Purpose Before Profit: James Parker Of The Wealth Spark On The Benefits Of Running A Purpose-Driven Business
An Interview With Chad Silverstein
Flexibility: Stay open to growth and adaptation. In my early days as a consultant, I worked with a tech startup. Initially rigid in their approach, they struggled to gain traction. Through mentoring sessions, we pivoted their strategy, focusing on adaptability in response to market feedback. This flexibility opened new avenues, leading to the development of a product that was better aligned with customer needs, ultimately securing their success in a competitive market.
In today’s competitive business landscape, the race for profits often takes center stage. However, there are some leaders who also prioritize a mission-driven purpose. They use their business to make a positive social impact and recognize that success isn’t only about making money. In this interview series, we are talking with some of these distinct leaders and I had the pleasure of interviewing James Parker.
James Parker is the senior minister and CEO of Unity Chicago, Illinois, and author of the new book, The Wealth Spark, where he elegantly weaves profound spiritual insights with practical financial wisdom based on his lengthy career spanning entrepreneurship and business leadership. Rev. Parker’s experience across multiple industries informs his philosophy leading others to embark on a transformative journey toward abundant living and enlightened prosperity. Find him at www.thewealthsparkbook.com.
Thank you so much for doing this with us! Our readers would love to get to know you a bit better. Can you tell us your “Origin Story”? Can you tell us the story of how you grew up?
My origin story is deeply rooted in the values and lessons of my Midwest upbringing during the transformative 60s and 70s. Raised in a vibrant, hard-working family, I was constantly surrounded by a culture of perseverance and a zeal for knowledge. My mother, an avid reader, and a beacon of wisdom often imparted the lesson, “Every experience is a lesson in growth. Pay attention.” These words ignited a spark within me, shaping my relentless pursuit of understanding life’s intricacies and the true essence of wealth. This foundation of curiosity and learning laid the groundwork for my journey towards holistic wealth and success.
Can you share the most interesting story that happened to you since you began leading your company or organization?
Reflecting on my father’s teachings, one instance stands out vividly in my career. A purpose-driven high school student walked into my life seeking employment, her determination intense. My father always emphasized, “Believe in the potential of others as you would want them to believe in yours.” Guided by this wisdom, I mentored her, fostering her growth and ambition. Over the years, she transformed from a part-time employee in a mid-west retail business into a member of the legal counsel for the UN, making a global impact. Her evolution is a testament to the power of belief and mentorship — a lesson instilled in me by my father and passed on to her. Her journey, from a young dreamer to a figure of global influence, is a vivid example of the ripple effect of positive influence and the transformative power of nurturing potential.
We often learn the most from our mistakes. Can you share one that you made that turned out to be one of the most valuable lessons you’ve learned?
During a challenging phase in my business, I encountered a critical mistake rooted in a scarcity mindset, which led to a limiting approach in my business decisions. This period of financial struggle and doubt was a stark contrast to my usual optimistic approach. The turning point came when I discovered Florence Shinn’s, The Game of Life and How to Play It. A particular quote resonated deeply with me: “The game of life is a game of boomerangs. Our thoughts, deeds, and words return to us sooner or later with astounding accuracy.” This insight sparked a profound shift from a mindset of scarcity to one of abundance. It was not just about changing my thoughts but about rectifying my approach, transforming fear into opportunity, and doubt into positivity. This lesson in mindfulness and the power of positive thinking became a cornerstone in reshaping not only my business strategy but my entire approach to life and success.
As a successful leader, it’s clear that you uphold strong core values. I’m curious what are the most important principles you firmly stand by and refuse to compromise on. Can you share a few of them and explain why they hold such significance for you in your work and life?
Integrity, empathy, and continual personal growth are the bedrocks of my philosophy. These principles shape every aspect of my professional and personal life. Integrity ensures that my actions are always aligned with my true values, empathy allows me to connect deeply with others, and continual growth is a commitment to never stop evolving. Together, they form a compass that guides me, ensuring that my work not only achieves success but also maintains a profound sense of ethical and personal fulfillment.
What inspired you to start a purpose-driven business rather than a traditional for-profit enterprise? Can you share a personal story or experience that led you to prioritize social impact in your business?
The spark that ignited my venture into a purpose-driven business was the realization that true wealth encompasses more than just financial prosperity. It’s about a harmonious blend of financial, emotional, and spiritual well-being. This realization led me to create a platform that not only educates on financial success but also emphasizes the importance of a balanced, fulfilling life. It was a call to shift focus from mere material accumulation to a more rounded, holistic form of success.
Can you help articulate a few of the benefits of leading a purpose-driven business rather than a standard “plain vanilla” business?
Leading a purpose-driven business is not just about financial metrics; it’s a journey that transforms the very definition of success. This approach, inspired by principles akin to those in my book, offers a harmonious blend of professional achievement and meaningful impact.
