Entrepreneur Goes Old-School, RESPECT!
Playing fair and exercising compassion are not qualities big-shot businesses are known for. Entrepreneurs starting their business adventures are usually driven by profits and growth, believing that one will bring the other, which is not always the truth. While the idea of abiding by an ethical code and respecting others might sound like something from a cheesy bumper sticker, there is actually something to it.
Researchers in a game theory study done in 2013, Christoph Adami and Arend Hintze of Michigan State University found that selfish behavior does not improve the odds of survival, and communication and cooperation are much better strategies. Even though this was more to do with general evolutionary environment, we can easily apply this to the world of business, where big mean bully corporations end up being short-lived. So here’s some friendly advice for long term survival, respect:
Your clients and customers
One of my favorite business tycoons, the quirky Richard Branson of the Virgin Group attributes a lot of his success and growth to impeccable customer service and care. During his many travels he noticed the awful service on planes, and the unbearably long flights that were before he decided to revolutionize the industry with his in flight entertainment system. This innovation along with impeccable customer service made his Virgin Atlantic one of the top airlines in the world, and it all came from his company’s mission statement of balancing the needs of the company with those of the people. Here he was not aiming to make profits, but to provide better service to the people; the profits were a result of his compassionate nature.
Your employees are the driving force of your business. You cannot hope to treat them like slaves and still be standing on top of an empire. Their well-being is of utmost importance, and while they have the obligation not to compromise on the quality of work they provide you with, you have the obligation to take care of their basic needs, not to exploit their services, and to never discriminate. We all know a mother lies when she says she loves all her kids the same, but this doesn’t stop her from treating them equally.
If your workers are unhappy, your company is what will suffer, for they are the ones who populate it and once you lose employees enough times and suffer law suits you cannot fund, there won’t be a corporation left to kick workers around.
Society and the Environment
While talking about what keeps him going and his empire expanding, Richard Branson says “..we wanted to create a better world, where businesses are driven by a strong sense of purpose that balances their needs with those of people and the planet.” Every business has a responsibility to the environment and to society, and such goals can help you expand and grow your business in ways that mere greed for profit cannot. It is broad based vision that helps your business stay current and to diversify into all kinds of industries and disrupt and re-invent them with innovations that help make the world a better place and improve human lives.
Following a moral code does not have to be just be an afterthought buried somewhere in the companies policies, but should be the driving force behind any business. Contrary to popular belief that compassion and respect for other are weaknesses a company cannot afford, these are actually qualities that help you grow and expand as a business and to establish your reputation as an honest and reliable leader who cares, eventually leading to your success as an entrepreneur. Want more Free Business StartUp nuggets? Checkout the Business Growth Accelerator.