KARACHI: Doctoral Research Associate, University of Virginia (UVA) Dr Prem S. Meghwar delivered lecture on “Role of Business Schools in Shaping Society: What Should We Teach and Do Research On?” at Sindh Madressatul islam University (SMIU).

He said no doubt business has main purpose to make money, but it also has purpose to solve social problems of society.

Dr Menghwar, who is working as Post Doctorate Research Associate at Darden school of Business, UVA and his research focus is on organisational purpose and dynamics of stakeholder theory in underdeveloped countries, said purpose of business was to create value for all stakeholders including investors. Also purpose of life is not to make money, money is important but people should not use it as means to make money.

Giving positive side of business, he said due to business  average human life has increased, people have an access of pure and clean water, there is availability of medicines and treatments and access to electricity and internet. At same time, he presented negative side of of business and gave examples of fire in chemical industry in Pakistan and Bangladesh’s Rana Plaza disasters. He was of opinion that notion is not correct that if poor people get education and become entrepreneurs, power and kingdom of kings will collapse.

He said despite fact that British has high quality education and social awareness, its kingdom is surviving net worth of British royal family is estimated at $ 28 billion. Similarly, net worth of Dutch Royal Family is $ 1.3 billion. He said that no doubt business firms and corporations are maximising their profit, but they also resolve social problems. Although companies are getting profit from their business, but they uphold value of their products also. In this respect he cited example of Bombay Bakery of Hyderabad and said it has survived for long time due to value of its product. It has not compromised on quality of its product.

He stressed upon students of Department of Business Administration that they must do business but uphold its positive side of social responsibility. Zahid Ali Channar Dean Faculty of Social Sciences presented welcome address. Dr. Mansoor Ahmed Khuhro, Incharge of ORIC presented remarks and Muhammad Naeem Ahmed Director of Students Affairs gave vote of thanks. Number of faculty and students attended programme.

Published in The Daily National Courier, May, 01 2024

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.