Responsibility in World Business Research Paper

Responsibility in World Business - Research Paper Example The paper states that responsible business requires business leaders to account for the obligations and true costs of the activities of the business, both financial and non-financial. It should do this through reflection, responsibility, reporting and resilience. Responsible business entails four key attributes that are essential for its dispensation. Its main constituents are business acumen, global knowledge, ethical compass and committed citizenship. Business acumen A business organization must have a high degree of professionalism and skills to demonstrate business acumen. This would enable the business organization to enhance the values of both shareholders and stakeholders of business on a long-term basis, and create wealth. Sadly, not many business organizations attain business acumen because several have failed due to dishonesty, greed and lack of managerial competence. One of the ways of attaining business acumen is engaging in social enterprise and corporate social responsi bility. These will equip the business organization with relevant skills and professionalism (Sarkar, 2005, p. 152). Global knowledge Any serious manager of a responsible business must have a high level of refined knowledge. This knowledge should be gained from many years of experience and transcends beyond many boundaries across the globe. A responsible business leader must dedicate his listening to the opinion of other business leaders across the globe, and seek to expand knowledge on the prevailing economic circumstances and their relations to the business. However, not all business leaders want to pursue this attribute. A case in point is the knowledge of Chinese language. Despite the fact that China has emerged one of the greatest global business potential of the 21st century, many CEOs and members of their boards of management do not know the Chinese language (Bomann-Larsen, 2004, p. 87). One sure way of ensuring that businesses tap into this opportunity is to learn and acquire diplomacy and skillful policies that involve all parties. Responsible business leaders must seek the global knowledge on key business opportunities in a peaceful way. Therefore, they must raise their voices to oppose such acts as war and terrors that would ruin their business prospects. The business leader should be a renaissance person, with humility and intelligence to learn and rely on others for the achievement of the global knowledge. It is only through this strategy that the business leader can cope with the highly complex and integrated business world (Horrigan, 2010, p. 194). Ethical compass The polarity of the world concerning innovation, trade, manufacturing and finance must be useful to any business leader. Unlike in the past when the western countries dominated the economy, today all corners of the globe are experiencing rapid expansion of their economic realities. Additionally, the expanding economies also have unique cultures and values that govern their business dire ctions. Orienting to these multi-facet cultures and values is a big challenge and dilemmas to several business organizations.