Today, “purpose” is discussed ad nauseam by people around the business world. The zeitgeist around purpose-oriented companies risks being counterproductive, as too many companies become satisfied with declaring and publicizing their purpose rather than the more important work of living up to it. While discussing purpose is a positive step beyond just talking about profit at all costs, purpose is unfulfilled intention that doesn’t satisfy anyone for any length of time: not the employees, customers, leaders, or investors that purpose initiatives typically aim to serve. The first consideration is that living up to why you exist is not a one-time event. Just as great athletes are forever honing their craft, or those dedicated to a religious faith consider a lifetime’s journey, companies with an elevated purpose are unlikely to ever have a singular moment of being “done.” And that’s a good thing: Larry Page has said that focusing on “really … [Read more...] about Does your company live up to why it exists?
Sections SEARCH Skip to content Skip to site index Subscribe Log In Log In Today’s Paper DealBook | Larry Fink Calls on Businesses to Lead, Not Just Live, With Purpose DealBook Supported by DealBook A year after his annual letter to chief executives urged them to run their companies with the social good in mind, the BlackRock C.E.O. said they must step into a leadership vacuum. ByAndrew Ross Sorkin Jan. 17, 2019 Larry Fink, the investment manager who oversees nearly $6 trillion at BlackRock, set off a yearlong conversation among business leaders and policymakers last January when he wrote a letter to chief executives declaring that companies needed to do more than make profits. Mr. Fink wrote that it was crucial that businesses also made “a positive contribution to society” — and that he planned to hold them to account. Coming from the world’s largest investor, the letter was … [Read more...] about Larry Fink Calls on Businesses to Lead, Not Just Live, With Purpose
I’ve seen purpose led by human resource leaders, innovation leaders, operations leaders, and others, depending on the company and its players. The purpose champion can come from any discipline as long as he or she is someone senior enough to be directly connected to the CEO, someone who believes in purpose, and someone who will chase it like their life depends on it. There are a few characteristics I’ve seen that are particularly critical for purpose champions to possess. The first is an instinct for action. If the CEO plays the lead advocacy role, the champion, as his or her right hand, must be a lead “doer,” or activator. The purpose champion mobilizes people, liaises with the agency partners involved, and raises their hand to say ‘how does this align with purpose’ in critical decision-making conversations. Great champions of purpose are also great listeners. Purpose must be authentic to an organization’s people, and the purpose champion … [Read more...] about You don’t have to be the top boss to be a purpose champion
The cannabis industry's fixation on millennials risks overlooking older consumers who have more money to spend and more health issues to address. Mary Clifton, MD Published 8:17 am CST, Wednesday, January 9, 2019 Photo: Hero Images | Getty Images Photo: Hero Images | Getty Images Image 1 of / 1 Caption Close Image 1 of 1 Photo: Hero Images | Getty Images Seniors Are the Cannabis Market Few Companies Are Targeting 1 / 1 Back to Gallery When it comes to the booming cannabis industry, it seems every company is focused on the millennials – and rightfully so. They, along with the upcoming Gen Zers, are the generation more likely to be considered “risk takers,”, … [Read more...] about Seniors Are the Cannabis Market Few Companies Are Targeting
Astro Teller, the head of X, Google’s moonshot factory, learned to openly encourage failure because it provides concrete direction when building things like self-driving cars. Neil Blumenthal, the cofounder and co-CEO of Warby Parker, drew from his own background and experience as director of a nonprofit to build his seemingly risky buy-one, give-one online glasses company. As an MBA student, Shazi Visram, the founder and CEO of organic food company Happy Family, saw friends struggling to find or make their own healthy baby food, so she started her own brand, complete with a larger social initiative to deliver healthy food to more children around the world. In her new book, Be Fearless: Five Principles for a Life of Breakthroughs and Purpose, Jean Case, the CEO of private nonprofit The Case Foundation, writes about these surprising journeys of some of America’s most successful entrepreneurs. As Case explains it, these folks bucked conventional thinking about how … [Read more...] about 5 rules to help build a successful business with purpose