Three Key Components for Entrepreneurs to Create Great Business Values
We all know that our values shape who we are as individuals and are extremely important when seeking friendships and companions, but what about in our business? I come across so many start-up ventures and new entrepreneurs that jump right into “doing business” without really thinking about and outlining their business values. They consequently end up making business decisions that do not align with their values and become frustrated and disillusioned without fully understanding why.
When I work with ASU student entrepreneur ventures, I advise them that successful entrepreneurship must begin with a set of values - core beliefs and guiding principles that will govern everything an entrepreneur will do in their business. This is one of the four components that make up the soul of your business - your business mission, values, vision, and voice.
I find that the key to creating great business values is to incorporate your personal, professional, and social values. The value trinity as I like to call it.
PERSONAL VALUES
Simply put, you need to be a good human being before you can be a good businessperson. Personal values that successful entrepreneurs possess are attributes such as honesty, determination, confidence, and passion. No one likes to do business with people that are dishonest, weak, uncertain, or apathetic.
It is inevitable that an entrepreneur’s business will reflect their personal values, attitudes and beliefs. Their business in many ways is an extension of them. Therefore working on having a pleasant and positive personality will certainly help your business thrive.
PROFESSIONAL VALUES
Integrity is the cornerstone in the business world of professional values. While your personal values reflect on your personality traits, professional values correspond to your ability to conduct yourself in a business setting. What matters here is healthy competition, self-determined work environments and doing the right thing by adhering to policies and procedures. It is very important that an entrepreneur’s professional values reflect their own business measures in accepting or rejecting corruption and deceit.
SOCIAL VALUES
Successful entrepreneurs adhere to social values and either give back or shape their community. In today’s socially conscious climate, many people know it is instrumental to look beyond business life and do a great service to society. When this is done it has a positive ripple effect on a business and personal brand.
There are typically two ways of creating high social value as an entrepreneur. The first way is to create products and services that benefit society and provide solutions to problems that otherwise cannot be solved. The second way is to support a cause you believe in by investing time and money into it.
When your business and personal brand are portrayed as responsible by looking towards the needs of society it is easier to get everyone’s attention, gain new potential customers and a positive overall image. The result? Growth and profit.
THE VALUE TRINITY
Keeping in mind the trinity of values when thinking about your over-arching business values is important to structuring what your business will represent and how it will run. Your personal values support you in being a good businessperson. Your professional values guide the way towards your business practices being reputable. Your social values provide the perception of your business as socially acceptable.
Entrepreneurship is a lot more than just money-making, it is also about sustainability. Being intentional when crafting your business values by combining these three value components will lead to business consistency and growth.
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