When thinking about business, it’s easy for a highly competitive, economized environment to pop into mind. Business, normally a profit-driven activity, while focusing on serving others, just doesn’t seem to come together. What if I told you it can?
There’s a misconception that the sole end goal for businesses’ is monetary success. While that may be partially true, and self-sustainability is often part of a businesses’ objective, that’s not the full story. What about merely enjoying the process of creating something new? Being in control of your service’s future?
Some people may consider these ideas to be frivolous or unrealistic, but we can see these ambitions reflected in the nascence of some of the world’s biggest corporations. Google began as a research project between two PhD students who hadn’t even graduated. Zuckerberg originally started Facebook to connect his classmates at Harvard. None of these were originally created to capitalize off its users.
And lastly, closest to today’s topic, what about wanting to create something to change the world for the better? Even this idea isn’t unseen in businesses. Wikipedia, the fourth most visited website (excluding search engines Google and Baidu), is a service that remains free to all, made to promote the spread of knowledge and education. To this day, Wikipedia remains a nonprofit. Online statistics say that as of 2017, 3% of businesses are 501c3.
Additionally, there’s the notion that nonprofits, whose goal isn’t to solely make profit, can’t be successful, and starting a nonprofit takes less skill than succeeding with a startup. Personally, I’d push back on this opinion and would even argue it’s the other way around. Being committed to successfully run a company that doesn’t even make profit and finding success while only relying on donations, all to support a cause you believe in, should be praised, not looked down upon.
What do the members at SVYEP think?
Lotus Wu: Starting a business just to make money isn't realistic and will probably fail. Real success comes from wanting to make a positive impact on society. If you're passionate about creating change, the money will come naturally. Chasing money as your main goal leads to selfish decisions and a focus on profit over purpose. Businesses should stay true to their mission and never prioritize profit above all else.
Jeremy Peng: I think there can be successful cases of a business being motivated purely by profit, if profit is all they’re after. Even exploitative businesses can be successful. However, most people who start businesses don’t just seek money in the first place, but a kind of respect and legacy that we associate with business success—this is only achievable by businesses that change the world for the better.
Justin Wong: A business can only succeed with an intrinsic motivation to accomplish something extraordinary that will truly improve the world. While extrinsic values that focus on monetary rewards can drive a business short term, genuine belief in the value of one’s work is always the more sustainable option. There needs to be a strong and clear vision that drives a business forward, and with time, profit follows as long as one stays true to one's goals.
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