Are you driven by purpose or profit?
Do you have to choose?
Why entrepreneurs should embrace purpose-driven capitalism (a thread):
Do you have to choose?
Why entrepreneurs should embrace purpose-driven capitalism (a thread):
It’s easy for young entrepreneurs to make the mistake of focusing on profit and revenue, instead of developing products and services that solve real problems.
If you’re in business, solving problems should be your main focus.
Humanity faces a wide range of inescapable problems today, from climate change to social disharmony.
That’s why purpose-driven solutions appeal to an ever-growing range of consumers.
Humanity faces a wide range of inescapable problems today, from climate change to social disharmony.
That’s why purpose-driven solutions appeal to an ever-growing range of consumers.
The Internet Age has given all of us an expanding awareness of the effect our actions have (or can have) on the world around us.
In the realm of business, this has led many entrepreneurs to adopt a concept known as “Conscious Capitalism.”
In the realm of business, this has led many entrepreneurs to adopt a concept known as “Conscious Capitalism.”
What Is Conscious Capitalism?
It combines the potential of free enterprise capitalism with principles that promote cooperation, large-scale progress and mutually beneficial outcomes.
It combines the potential of free enterprise capitalism with principles that promote cooperation, large-scale progress and mutually beneficial outcomes.
In many ways, conscious capitalism is just profit-driven capitalism with a heightened sense of awareness and empathy.
For me, it is the only sustainable way to run a business.
For me, it is the only sustainable way to run a business.
Every entrepreneur has to embrace capitalism to some degree: it’s the framework within which all business is done.
As with any broad system, capitalism allows morally dubious individuals to succeed, but also offers opportunities for motivated people to do good on grander scales
As with any broad system, capitalism allows morally dubious individuals to succeed, but also offers opportunities for motivated people to do good on grander scales
Conscious capitalism offers a way of thinking about business as a voluntary exchange that can make the world a better place.
While profit is always a driving force in business, it shouldn’t be the only factor; it shouldn’t even be the primary factor.
While profit is always a driving force in business, it shouldn’t be the only factor; it shouldn’t even be the primary factor.
According to John Mackey and Raj Sisodia, the minds behind conscious capitalism, a conscious business should adhere to a three-pronged mission:
+people
+planet
+profits
(also known as the triple bottom line)
+people
+planet
+profits
(also known as the triple bottom line)
What can you do in your business to adopt this framework?
Make sure the mission of your business is one that has a “higher purpose” and then develop products that directly address those needs, even if that means shifting a paradigm or two.
Make sure the mission of your business is one that has a “higher purpose” and then develop products that directly address those needs, even if that means shifting a paradigm or two.
Conscious businesses must adopt a “we” mentality, considering the needs and desires of everyone involved, from investors and employees to vendors and customers.
Establish company cultures built on mutual respect, shared benefits, cooperation and dedication to a central purpose.
Establish company cultures built on mutual respect, shared benefits, cooperation and dedication to a central purpose.
Conscious capitalism looks a little different for every business, there are a few benefits that universally apply:
+Increased devotion from stakeholders (including staff, investors & clients)
+Stronger long-term branding
+Higher profit potential
+Increased devotion from stakeholders (including staff, investors & clients)
+Stronger long-term branding
+Higher profit potential
The benefits pale in comparison to the greater sense of purpose and direction you will feel.
I can tell you that, without adopting a conscious capitalist mentality, I wouldn’t have the same kind of drive and dedication that I feel to improve my businesses each and every day.
I can tell you that, without adopting a conscious capitalist mentality, I wouldn’t have the same kind of drive and dedication that I feel to improve my businesses each and every day.
When you know that you’re bringing something good into the world, you’re much more inclined to give 110% of yourself to the cause.
In fact, you’ll wake up every day excited to give it your all.
In fact, you’ll wake up every day excited to give it your all.
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