Running Business vs Government
Running a business and running a government involve distinct purposes and responsibilities. Businesses aim to maximize profits and serve their customers or clients, whereas governments are mandated to serve all citizens and provide for the common good, including services that businesses might not find profitable, such as disaster preparedness and pure scientific research.
Businesses operate under the profit motive, which drives change, efficiency, and innovation. In contrast, governments must respond to a wide range of competing interests, including political considerations, and balance the bottom line with the expectation of providing for the common good.
Efficiency in the business sector means turning a profit, but not everything that is profitable is of social value, and not everything of social value is profitable. For example, reality TV, fashion, sports, and gambling are all profitable but may not contribute significantly to social value, while services like the military, police departments, and public schools are essential but do not turn a profit.
Moreover, businesses can streamline their offerings to serve specific sectors of the population or even abandon unprofitable lines of business, which is not an option for government agencies. Government agencies must provide for the needs of all citizens, regardless of profitability.
In summary, while the tools of business can help the public sector be more efficient and effective, the fundamental differences in purpose and responsibility mean that government cannot be run like a business without compromising its core mission of serving the public good, however: Government should be able to run a balanced budget or it will fail in all of its functions and serve no one and will then be forced to increase income that comes from the members of that country. Both business and Government are responsible to someone, in both cases the shareholders. Efficiency, integrity and honesty are essential to their survival.