So began a conference that I recently attended.
I knew the speaker was a committed capitalist, a co-founder of an investment capital firm and a staunch believer in the power of businesses to build sustainable value in a no-excuses manner, so what did he mean by proclaiming an end to capitalism?
The speaker, Sunny Vanderbeck, co-founder of Satori Capital, quickly clarified that capitalism and the free-enterprise system continue to be the proven, most potent system for advancing human progress. It has created more prosperity and lifted more people out of poverty than any other system known to humanity. But over time, it has also fostered a culture of short-term thinking and self-serving management that has produced disasters like the Bhopal, India gas leak, the Exxon Valdez oil spill, BP Gulf oil rig explosion, and the most recent financial turmoil.
To create enduring stakeholder value, capitalism must continue to evolve and “advance towards reaching its highest potential.” The means to accomplish this is described in a fascinating book titled “Conscious Capitalism” by John Mackey & Raj Sisodia. It offers a no-excuses program for building businesses that deliver sustained value for shareholders and for all the stakeholders who contribute to company growth.
The Conscious Capitalism Credo reads:
“We believe that business is good because it creates value, it is ethical because it is based on voluntary exchange, it is noble because it can elevate our existence, and it is heroic because it lifts people out of poverty and creates prosperity.
Free-enterprise capitalism is the most powerful system for social cooperation and human progress ever conceived. It is one of the most compelling ideas we humans have ever had.
But we can aspire to something even greater.”
If you believe in the power of values-based, no-excuses business growth, then I recommend that you read “Conscious Capitalism.” Long live capitalism!
Who are all the stakeholders engaged with your business?
How can creating value for these stakeholders accelerate your growth?
