The Role of Profit in Business: An Essay Exploring Its Purpose

This essay explores the question of whether profit should be the sole purpose of a business. The essay begins by selecting the topic and justifying its relevance, emphasizing the importance of profit for entrepreneurs. It outlines the methodology, including the use of three key sources: Schwartz and Saiia (2012), Bernasconi (2015), and Vischer (2013). The CRAAP test is applied to evaluate the sources. The essay presents a thesis statement supporting profit as the primary driver of business, essential for survival and attracting investors. Arguments supporting and against the opinion are presented, with references to authors and their perspectives. A writing plan is outlined, including activities and timelines. Finally, the essay addresses challenges encountered and their solutions, along with a list of references.

SHOULD PROFIT BE THE ONLY
PURPOSE OF BUSINESS

WHY THIS TOPIC
 The title selected for this essay is should profit be the only reason for business
and the justification is that there is a major interest in business and its activities.
 This topic is selected because it is the concern of every entrepreneur to earn
profit by performing its various business activities.
 This topic will assist in understanding the reason of profit being an important
factor in business.

THREE KEY SOURCES
The presented essay will be conducted on the basis of three sources. The
following are the three sources which will be used in presenting the present
essay :
 Schwartz, M. S. and Saiia, D., 2012. Should Firms Go “Beyond Profits”?
Milton Friedman versus Broad CSR 1. Business and Society Review.117(1).
pp.1-31.
 Bernasconi, A., 2015. The for-profit motive. International Higher Education.
(71).pp.8-10.
 Vischer, R. K., 2013. Do For-Profit Business Have Free Exercise Rights. J.
Contemp. Legal Issues. 21. p.369.

SOURCE EVALUATION
The CRAAP test is applied to the article to evaluate the information which is
gathered. The CRAAP test is done in order to identify currency, relevance,
Authority, accuracy and purpose of the informational which has been
gathered.
The following shows the evaluation of source “Schwartz, M. S. and Saiia, D.,
2012. Should Firms Go “Beyond Profits”? Milton Friedman versus Broad
CSR 1. Business and Society Review.117(1). pp.1-31”.

THESIS STATEMENT
“Profit is the only reason for the business as it helps in strengthening business
structures which ensures sustainability of operations”

MAIN ARGUMENT
Argument supporting the opinion
According to Author Schwartz and Saiia (2012),Yes profit is the only reason for
business because it is required for survival of business. Without profit the
business is not able to survive in the long run. As it will affect the business
operation if profits is not purpose of business For performing day to day
operations of business it is required that company should make profit.

Contd..
As per the views Bernasconi (2015), Profit is required to attract investors towards
business. Business is conduced to attract the investors through making profits
which assist the investors to invest their funds in the business on the basis of its
ability to provide higher returns to investors.

Contd..
Argument against the opinion
According to Tata and et. al., (2013), The profit is not the only purpose of
business because there are other factors for which the business exist the one of
this factor is to provide customer satisfaction by providing the products and
services according to their demands.

Contd..
As per the views of Vischer (2013), The main reason for business is not earn
profit but to create value for its stakeholders by satisfying their needs. The
stakeholders of business consist of its investors, suppliers, government,
management, employees and customers for which the business exist. Without
creating value for its stakeholders business cannot earn profitability.

WRITING PLAN
Activities Week 1 Week 2 Week 3 Week 4 Week 5 Week 6
Searching for
title
Searching for
sources
Evaluation of
source
Framing&
Presenting
thesis statement
Argument on
main topic
Identifying
Challenges and
solution
Essay
completion and
submission

CHALLENGES AND SOLUTIONS
 Challenges in completion of essay
 While finding the sources relating to this topic was a difficult task and also
there was difficulty in allocating the time.
 Ways to overcome
 The solution to these challenges was overcome by finding the sources with
the help of keyword search of topic and allocating the time as per the
activities helped in completing the essay in specified time.

REFERENCES
Books and Journals
Schwartz, M. S. and Saiia, D., 2012. Should Firms Go “Beyond Profits”? Milton
Friedman versus Broad CSR 1. Business and Society Review.117(1). pp.1-31.
Bernasconi, A., 2015. The for-profit motive. International Higher Education.
(71).pp.8-10.
Vischer, R. K., 2013. Do For-Profit Business Have Free Exercise Rights. J.
Contemp. Legal Issues. 21. p.369.
Tata, R., and et.al., , 2013. Why making money is not enough. MIT Sloan
Management Review. 54(4). p.95.