A group called Business Roundtable (181 CEO’s of America's largest brands representing 30% of market capitalization) stated officially that a company needs a purpose beyond just profit.
They said business should DO GOOD. That business should care about people. Rich, successful corporate CEOs had a purposeful awakening. Hmm.
Although their statement could be considered benign as they are just words without policy change at this point, the words do matter.
A follow-up article in Fast Company by the cofounders of the B Corporation movement (which certifies B-Corps), challenged the Business Roundtable to back up their purpose statement with real policy changes that rein in Shareholder prioritization in boardroom decision-making.
The B-Corporation founders said:
People are demanding a new social contract between business and society in which business and the capital markets create long-term value for ALL stakeholders.
My prediction: we are about to enter a decade of reckoning in our nation, and in particular, business culture.
As Conscious Entrepreneurs, it’s time to step forward and add our voices to this debate.
Entrepreneurship has always been a driving force in societal transformation. And I believe it will be THE driving force in this movement.
Most of us didn’t start our business to “be a conscious entrepreneur.” We started our brands to make the world better while making money.
Most of us didn’t even realize we were a conscious entrepreneur. But once we found others like us, we quickly realized that collaboration fuels growth and purpose can lead to profit when we serve rather than sell.
At the time I started what is now Succeed On Purpose and Share On Purpose, I had experienced my own awakening. For me, it was about purpose. I wanted my entrepreneurial pursuits to matter. I wanted to make money in business AND do good.
On the surface, it seemed easy. I had already been successful in business and now my heart was truly in the right place. I wanted my work to matter and my business to be based on my purpose which is to inspire potential. Easy enough.
Wrong. It was the hardest thing I’ve ever done.
Purposeful entrepreneurship is not easy. Each day you have to trade-off paying your mortgage while trying to do good.
Each week you re-evaluate how to price a product designed to make the world better, asking yourself incessantly... how much profit is good or fair?
You have to focus on making a sale AND making a difference. Marketing strategies are different. The way you lead your team is different.
Everything I knew about being successful in business had to be rethought.
Conscious Entrepreneurship is challenging yet worth it. And after a decade of failures, pivotal mistakes and some fun success along the way, here’s what I know to be true:
A truly purposeful business will take you on a personal journey while you grow and evolve your business. You will not only face your fears but also find soulful perseverance. This is less about willpower and more about alignment and connection to the best parts of yourself. It’s more about the journey to who you are becoming, as it is about the growth of the business.
We are on the cusp of the biggest shift in cultural and business values since the days of The Men Who Built America. We are at the proverbial tipping point.
And I believe it will be conscious entrepreneurs who ignite the revolution and power it to the next level.
I am curating a group of conscious entrepreneurial leaders to be a driving force in this movement. Let me know if you want to be a part of creating lasting business change. Reach out and let’s chat.
With the soulfulness of Wayne Dyer and the entrepreneurial spirit of Richard Branson, Terri is a world-class business growth expert, social impact investor, and serial entrepreneur whose purpose is to inspire potential. With her own money, Terri built a portfolio of purposeful companies, Share On Purpose, Inc., and now invests in and creates mission-driven start-ups.
In a career that spans more than 25 years, Terri has launched, owned, sold, rebranded or turned around more than 40 companies. She is known for her game-changing business models and personal transformation frameworks.
Everything she built came directly from a wellspring of perseverance and soulful resiliency, which she openly shares through her first purposeful brand, Succeed On Purpose.