- Harmonious Success: We align financial goals with broader objectives of personal and societal well-being. This creates an ecosystem where success enriches everyone involved, not just in monetary terms but in life quality.
- Genuine Relationships: Purpose-driven ventures thrive on building authentic, value-based relationships. These deeper connections with customers, employees, and partners foster trust and a sense of community.
- Resilient Foundations: Focusing on holistic wealth ensures that the business is built on sustainable, long-term practices rather than short-term gains, encompassing people, culture, and ethics.
- Impact Beyond Profit: At the core of such businesses is the goal of making a positive societal and environmental impact, prioritizing decisions that contribute to broader objectives beyond financial success.
- Personal Fulfillment: Aligning business practices with core values and beliefs brings a profound sense of personal fulfillment and the opportunity to create a meaningful legacy.
In essence, leading a purpose-driven business is an ever-evolving journey. It’s about creating a legacy that transcends traditional business metrics, embracing a comprehensive approach to success. This philosophy advocates for a balanced growth that encompasses not just financial stability, but also personal development and a positive societal footprint.
How has your company’s mission or purpose affected its overall success? Can you explain the methods or metrics you use to evaluate the impact of this purpose-driven strategy on your organization?
One of the most defining moments in my journey occurred during a workshop, where an attendee approached me afterwards, their eyes brimming with gratitude. They shared how the principles I discussed had profoundly transformed their perspective and approach to life. This interaction took place even before the release of my book, making it a profound affirmation of the impact and reach of my teachings.
To gauge the effectiveness of our purpose-driven strategy, we employ various methods. We actively seek feedback from workshop participants and readers, using surveys and one-on-one conversations to understand how our teachings have influenced their lives. Social media engagement and community growth are also key indicators, as they reflect the expanding reach and resonance of our message. This approach allows us to continuously assess and refine our work, ensuring that we’re not only achieving financial success but also enriching lives and guiding individuals towards a path of holistic wealth and fulfillment.
Can you share a pivotal moment when you realized that leading your purpose-driven company was making a significant impact? Can you share a specific example or story that deeply resonated with you personally?
In the initial stages of my journey, I often found myself at a crossroads between staying true to my purpose-driven ethos and making decisions that were more commercially profitable. Choosing to prioritize the message of holistic wealth and personal transformation over immediate financial gain was challenging. However, this commitment to my core values has paid dividends in ways far more rewarding than mere profit. It has helped build a community of like-minded individuals, fostered deeper connections with my audience, and, in the long run, has paved the way for sustainable success. This approach has reaffirmed my belief that when you put purpose before profit, success follows in more meaningful and fulfilling ways.
Have you ever faced a situation where your commitment to your purpose and creating a positive social impact clashed with the profitability in your business? Have you ever been challenged by anyone on your team or have to make a tough decision that had a significant impact on finances? If so, how did you address and reconcile this conflict?
Early in my business consulting career, I faced a defining moment with a client who was fixated on immediate financial gains, overlooking the vital elements of brand building and infrastructure. This was at odds with the holistic success principles I emphasize, which later became a cornerstone of The Wealth Spark.
The client wanted to launch an aggressive marketing campaign for quick sales, neglecting long-term brand loyalty and identity. I drew on Stephen Covey’s wisdom, “Begin with the end in mind,” advocating for a strategy that focused on sustainable growth rather than quick profits. To illustrate this, I used Patagonia as an example. Their commitment to ethical practices and environmental sustainability has cultivated a loyal customer base and strong brand identity, despite the initial cost and lower immediate profits.
This approach was a revelation to the client. They realized the value of investing in brand integrity and customer relationships for long-term rewards. We shifted the focus to brand-building
and customer engagement, which not only required financial investment but also a deep commitment to values like integrity and customer satisfaction.
This strategic pivot was transformative. The client’s business not only saw an increase in revenue but also in brand value and customer loyalty. To this day, they attribute their success to the foundational principles established during that period.
This experience reaffirmed my belief in a holistic approach to success, balancing immediate financial goals with sustainable, purpose-driven growth. It was a practical application of the concepts I delve into in my book, highlighting the importance of a balanced approach to business and personal growth.
What advice would you give to budding entrepreneurs who wish to start a purpose-driven business? What are your “5 Things You Need To Create A Highly Successful Purpose-Driven Business.”
- Establish Clear Values: Define your mission and align your actions with it. When I started my journey writing a book, clarity in values was paramount. I recall meeting an entrepreneur who ran a sustainable fashion brand. She was adamant about eco-friendly practices, even if it meant higher costs or slower growth. Her steadfast commitment to her values not only built a loyal customer base but also positioned her brand as a leader in ethical fashion. This story exemplifies how clear values can define and drive a business, creating a unique identity and a strong foundation for growth.
