Jack Welch: The Only Social Responsibility Of Business

Jack Welch, always asked only one thing from his business managers, “Be the market leader in your business – If you are not I will fix it, sell it or close it”. He lived the mantra of competitive advantage – if you don’t have a competitive advantage don’t compete. All business units have to constantly find new and innovative ways to differentiate their products and services. Some take a conscious approach to promote the facts and product features, and while others appeal to customer’s emotions. In the new business scenario the focus is on convincing the customer how much they are cared and are good corporate citizens. Jack Welch once said, “If it doesn’t turn green into green, it doesn’t turn out to be a helluva good business. The whole idea is to grow jobs,” adding, “The main social responsibility for a company is to win.” A business can only benefit its community, consumers and employees by doing well, or being profitable, whichever way you write it. …show more content…
This statement became a mantra for all the businessmen worldwide who believe the only purpose of a business is to make profit.
But At the same time businesses face a lot of pressure from government and civil society to focus beyond profits and contribute to society. The emergence of corporate social responsibility as a recognized function within the corporate sector is a direct result of this pressure. To engage the businesses in any meaningful way towards social goals, one need to explore the business case of ‘doing good is good