The world is changing at a lightening pace, and business practices have evolved beyond recognition. Many believe the Global Financial Crisis was necessary to highlight excessive materialism and overspending.
Redundancies, cuts in discretionary spending and reduced customer loyalty are now commonplace, and large corporations can no longer amass the money they used to.
Change is essential for businesses to survive.
But how can businesses keep up? The new generation of successful business practice comes from invention and true innovation. Entrepreneurship is flourishing, with new business models reaping huge financial rewards. Numerous entrepreneurs I know have enjoyed record years despite the lean times, or the so-called mini depression.
I have observed a significant behavioural shift – from a sole focus on money, to a real emphasis on creating businesses and products with meaning and purpose. For decades, profit has been the sole motivator for business. Return on investment, tax breaks, key performance indicators, restructures, profit margins, streamlining and outsourcing – these measures and devices were always at the heart of business.
The accumulation of healthy profits was never enough, and excessive greed and outrageous, exploitative moneymaking was the benchmark for success. But times have changed. This kind of business model is unsustainable, and the ‘New Economy’ is upon us. This new approach marks a change in the way we do and create business.
In the New Economy these faceless, moneymaking machines are in decline. They are the dinosaurs of business, and as such, cannot continue. In their place, dynamic entrepreneurs are creating businesses that operate in a totally different way. They are creating work environments that encourage creative expression, have a human face behind the website, and cultivate a profound connection between the product and the client.
Combining your talents and strengths with passion to create a business you love is now the norm. The ‘Cookie Cutter’ recruitment company job description does not have to be the only pathway to employment. Technology permeates most areas of our lives. A noticeable trend however, is that technology is used to support rather than replace human effort, freeing us from the tethers of an office space, and giving us the time and permission to live the fullest lives possible.
The definition of success is also changing. By trying to fit into a cookie cutter style of employment, people’s creativity is stifled and they feel undervalued, which in turn wastes the most important recourse available to business – human talent. By harnessing individual creativity, by encouraging personal fulfillment, and by stimulating inspiration, businesses can truly supply what the world seeks, which in turn nurtures a stronger and more robust economy.
To quote Richard Branson:
“I make no distinction between work and play – it’s all just living.”
Life and work is meant to make you happy and to feel good, but it is your responsibility to design it that way. It is also important to note that successful people know that what you do for work, your career, is a way to live out your purpose, a way to use your gifts and talents and strengths and passions.
In the New Economy people create businesses exactly as Branson celebrates: making money doing what they love, using their natural talents with a purpose, and pursuing the desire to make their mark in the world. The new entrepreneur follows their passion, and conducts business on their terms. They can travel the world and live a life of luxury if they choose, but they also give back to the world by contributing their time and money. To become this kind of thriving entrepreneur, and to make your mark in the New Economy, you must first look at who you are, and what you are creating around you. Your personal relationship to the world determines your success, so you must closely examine this relationship. It is absolutely crucial. Are you following your true passion? Are your intentions and work practices authentic and driven from your heart? If not, you have some work to do.
I have come up with 18 different success strategies to ensure you thrive in The New Economy, I call them “The Only Success Principles that really matter”. By following these simple, effective strategies, you can design creative ventures, navigate success and live a career of meaning in the New Economy.
Business is an opportunity toward a deeper understanding of human integrity crucial to true success. Wouldn’t you love while you are making money, you are also making a difference, and contributing positively to the world. An entrepreneur preparing to launch a business must first build strong foundations of success. These success principles will change the way you do business and live your life.
Look out for these principles, Success Principle 1 coming soon.
Image credit : Rafael Souza
Vanessa is an Entrepreneurial Muse & Creative Strategist. Visit her site www.vanessajane.com.