the old school of thought on the purpose of making profit piece of ass be said to be applicable. In the remaining two which are social and environmental however, businesses are deemed to operate in a way that makes them useful to the larger society and the environment surrounding them (Wolfe, 2011).Because of the change with the purpose of businesses, the responsibility of the people behind th e wheels of any typical business has also changed very signifi spatetly. Today, it can be said that the primary responsibility of senior leaders is to