The Purpose-Driven Economy Flashcards
What is the purpose-driven economy?
is defined by the quest for people to have more purpose in their lives.
People want to make money, but they also want to make a difference.
It is an economy where value lies in establishing purpose for employees and customers – through serving needs greater than their own, enabling personal growth, and building community.
Why is the purpose-driven economy emerging?
- Increasing globalization
- Changing demographics
- New technologies
- Geopolitical events
- Crossing industries boundaries
- New generational mindset
Give some examples of new business models of the purpose-driven economy.
- social entrepreneurship
- crowd-funded philanthropy
- sustainable brands
- philanthrocapitalism
What are some sectors where the impact of the purpose-driven economy is more evident than in other sectors?
- Environmental sustainability
- Health & wellness
- Travel & leisure: Consumers are becoming more aware about the causes of climate change, leading to a rising demand for greener travel.
- Finanace & investment
What’s at the heart of many business models in the purpose-driven economy?
- Collaboration
- Innovation
Why is there a purpose-driven economy from the perspective of the customer?
For consumers, purpose has become personal and the new generations empowered by technology, high connectivity and social media have more power than ever to influence and make a difference to the world’s economic and societal challenges. They are not afraid to use this power.
Why is there a purpose-driven economy from a business perspective.
A study has found that there is a tight correlation between purpose and business confidence, both short term as well as long term.
Deloitte’s Core Beliefs and Culture survey revealed that 82% percent of respondents, who work for an organization with a strong sense of purpose, say that they are confident that their organization will grow this year, compared to 48 % of those who said their organization did not have a strong sense of purpose.
