Purposeful Entrepreneurship as an Antidote to AI
If things go the way Elon Musk predicts, “probably none of us will have a job.” That would be the domain of AI, he thinks, and society will need to have “universal high income” to make sure things don’t fall apart.
These are not entirely pleasant predictions, especially since the first part is likely to be realized sooner—and probably more easily—than the second. The game is stacked in favour of incumbents, in the form of gigantic corporations. Small business owners and regular-scale entrepreneurs seem to find ourselves in a liminal zone where things appear to be more uncertain than ever.
One of the ways we can navigate this uncertainty is by infusing our work with meaning and purpose.
No matter how trivial the activities of a small business might seem, it is never devoid of meaning. As entrepreneurs, we have to identify, embrace and truly build upon this core purpose so that it can act as an anchor during turbulent times.
Towards a Purpose-Driven Business
In the past few years, the concept of purpose-driven business has gained traction, with good reason. Basically it refers to a business venture that prioritizes its core values and mission alongside—or even above—profit. This doesn’t mean sacrificing financial success; rather, it means achieving success in a way that aligns with a deeper sense of meaning and contribution.
The only way this can work is if the entrepreneur him/herself is genuinely committed to building a purpose-driven business. It can rarely be done bottom-up, and it can never be faked. It is not something to be measured and judged by an outsider (though there often are externally observable signs): it is, above all, something experienced and felt by the people running the business. The biggest benefit of being purpose-driven is in the way it can elate your heart, even through difficult times.
Building on Core Values
The first step in building a purpose-driven business involves some introspection. You have to identify your own core values, and to what extent you would want them to be reflected in your business.
*It is entirely possible that some of your personal values are consciously set aside when it comes to the company. For example, a highly religious founder might still keep their personal spiritual practice separate from any business activities.
These core values then stand to serve as the guiding principles that influence every decision, action, and strategy within your company. They should reflect the essence of what your business stands for and aspire to achieve.
Here are some steps we ourselves followed when defining core values for Hiveage.
1. Reflect on your personal values
As mentioned above, start by reflecting on your personal values as the founder of the business. Consider what principles and beliefs are most important to you. These personal values often provide a strong foundation for your business values. Think about what motivated you to start your business and what you hope to achieve beyond financial success.
2. Engage your team
Involve your team in the process of identifying core values. Hold open discussions to gather input from employees at all levels. This inclusive approach ensures that the values you identify are shared across the company. Encourage team members to share stories and experiences that highlight what they believe makes the company special.
3. Analyze your business practices
Examine your current business practices and culture. Identify patterns and behaviors that consistently reflect positive outcomes, not just financially but also in other ways (such as customer goodwill). Look for recurring themes in how your business operates, interacts with customers, and contributes to the community. These observations can provide insights into the values that are already being practiced.
4. Consider your stakeholders
Think about the expectations and needs of your key stakeholders, including customers, employees, partners, and the community. What values do these stakeholders expect your business to uphold? For example, we collected feedback and comments from our customers through email campaigns, which became a valueable source of information for defining our values. Aligning your core values with stakeholder expectations in this way can enhance trust and strengthen relationships.
5. Define and prioritize your main values
Once you have gathered input and analyzed your practices, define a list of potential core values. Aim to identify about five core values that truly resonate with your business. Prioritize these values based on their relevance and importance to your mission and vision. Ensure that each value is clearly defined and understood by everyone in the organization.
6. Test for Authenticity
Ensure that the core values you identify are authentic and can be consistently demonstrated in your business operations. Avoid choosing values that sound good but are not truly representative of your business. Authentic values are those that you are willing to uphold, even when it is challenging or costly to do so.
It is worth repeating here again that authenticity is crucial when identifying and implementing core values. Authentic values resonate with employees, customers, and other stakeholders because they reflect genuine beliefs and practices. You effortlessly walk the talk, so to speak. When values are authentic, they inspire trust and loyalty, creating a strong and cohesive organizational culture.
Examples of Core Values
To help you get started, here are some simple examples of core values that purpose-driven businesses might adopt:
- Integrity: Upholding honesty and strong moral principles in all business dealings.
- Sustainability: Committing to environmentally friendly practices and reducing the ecological footprint.
- Innovation: Encouraging creativity and continuous improvement to drive progress.
- Community: Supporting and giving back to the communities where the business operates.
- Excellence: Striving for the highest quality in products, services, and operations.
- Empathy: Prioritizing the needs and well-being of employees, customers, and partners.
If you go through your exercise—or if you have already defined your values—please feel free to share with us. In the next articles in this series, we will discuss how purpose-driven businesses can integrate those value into operations, and how to weave them into the story you share with your customers.
Good luck with your business!
