When Joe interviewed John Mackey, the CEO of Whole Foods Market, at the Genius Network Annual Event, John discussed how to build a company with conscious capitalism as its’ core.
“It starts with a higher purpose,” John says. “Why does your organization exist? What is the value it’s creating in the world?” If your business disappeared tomorrow, would anybody care?
People will care if your business has a purpose it is fulfilling in the world. Oftentimes Entrepreneurs have a purpose, but it’s not well articulated to the rest of the organization. Making your higher purpose conscious can liberate massive amounts of creative energy in your business.
John goes on to explain how there are a lot of interdependencies in business between customers, employees, suppliers, investors, communities, and so on. The world is extremely complex, and to be effective means understanding the interrelationships between all the stakeholders.
“If you can optimize the value creation for every one of your stakeholders, then you’re managing your business almost perfectly,” says John. “If one of your stakeholders is losing as a result of your strategy–for example, if your strategy is good for your customers but bad for your employees–then it’s probably not a good strategy.” You need to come up with strategies where everyone can win.
Culture is another important aspect of conscious capitalism. Entrepreneurs are busy and driven, and sometimes culture is taken for granted. “What I’ve found is if you have a good culture, then it self-replicates. It attracts the right people to the organization and acts as an immune system to keep the wrong people out.”
Culture starts with values, and this goes back to articulating what your higher purpose is, and what you’re trying to do in the world that inspires people. “People want to have purpose. They want to be part of a culture that genuinely cares about them, and that they care about as well.” You want to ensure your organization has a sense of purpose, a sense of belonging, and is a place where people feel cared for.
Conscious capitalism also means having integrity. In fact, John calls integrity ‘a master virtue’. John explains how integrity is more than just being honest. It’s about trustworthiness, and about having ethical courage to do the right thing even when it might cost you something. “What people want is for leaders to have integrity. They want them to be authentic,” says John.
“In business, if you’re dealing with somebody with integrity, you know you can trust them. You know they are going to do the right thing.” Simply put, people like working with people who have integrity.
When building and running a conscious company, you’re focusing on building cooperation and a positive future. You’re focused on a higher purpose… you’re integrating stakeholders… you’re being a conscious leader… and you’re facilitating a conscious culture.
“Business is the greatest value creator in the world”, says John. “Most people think in terms of win-lose, but business is a win-win-win system. When you create value for everyone, you create upward synergies.”
by Joe Polish
Founder of Genius Network
P.S. I've created a resource page as a central guide with access to valuable resources available to you right now. Check it out at www.GeniusNetwork.com/Vision-Insight. Bookmark this page. This is where I will post every new update.
P.P.S. Whenever you're ready... here are 3 more ways I can help you make YOUR business and life more E.L.F. (Easy, Lucrative, and Fun!):
- Discover the 10x Multipliers to grow your business exponentially… Amplify your opportunities and reveal the untapped potential in your business: www.10XTalk.com/Vision
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- I'm often asked what books I recommend. So, I've put together a collection of books and products in 9 specific categories. These are resources we've shared in Genius Network to help improve life and business... To check them out visit www.JoePolish.com/Books-Vision
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