We’ve been playing with the idea of writing a series of blog posts on Conscious Capitalism for quite some time. I have been afraid to write about it, because it’s such an exciting concept! I want to do it justice. Conscious capitalism is something we’re very passionate about, so I’m going to give this a go. Here is the first post in a series all about Business with a Conscience.
I first heard about the concept of conscious capitalism from Diane Sutter. She is an amazing woman, a dedicated broadcaster, and the founder of the Broadcast Leadership Training Program. The tips that I will offer in upcoming posts are based on lessons she taught in the BLT program. I can’t wait to share them with you!
So what is Conscious Capitalism?
Great question! The concept is to create a purpose-driven business rather than a profit-driven business. This doesn’t mean that profit doesn’t matter. Creating more profit allows more purpose! Companies that follow this practice are using their platforms and capital to create change themselves, rather than relying on government programs. They believe that they have a responsibility to their stakeholders (customers, employees, communities, investors, and even vendors) to do more than just make money. Instead, they have the responsibility of improving their world.
It is also true that to be successful in business, we need to create an ecosystem that is healthy; that we can thrive in. A great example of a purpose-driven business is Toms Shoes. For each shoe you buy, they give a pair to someone in need. Due to their huge success, they’ve gone on to promote change in other areas, like clean drinking water, eye surgeries, and more.
The really cool part is that these companies aren’t just doing good for the world, they’re also doing better business! Research shows that people are more willing to support a brand that supports a cause. As we move forward with the series, we’ll explore a few other brands that are seeing huge success with Conscious Capitalism. We’ll dive in to how you can find your purpose and implement change in your company. In the meantime, if you are interested in learning more check out these books. The first is We First, by Simon Mainwaring. The second is simply titled Conscious Capitalism by John Mackay and Raj Sisodia.
Here is a sneak peak of what we have to look forward to in the coming weeks:
Week 1- Explore the 4 Principles of Conscious Capitalism.
Week 2- Find inspiration through other businesses doing Conscious Capitalism successfully.
Week 3- Find your purpose, discover your stakeholders, and define your core values.
Week 4- Leading Change as a Business executive and a consumer.
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