Author: Terri Maxwell, CEO ShiftCo.org
Some firms are created solely to make a profit, while others are non-profit organizations or social impact ventures. The third option is becoming more and more popular: conscious firms that balance purpose AND profits. These brands were BUILT to make the world a higher place and uniquely balance earning profits with making a difference.
In the latest Global Entrepreneurship Reportresearchers found that just about 50% of founders in the U.S. and Canada began their businesses to “make a change in the world.“
Entrepreneurship has at all times been the driving force behind our economy and social transformation. This is Also driving change towards a higher way of doing business if conscious entrepreneurs they have their very own way.
Conscious entrepreneurs start a business to serve a purpose and make a profit.
From product views to general views on success, conscious entrepreneurs see the world from a different perspective.
In particular, Conscious Entrepreneurs ask various questions similar to:
BUILDING THE PRODUCT:
- While developing A product– traditional business asks, “Will anyone buy this?”
- When conscious entrepreneurs develop a productthey ask “Will this solve the problem?”
QUOTATION:
- When quotation about his product, a traditional entrepreneur asks, “How much will people pay?”
- When conscious entrepreneurs price they say their product “How much is this 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 customer support, taking care of our employees, and at the same time focusing on gaining positives as a solution to make money.
When a conscious entrepreneur thinks about success, he asks: “How can I exploit my business to make a difference?”
One example is Elizabeth Eiss ResultsResources. Her company MATCHES small businesses with VA freelancers, marketing and operations. As a conscious entrepreneur, Elizabeth knew that almost all freelance platforms were created for large firms, and smaller organizations had difficulty finding freelance talent. “I created a matching algorithm and also provide a recruiter who hand-selects virtual assistants and other freelancers who have unique skills to work in a fast-growing startup.” Eiss said.
This intense focus on values and problem solving is the hallmark of conscious entrepreneurs.
Here are four tips for becoming a successful entrepreneur:
- Marketing MUST be authentic: Traditional marketing strategies are not compatible with conscious entrepreneurship. Prospects who align with your online business goal won’t be interested in old methods of discounting, promoting, and other traditional lead generation methods. Most importantly, what works for one conscious entrepreneur may not necessarily work for one other. We’ve been testing and developing for the past decade Authentic marketing and sales a methodology for teaching entrepreneurs the right way to authentically grow purposeful businesses based on who they are, their unique passion and purpose.
- The goal MUST be measured: Companies that are each purposeful and profitable have something in common. They measure their impact. When we measure the impact of our purpose-based activities and respond accordingly, we increase value for our customers. For example, Shift/Co measures the percentage of its members who have done so they doubled their business using Shift/Co growth methods. Careful evaluation can reveal ways to enhance and increase impact for all stakeholders.
- The values MUST be aligned: Conscious entrepreneurs don’t have to hold their values on the wall. They live these values every day. And these values do not come from being isolated in corporate planning, but from the moment they decided to follow their passion and start a business enterprise. Values come from who they are and how they need to influence the world.
- Purposeful businesses evolve and then grow. Conscious entrepreneurs transform from the inside out as their business grows. You cannot “fake it ’til you make it.” There are three stages in a startup’s evolution from zero to $1 million in annual revenue, and one other three stages to go from $1 million to over $10 million in annual revenue. At each of these stages, the Founder MUST evolve. The Conscious Business Development Platform™ shows conscious entrepreneurs the right way to navigate these stages.
In conscious entrepreneurship, the pursuit of profit is closely linked to a higher goal – a goal that goes beyond the bottom line. It is essential to link business goals to a larger mission that contributes to the betterment of humanity. True success is achieved when a company’s impact positively resonates with society, leaving a lasting legacy beyond monetary profits.
While traditional business models often prioritize financial profits, savvy entrepreneurs understand that profit may be a means to a higher end – a goal that goes beyond the balance sheet.
About Shift/Co, a Public Benefit Corporation
Shift/Co® is a business development program for entrepreneurs who need to develop a conscious business. Shift/Co’s goal is to extend business success by providing entrepreneurs with community, coaching, training and mentoring. Since June 1, 2024, 84.9% of Founders using the program have doubled their income.
About Terri Maxwell
In addition to creating Shift/Co, Terri Maxwell is also the founder and CEO Share on Purpose, Inca business cultivator who has created six revolutionary brands using her Conscious Business Development Platform™. She also established a Speculative Fund, the purpose of which is to take a position in projects aimed at improving the world. In her nearly 30-year entrepreneurial profession, Terri has launched, owned, sold, rebranded or rebranded over 50 brands.