read the following case study from Katz and Green’s Entrepreneurial Small Business (2011):
Case 20 “Joseph Shaughnessy, BSI Constructors, St. Louis.”
In a well-written paper, answer the following case study questions, providing an answer of at least 200 words for each question.
- How did Joe Shaughnessy seem to do in achieving the four bottom lines?
- Did Joe balance with the four bottom lines at the same time, or did some come before others?
- How did Joe use the business to promise beliefs he felt were important?
- Some folks would say the solution to balancing the four bottom lines is to never sleep. How do you think Joe Shaughnessy would respond? Do you agree with that approach for yourself?
Support your answers using at least two sources (for the entire assignment) other than the textbook. Your paper should be 2-3 pages in total length and be formatted according to APA Formatting
THE FOUR BOTTOM LINES
Success can be measured in many ways, not only profits. What is referred to as the quadruple bottom line contains four elements for measuring success—firm, community, family, and yourself (Katz & Green, 2011).
Firm-level success first includes business survival and then profits. Firm level success can also include professional or leadership success in the areas of leading the industry with patents or inventions or leading a profession through your position in professional organizations. Finally, employee satisfaction can also indicate firm level success (Katz & Green, 2011).
Measuring success in the community takes into account “how the business relates to the community” (Katz & Green, 2011, p. 648). This can take many forms, including providing jobs, promoting innovation, and taking an active role through charitable work (Katz & Green, 2011). Business owners need to determine what type and what level of community contributions they would like their business to partake in. The community is vital to business success so many entrepreneurs find it not only intrinsically satisfying to be involved in the community but also good for business. It can serve, in a way, as a form of marketing for the business.
Success in the family domain entails your family’s satisfaction with your availability outside of the business (Katz & Green, 2011). This can be challenging, but setting aside time in which you are unavailable to work can help. As a business owner, you have to find a balance between your business and your family. Owning your own business can require a lot of your time. Once the business is at the stage of adding employees, hiring a manager can create relief and allow more family time. However, some degree of oversight will always be necessary.
The last area for measuring success is yourself. Achieving personal goals and satisfaction are highly important. Personal rewards for entrepreneurs can include one or a number of the following qualities or components: flexibility, income, growth, admiration, recognition, wealth, product creation, power, and family (Katz & Green, 2011). As Katz and Green (2011) state, “Keeping the dream alive starts with giving a name to your dream and putting that name somewhere where you can remind yourself about your own personal ultimate goal” (p. 649). Defining a personal goal can allow entrepreneurs to have something tangible to work toward. This does not mean that once the goal is achieved, there is no longer anything to achieve. Rather, entrepreneurs can then set a new target that defines their new and current dream.