ABSTRACT
This chapter provides the Purpose Paradox: the surprising fact that businesses that pursue a purpose beyond profit are more profitable than those that pursue profit alone. It argues that sustainability, social responsibility, and purpose could drive a company to achieve those results; it might enable a new kind of conversation within the business community. M. Friedman’s essay declared that the exclusive purpose of business is to increase its returns to shareholders and that employees should engage exclusively “in activities designed to increase its profits.” many employers are unlocking the rewards purpose provides. A passionate purpose attracts – and retains – passionate people. A passionate purpose and the products it produces attract passionate consumers. Customers of purpose-led brands are believers, allies, and advocates – not just consumers. A purpose confers crucial competitive advantage in an otherwise prevalent culture of brand ennui. A social purpose is anything but anti-business.
