The Age of Elevated Economics: A Shift to Purpose-Driven Business Model
Podcast: The Age of Elevated Economics – A Shift to Purpose-Driven Business Model
[00:01 – 15:21] Capitalism is in a transitional period
- What is Environmental, Social, Governance (ESG)
- Capitalism is in a period of change; peaking globalization, capitalism, inequality, and the great wealth transfer occurring at the same time.
- Richard’s Book discusses the theory that shareholders as the primary focus of a company have been replaced by a stakeholder-centric focus for business.
- This change is referred to as “the day the shareholders died”
- Corporate information is becoming more accessible, which pressures business leaders to change their ways
[15:21 – 23:43] The Age of Elevated Economics Is Here
- Shifting to a purpose-driven business model can have many benefits such as; Attracting and retaining talent, replacing executive-level talent quickly, and increasing consumer willingness to pay for goods and services
- Millennials focused on nonfinancial factors when making decisions about how to invest their money
- Sustainability strategies and practices will likely be more rewarded by this generation
[23:43 – 31:22] The $5 Tomato: Why Business Leaders Should Sell to Believers
- Capitalism is no longer a single bottom-line business
- There is a shift away from how we view the shareholder-only ecosystem
- It’s okay to charge accordingly for what is valuable to customers
- It’s an optimistic time and there are opportunities for business leaders
[37:58 – 40:04] Closing Segment
- Connect with Richard through https://www.linkedin.com/in/richardsteel9/
Richard’s book: https://www.amazon.com/Elevated-Economics-Conscious-Consumers-Business/dp/1734324848
Brian’s Linkedin: https://www.linkedin.com/in/brian-c-adams/
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