The Way of the Future

Business that’s good for you.

Energy Aware’s Janice Cheam represents a new breed of entrepreneurs. Like all CEOs, she is hungry for success and wildly ambitious, but she is also socially aware. Janice, like many of today’s business graduates is not only interested in money, but also in stirring positive change.

Her firm produces meters that help families measure their monthly power usage and track trends. Energy Aware operates in North America, Europe and even extensively in Australia.

Janice Cheam http://www.newventuresbc.com/2011/08/2006-competitor-energy-aware-on-cover-of-bc-business-magazine/

This is a stark contrast to the common perception of a CEO. As mentioned in my post, “Funny Business”, the world often views businessmen and women in a very negative light; Janice is blowing away those stereotypes.

It was absolutely terrific to see someone so passionate about her work, and about making a difference in the world. Social (or in this case environmental) businesses have featured heavily in my past few Commerce classes, leading me to believe that Energy Aware is not an anomaly but rather part of a growing trend. These businesses are bound to help build a better world by breaking the once established norms and going places unimagined in the last century.

Finally, it’s great to see Energy Aware’s technology a knockout with consumers; interest on both sides of the market will drive environmental innovation and quicken the pace of reform. I look forward to hearing about Janice and her firm’s future success!

Spark: Janice Cheam’s presentation on Energy Aware, Jeff and Paul’s lectures on social enterprise, and Professor David Silver‘s lecture on business ethics.

Funny Business

“SINCE we have not more power of knowing the future than any other men, we have made many mistakes (who has not during the past five years?), but our mistakes have been errors of judgment and not of principle.” So reflected J.P. Morgan junior in 1933, in the middle of a financial crisis. Today’s bankers can draw no such comfort from their behaviour. –The Economist Magazine, 2012

HSBC Executives take an oath before testifying in a U.S. Senate hearing
http://www.economist.com/node/21559349

It was a cruel summer for business ethics. HSBC was found banking drug lords and terrorists, and traders in London casually rigged interbank borrowing rates, to name just a few cringe-worthy missteps in the past months.

This comes at the tail end of a financial crisis that was wrought with examples of corruption, unethical management practices and insider trading. These practices came at the expense of jobs, and at times honest people.

When there’s large sums of money involved, some find it harder to differentiate between right and wrong. Unfortunately, this has badly hurt society’s perception of the profession and even those studying it.

The Occupy movement demonstrated the discontent with Commerce
http://abcnews.go.com/US/occupy-wall-street-anniversary-protests-dwarfed-police-presence/story?id=17249773#.UHGnSBgYL-k

I think this is why David Silver’s insight into business ethics struck a real chord with me. How business is done needs to be rethought to ensure ethics are considered in decision-making, but where should this pressure come from?

Although people must make principled decisions without pressure, it’s unrealistic to rely solely on this. Governments should limit possibilities for wrongdoing, executives need to implement checks to cut temptation, and b-schools must teach business applications of common values.

Even with changes, making commerce fair and rebuilding its battered image will take lots of good old-fashioned personal integrity.

Spark: The Rotten Heart of Finance and Professor David Silver‘s lecture on business ethics.

Thank you Emily for your thoughtful response!