What is a Principled Entrepreneur?
Principled Entrepreneurship is the mindset that, among other things, enables and empowers the American Dream. Principled Entrepreneurs connect people to their purpose and passion by forming teams that create value for customers.
There are 5 Pillars of Principled Entrepreneurship
Pillar 1: The Economy Exists for People, Not People for the Economy
The essence of business is captured in the phrase “How may I help you?” Business is fundamentally other-directed. By asking customers this critical, classic business question, a good business puts the human person at its center; it adds value for its customers and does so profitably through the work of its team. That is its primary objective, its reason for existence.
Pillar 2: To Work Is to Create; To Create Is to Be Human
To be creative—to create profitable solutions to customer needs—is the primary objective of our work and, therefore, business. The entire process makes us more human. When we hone our skills, or focus our expertise through work, we flourish as people. That’s why when we work, we don’t just make more, but we become more. That excellence is one of the key objectives of work. When through our excellence we satisfy an important customer need, we benefit not only the consumer but also ourselves. If we work well, we ultimately benefit the common good of our society. That is why the economy exists for people and not the other way around.
Pillar 3: Culture Eats Strategy for Breakfast
The advantages of having strong cultural values are overwhelm- ing. There is no one happier and more effective than an empowered employee. A company with clear values requires far fewer people and has less need for manuals, procedures, and other cumbersome paperwork. And there is no need for the proverbial “cop on every corner.” A strong culture makes for a happier, more effective, and more efficient organization.
4. Principled Entrepreneurs Always Seek to Create Win-Win Solutions
The Art of Principled Entrepreneurship happens only when the buyer and seller are free to engage with each other or not. The more we can promote this kind of complementarity, the more value the products and services we provide add, and the larger the economy grows. This is not only one of the paths to human progress, it is also the only path to widespread prosperity.
5. Always Think Like an Entrepreneur
Having the mindset of a team can lead to long-term value creation, fulfilling careers for individuals, unsurpassed innovation and excellence in an industry. And it can create a highly valued brand with most customers.
The Art of Principled Entrepreneurship: Creating Enduring Value
Are you an entrepreneur, manager, employee, or business student seeking to lead in a people-centered way?
The Art of Principled Entrepreneurship is an insightful, practical guide to how businesses can and should be run to be both virtuous and profitable.