Entrepreneurs have to cater to society's demand for sustainability, creativity and meaning.
What is the purpose of sustainability in entrepreneurship?
The purpose of business sustainability is to create financial, social and environmental value. A sustainable company is often referred to as a company that works for profit, people and planet. To become a sustainable business
, you need to reduce dependency on natural resources, provide fulfilling jobs and reward shareholders and the community.
You create a sustainable company when you have a deeper purpose that rings true for team members, suppliers, partners, funders, the community – and the environment. Employees and users everywhere want trustworthy businesses. When people find meaning from a business they also feel a sense of ownership towards it. The organisation needs to get stakeholders and the leadership involved in the operations.
Prosperous new companies don’t sacrifice their social purpose. Radical social entrepreneurs have a competitive edge over traditional entrepreneurs by being sustainable without jeopardising profits and the reputation of the brand. Companies that are sustainable are purposeful for all stakeholders.
What is the purpose of creativity for entrepreneurs?
Entrepreneurs realise that entrepreneurship requires creative problem-solving. Entrepreneurs create new offerings and because new enterprises depend on new ideas, they have to be creative to foster innovations. Start-up companies won’t be able to enter existing markets without creativity
Organisations and industries that refuse to focus on original ideas will be outperformed by those that do. Environmental and social problems are complex and require systems thinking. They are also changing rapidly, and, therefore, require iteration. If a product is to be relied on by users, it should be based on user-driven ideas.
“Poverty is not only a lack of money, it's a lack of sense of meaning.”
― David Bornstein
Companies that have qualities such as aspiration, openness, risk acceptance, extroversion, agreeableness and agility are said to be the most creative. A growing part of our economy comes from what are called the “creative industries”, such as advertising, architecture, crafts, design, fashion, film, software, publishing companies and broadcasting. There is creativity in all kinds of business that encompasses artistic, scientific, economic and technological creativity.
What is the purpose of meaning in a business?
If something affects you as a consumer beyond mere perception, it provokes emotions and makes your life more meaningful
. Entrepreneurs understand the importance of meaning for customers and create meaningful services instead of something based only on features and price.
If the start-up means something to every member of the founding team, they get ownership of the purpose and become more committed and motivated. The design process for a meaningful customer experience involves identifying the business opportunity, creating the new business idea, shaping the experience, defining the meaning and expressing the emotions.
Values and meanings are consistent, but the meaning of things might change over time in different cultures. Meaningful experiences for customers are the same experiences that are meaningful to them in a non-commercial context. Meaningful experiences that people value appear to be adaptable. Their importance might be flexible and exact interpretation could vary, but all cultures seem to recognise their meanings.