To Combine Profit and Purpose

profit with purpose

As an entrepreneur, you may have dreamed of owning a multi-billion dollar company, to leave a legacy behind and to give back to the society. There is always an urge to take the short road, to act dishonest, to cheat, but resisting this temptation takes courage. So how to help your business do well and good at the same time? Here are tips that combine both ethics and desire.

  • Your vision should be so strong that no one can convince you to give up your dream in exchange for a temporary pleasure.
  • Define you values. Set some boundaries for yourself. These values are your core beliefs, something you cannot compromise upon at any cost. Analyze every decision you make, every choice you pick. You can’t cut corners and pick up a simpler, but a wrong option only because no one is watching.
  • You must always know your options. You must have Plans A, B, C, D, and E. You must be prepared to counter-attack.
  • For a business to prosper it is very important for the traders to know their customers. You can’t simple force your product on the world. You need to carefully analyze the people, their needs, their wants, and what they can afford. You cannot predict specific price levels, but the aim is to identify the trend and ride on it.
  • Do not go overboard in reducing the cost of investments to the extent that you start compromising on the quality and standard of the product or service itself that you provide. Remember, the reputation of a company rests on the product only. Consumers do not for other details. They are paying for your services and if they are not satisfied then they will simply change the service provider. Quality is of prime importance.
  • Customer retention is the most important sales and marketing tool of any business. Customer experiences decide the future product: when make your customer feel good, you are creating enlightening experiences for them. People will remember the product from the way you treated them, not by the price tag.
  • When you are deciding whether to try a new venture, you need to make sure whether the odds are on your side. Don’t invest into a field where you are not an expert. Risks are an essential part of growth and true entrepreneurship, but not all risks are the same, and not all are simple.

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

Leave a Reply

Your email address will not be published. Required fields are marked *