By: Terri Maxwell, CEO of ShiftCo.org
Some companies are created solely to make a profit, while others are non-profits or social impact ventures. A third option has been growing in popularity: conscious companies that balance purpose AND profits. These brands are BUILT to make the world better and uniquely balance making money with making a difference.
In the most recent Global Entrepreneurship Report, researchers found that almost 50% of US and Canada Founders started their business to “make a difference in the world.”
Entrepreneurship has always been a driving force in our economy and social transformation. It is also a driving force in the shift towards a better way of doing business, if conscious entrepreneurs have their way.
Conscious entrepreneurs start a business to both serve a purpose and earn a profit.
From their views on products to their views on success in general, conscious entrepreneurs view the world from a different lens.
Specifically, Conscious Entrepreneurs ask different questions, like:
BUILDING A PRODUCT:
- When developing a product, a traditional business asks, “Will someone buy it?”
- When conscious entrepreneurs develop a product, they ask “Will it solve a problem?”
PRICING:
- When pricing their product, a traditional business asks, “How much will people pay?”
- When conscious entrepreneurs price their product, they say, “How much is it worth to my buyer?” They make pricing decisions based on value.
Growing a conscious business is very different from growing a traditional business. Being conscious in business means prioritizing serving customers, taking care of our employees while focusing on making a positive, as the path to making money.
When a conscious entrepreneur thinks about success, they ask, “How can I use my business to make a difference?”
One example is Elizabeth Eiss with ResultsResourcing. Her company MATCHES small businesses with VA’s, Marketing and Operations freelancers. As a conscious entrepreneur, Elizabeth recognized that most freelance platforms were built for large businesses, and smaller organizations were struggling to find freelance talent. “I created a matching algorithm, and also provide a recruiter who hand-curates virtual assistants and other freelancers who are uniquely skilled at working in a fast-paced start-up.” Eiss said.
This intense focus on value and solving problems is a hallmark of conscious entrepreneurs.
Here are Four Tips for Success as a Conscious Entrepreneur:
- Marketing MUST be Authentic: Traditional marketing strategies are incongruent with conscious entrepreneurship. Potential customers who are aligned with your business purpose are not going to be attracted by the old ways of discounting, advertising and other traditional lead generation methods. Most importantly, what works for one conscious entrepreneur, doesn’t necessarily work for another. Over the last decade, we’ve tested and developed an Authentic Marketing and Selling methodology to teach entrepreneurs how to authentically grow purposeful businesses based on who they are, from their unique passion and purpose.
- Purpose MUST be Measured: Companies who are both purposeful and profitable have something important in common. They measure their impact. When we measure the effects that our purpose-based business is having and respond accordingly, we increase the value to our customers. For example, Shift/Co measures the percentage of its members who have doubled their business using Shift/Co growth methods. Careful analysis can reveal ways to improve and increase the impact for all stakeholders.
- Values MUST be Aligned: Conscious entrepreneurs don’t need to post their values on the wall. They live those values day in and day out. And those values originate, not from some corporate planning retreat, but from the moment they decided to follow their passion to start the business venture. The values originate from who they are, at their core, as well as how they want to impact the world.
- Purposeful Businesses Evolve and THEN Grow. Conscious entrepreneurs transform from the inside out as they grow their business. You can’t “fake it until you make it.” There are three stages to evolve a start-up from zero to $1M in annual revenue, and another three stages to go from $1M to over $10M in annual revenue. In each of these stages, the Founder MUST evolve. The Conscious Business Growth Platform™ shows conscious entrepreneurs how to navigate these stages.
In conscious entrepreneurship, the pursuit of profit is intricately tied to a higher purpose – a purpose that extends beyond the bottom line. It is essential to align business goals with a greater mission, one that contributes to the betterment of humanity. True success is achieved when the impact of a business resonates positively with society, leaving a lasting legacy that goes beyond monetary gains.
While traditional business models often prioritize financial gains, conscious entrepreneurs understand that profit can be a means to a greater end – a purpose that goes beyond the balance sheet.
About Shift/Co, Public Benefit Corporation
Shift/Co® is a business growth program for entrepreneurs who want to grow a conscious business. Shift/Co’s goal is to elevate business success by offering community, coaching, training, and mentorship to entrepreneurs. As of June 1, 2024, 84.9% of the Founders using their program doubled their income.
About Terri Maxwell
In addition to creating Shift/Co, Terri Maxwell is also Founder and CEO of Share On Purpose, Inc, a business cultivator that created six innovative brands using her Conscious Business Growth Platform™. She also started a Speculator Fund to invest in ventures focused on making the world better. In an entrepreneurial career that spans almost 30 years, Terri has launched, owned, sold, rebranded or turned around more than 50 brands.