Does Personal Values Shape Your Business Venture?

Ever since playground days, the question has echoed through the halls of elementary schools and boardrooms alike.  It’s a question that’s as old as storytelling itself, fueling countless movies, novels, and probably even a few heated lunchtime debates.

Can you truly be successful if you play by the rules, stay kind, and keep your integrity intact? It’s a debate that’s sparked countless conversations. It’s a real, burning question that hits close to home.

In a world where cutthroat competition often seems to reward the ruthless, does staying true to your personal values help you get ahead? We’re diving into why sticking to your moral compass could be your greatest asset in shaping your business venture. 

 

Personal Values, Morality and Profit

Ever heard the saying “nice guys finish last”? Well, in this time and age, that’s not true, people actually prefer businesses that are purpose-led. So actually, your personal values might just be the secret weapon that propels your business to the top.

 

So can Morality and Profit coexist?

Your personal values are the compass guiding your decisions, strategies, and interactions. When these values align with your business model, they foster authenticity and trust. For instance, if integrity is a core value, transparency in operations and communications will be a priority, shaping policies around honesty and accountability.

Similarly, a commitment to innovation might drive continuous learning and adaptability within your company. By embedding personal values into your business DNA, you create a foundation that resonates with customers, employees, and stakeholders alike, leading to sustainable growth and a positive reputation.

Building Businesses with Respect and Empathy

What does it mean to build businesses that have respect? It means respect towards the people that work for you, the environment, your consumers and everyone involved in building your business.  

Take this man, Johnny Georges as an example. If you’re fond of watching the shark tank, most likely you have already heard of this guy. 

Johnny Georges presented his product, the Tree T-Pee, on Shark Tank. The Tree T-Pee is a plastic cover designed to protect tree roots by conserving water and providing frost protection. Georges highlighted that a typical tree requires 25,000 gallons of water annually, but with the Tree T-Pee, this is reduced to just 800 gallons. This innovation could be transformative for farmers globally.

Georges sought $150,000 for 20% of his company. At the time, he was selling the Tree T-Pee for $4.50, earning a dollar in profit per unit. Kevin O’Leary pointed out that this pricing left no margin for a distributor and suggested raising the price to $12 to increase profits.

Georges’ response? “But you’re selling to Farmers.”

When businesses price their products or services fairly and truly care for the needs of their consumers, they move and build trust, loyalty among their customers.

Did he get a shark to invest? See his whole pitch video here.

Today, Tree T-Pee continues to thrive. It is now available for $9.95 in both black and white versions. While it might not have grown into the large enterprise Kevin O’Leary envisioned, the company has been successfully operating for over 15 years since Johnny Georges first introduced it.

Another quick examples are:

Proximity Designs, a social enterprise in Myanmar, designs affordable and user-friendly agricultural tools for smallholder farmers. 

By deeply understanding the challenges these farmers face, Proximity Designs creates solutions that significantly improve productivity and livelihoods. Their empathetic approach to product development has not only garnered widespread adoption but also strengthened the enterprise’s reputation as a compassionate and innovative company.

The Body Shop, a global beauty brand, has long championed ethical business practices. From advocating against animal testing to supporting community trade, The Body Shop integrates morality into every aspect of its business. This commitment has fostered a loyal customer base that values ethical consumption, driving both profitability and positive impact.

 

Personal Values as Foundation for Businesses

Many argue that ethical practices inevitably lead to higher costs and reduced profits. However, a growing body of evidence suggests otherwise. 

Businesses that prioritize ethical practices often enjoy long-term benefits such as enhanced brand reputation, customer loyalty, and employee satisfaction. These factors contribute to sustained profitability and competitive advantage. Moreover, ethical businesses are better positioned to navigate regulatory challenges and market fluctuations, ensuring resilience and stability.

Aligning your personal values with your business ventures is not just a moral choice but a strategic one. By embedding respect, empathy, and ethical practices into your business model, you create a robust framework for success. As young entrepreneurs in emerging markets, embracing this alignment will empower you to lead ventures that are not only successful but also transformative for your communities and the world.

While you’re at it, download our free eBook to learn about The Flourishing Entrepreneurial Lifestyle for success, prosperity & self-fulfillment.