It is oftentimes seen that being successful in the business world is defined as swimming in money, driving a Lamborghini, and living in a mansion. Along with this image comes a negative connotation of selfishness and greed that can never be satisfied. However, as stated in our guest lecture with Nolan Watson, success is defined only by oneself and does not need to imply a degenerate sense of morality.

Succeeding in the business world does not significantly differ from succeeding in any general walk of life. Hard work, persistence, and creativity are all necessary in order to accomplish what one desires. However, success is in the eyes of the beholder. Some look towards social enterprise, others look towards real estate. Some look towards promotions, others look towards family. Images of success vary from person to person, but the personal values held by successful people do not have to be influenced by their accomplishments.

One of the key points emphasized in the guest speaker lecture was decency as a human being. Accomplishing everything one sets out to be and becoming powerful and wealthy does not define one’s principles. Decency as a human being should and can be kept all throughout one’s career.

Citations

https://www.alumni.ubc.ca/2012/awards/nolan-watson/

http://www.businessinsider.com/the-best-definition-of-success-2013-3

As one of the world’s largest car manufacturers, Volkswagen had everything a business would like to be: powerful, prosperous, and illustrious. However, the entire company’s well being suddenly came under heavy fire once a scandal was unveiled, with its stock suddenly dropping an inconceivable 20%.

Volkswagen was caught cheating on EPA(Environmental Protection Agency) tests, which unveiled nearly half a million Volkswagen cars emitting up to 40 times more pollutants than authorized. The scandal has resulted in a devastating blow to Volkswagen’s public image and reputation.

This is a prime example of a company failing to operate in a manor that can be considered socially responsible and revisits the issue of business ethics. A company that does not to operate in a socially responsible manner not only fails to contribute to society in good conscience, but also puts themselves at risk in the process. In this scenario, Volkswagen’s image suffered near irreparable damage after its lack of social responsibility was publicized.  Under no circumstances would such a company be looked highly upon in the same situation.

Citations

http://www.bbc.com/news/business-34324772

http://www.bloomberg.com/news/articles/2015-10-04/volkswagen-chief-warns-of-existential-threat-of-cheating-scandal

As the worlds’ largest hamburger chain, Ronald McDonald’s presence is blatantly obvious in virtually all populated areas of the world. Why then, one might ask, are the company’s sales dropping at a startling rate? With a drop of six percent in its share value over the past year, it is clear that McDonald’s is certainly not lovin’ it.

Ten or twenty years ago, the thought of dining at McDonald’s would make mouths water and taste buds tingle with excitement. Today, the very same thought gives rise to feelings of disgust, inferiority, and embarrassment. In recent years, consumer tastes and preferences have traveled in a direction that is clearly harming the success of the worlds’ largest hamburger chain.

The predicament that McDonald’s currently faces portrays a concept that was discussed in a previous lecture: the need for a business to adapt in order to remain competitive and successful. Regardless of how influential or omnipresent a company seems to be, it is never safe from the volatile forces in markets. The ability to adapt to sudden changes will always be a crucial skill that businesses must have in order to maintain their prosperity; and McDonald’s is no exception to this fact.

If the company wishes to maintain its standing near the top of all fast food chains, it is imperative that it adjusts to the degenerate stigma that has been attached to the golden Mcdonald’s logo.

Citations

http://www.ctvnews.ca/business/mcdonald-s-sales-slip-in-u-s-and-overseas-1.2412175

http://www.wsj.com/articles/mcdonalds-ceo-steps-down-1422485574