- Community Building: Engage with like-minded individuals. The power of community was evident when I collaborated with a local bookstore for a series of workshops. By engaging with a community that shared a love for learning and growth, the bookstore turned into a hub for like-minded individuals. This engagement not only boosted sales but also created a supportive network that fostered continuous learning and growth, reflecting the essence of The Wealth Spark’s’ message.
- Flexibility: Stay open to growth and adaptation. In my early days as a consultant, I worked with a tech startup. Initially rigid in their approach, they struggled to gain traction. Through mentoring sessions, we pivoted their strategy, focusing on adaptability in response to market feedback. This flexibility opened new avenues, leading to the development of a product that was better aligned with customer needs, ultimately securing their success in a competitive market.
- Empathy: Understand and meet the needs of your audience. A key moment for me was when I helped a non-profit reframe their fundraising strategy. By shifting the focus to empathizing with their donors’ motivations and stories, they crafted more engaging campaigns. This empathetic approach resonated deeply with their audience, leading to increased engagement and contributions. It showcased how understanding and connecting with your audience’s needs can significantly amplify your impact.
- Purposeful Action: Every step should align with your mission. I remember advising a start-up focusing on educational tools for underprivileged children. Each decision, from product design to partnerships, was made with the core mission of enhancing education accessibility. This purpose-driven approach not only led to effective solutions but also attracted investors and partners who resonated with their mission, demonstrating how purposeful actions can amplify impact and attract valuable collaborations.
These stories reflect the core principles essential for creating a highly successful purpose-driven business, emphasizing that aligning actions with core values, building community, remaining flexible, practicing empathy, and taking purposeful steps can significantly contribute to a business’s meaningful impact and success.
I’m interested in how you instill a strong sense of connection with your team. How do you nurture a culture where everyone feels connected to your mission? Could you share an example or story that showcases how your purpose has positively influenced or motivated people on your team to contribute?
Creating a strong connection with my team to our shared mission involves fostering an environment where open communication and shared values are paramount. I make it a point to engage in regular dialogues and interactive sessions with my team, ensuring that everyone is not just aware of our goals but also feels personally invested in them.
For instance, during one of our team-building retreats, we focused on aligning personal aspirations with our collective mission. Each team member shared their personal goals and how these intersect with our project’s objectives. This exercise led to a deeper understanding and appreciation of each other’s roles and contributions. One of our team members, who initially viewed her role as mainly administrative, realized how her organizational skills directly contributed to streamlining our outreach efforts, enhancing our ability to connect with more people.
This approach has cultivated a deeply collaborative culture, where each team member sees their role not just as a job, but as a part of a larger purpose-driven journey. It’s about creating a workspace that is not only productive but also inspiring and fulfilling, where personal growth and team objectives go hand in hand.
Imagine we’re sitting down together two years from now, looking back at your company’s last 24 months. What specific accomplishments would have to happen for you to be happy with your progress?
Reflecting on the next 24 months, I envision creating a wealth spark community with discussions and workshops around the book and the work we’re doing. I see this period as one where we have successfully created a platform that not only disseminates knowledge but also fosters a vibrant community of learners and achievers. The goal is to have built a space where ideas on holistic wealth and personal success are not just learned but lived experiences.
You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
If given the chance to inspire a global movement, it would be one centered around the concept of holistic development. This movement would encourage individuals to redefine success, urging them to pursue a balanced and fulfilling life that harmonizes financial stability with emotional and spiritual wellness. The goal is to shift the global conversation from a singular focus on material wealth to a more comprehensive understanding of prosperity, one that includes personal growth, sustained success, community building, and ethical living.
How can our readers further follow your work or your company online?
For those interested in following my journey and work, I welcome you to visit my website, thewealthsparkbook.com. Here, you’ll find a trove of resources, insights, and support for those embarking on their path to holistic wealth and success. The site offers a range of materials from detailed articles and blog posts to interactive workshops and masterclasses. It’s a community where learning is continuous and support is always available, helping you navigate your journey towards a richer, more fulfilling life.
This was great. Thanks for taking time for us to learn more about you and your business. We wish you continued success!
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bout the Interviewer: Chad Silverstein, a seasoned entrepreneur with over two decades of experience as the Founder and CEO of multiple companies. He launched Choice Recovery, Inc., a healthcare collection agency, while going to The Ohio State University, His team earned national recognition, twice being ranked as the #1 business to work for in Central Ohio. In 2018, Chad launched [re]start, a career development platform connecting thousands of individuals in collections with meaningful employment opportunities, He sold Choice Recovery on his 25th anniversary and in 2023, sold the majority interest in [re]start so he can focus his transition to Built to Lead as an Executive Leadership Coach. Learn more at www.chadsilverstein.com