Recently, I had the honor of meeting John Mackey, CEO of Whole Foods and author of Conscious Capitalism. He has received numerous awards for his excellence in entrepreneurship and I wanted to share with you the top 3 things I learned from him:
1. Know the Value of Your Business
John Mackey describes business as a great force for good in the world, saying that businesses create value for all involved. Conscious Capitalism is a system for overcoming poverty and creating wealth. Unfortunately, most people do not view businesses and capitalism in this light, but instead as evil entities driven by greed and selfishness. That is why he decided to write the book, Conscious Capitalism, to change the negative perceptions of businesses and business owners. In his book he wants you, the business owner, to ask, “What value are you creating with your business? Is there a potential for a higher purpose?”. Of course, we all want to make money—need to make money in order to survive—but that alone does not drive a business to success. Businesses need to create value for your customers, your employees, your suppliers, and investors. That common goal fuels the needs and desires of the organization as a whole, unifying the business as you work together to create prosperity for all.
2. Run Your Business on the Happiness Principal
If you want to be happy, John Mackey says you should cultivate these three things: gratitude, forgiveness, and love. By practicing these concepts on a daily basis, a healthy culture can be created at home and in the workplace. When building your company, take care to hire a Team of the very best employees possible, train them well and make sure they’re happy. When your employees are happy, they serve the customers well and the customers, in turn, are happy. And when your customers are happy, business is good. But keeping your employees happy is easier said than done. First off, you want to make people feel secure in the workplace. If you manage your employees with threats causing them to fear you, it leaves no room for growth on either side. Practicing a servant-based leadership style and treating each other with respect and dignity will build a healthy work culture. One tip he gave was to end your weekly staff meetings with a voluntary round of praise. When appreciating each other, it allows the group to connect and form a stronger bond as a true Team. When you hire a good Team and keep them happy, your company will thrive.
3. There is No Magical Formula for Success
There are always going to be challenges that your business faces, but Mackey encourages us to embrace these challenges. The journey is what makes life so sweet, not the destination. If everything was easy, life would be boring. We need challenges to force us to change and evolve into the best person possible. So, while there is no true answer on how to be a successful business, make it your mission and commit yourself to being the best, to have the highest quality goods and services, have the happiest employees, and the success of your business can only follow.