Real Purpose of Wealth Creation:
- The Fulfillment Curve says that after a point, additional money follows Athe law of diminishing marginal utility and does not serve our personal needs
- Also the point of “Enough” is much easier to reach than most people think
- Then why does a Businessman continue to strive even after the point of “Enough”
- Is it for more money?
- Perhaps in cases where People haven’t understood the concept of Fulfillment Curve, they still may chase money. But this mindless chasing after money is a futile exercise and does not enhance the value of life and existence.
- Therefore it is clear, that chasing money after the point of fulfillment is a flawed approach.
- Most Authentic Businessmen never expand or grow their businesses keeping money as the Primary Objective (goal)
- Money is always a by-product of doing things well.
- So why do they continue to expand their businesses?
- They do so because they have a larger Vision and Purpose than Money Generation
- The Real Purpose of Business is to create a legacy like Tata, Birla, Reliance and even relatively smaller enterprises like Kayani Bakery, Mahesh Lunch Home, Amul, Amarsons, Chitale Bandhu Mithaiwale and so on,
- Every city has businesses that have legacy value. ( restaurants, department stores, local brands and so on)
- A Legacy is an Asset – Value that the market bestows / assigns / grants upon the business / Brand.
- A Legacy is an asset that runs across generations.
- The Purpose of Business is creating an endearing household Brand like MRF tyres, MTR Masala,
- The Purpose of Business is to resolve a Problem / Pain Point of People / Society/ Ecosystem,
- Like Zoom and the Mobile redefined Business, Amul provided the much needed nutrition of Milk, MNCs sold their product in affordable packaging (Sachets) and made erstwhile unaffordable Brands affordable for the poor.
- Making the ecosystem better / making the World Better is always the larger purpose.
- Audible and Storytel (audiobooks) provided a solution to those who had Visual challenges,
- Swiggy made it possible to order food from across a variety of restaurants and also stuff from shops without having to step out,
- Uber made it easy and convenient to find a cab and help people save time,
- Airbnb and Oyo helped people monetise their assets and provide customer cheaper and quality hotels and rooms,
- Google helped people save time otherwise wasted in searching
- Most great businesses help people save time by providing time saving tools or providing brands that help people make snap decisions (decision making).
- Businesses create employment and employment in turn creates consumer demand.
- Employment is the best way to give back to society and help people manage their livelihoods.
- Every employee you hire, you help a family to live better.
- Businesses deploy technology and processes and are always focused on increasing productivity,
- Productivity is one of the key factors for GDP growth of the Nation.
- Businesses bring foreign exchange into the country and help the nation in balancing its economy,
- Businesses are now also shaping the environment by decarburizing the economy ( by investing in green technology industries).
- Tesla is bringing electric cars to clean up the environment besides providing a mode of transportation.
- Netflix and the OTT phenomenon created a new genre of actors thus helping people to deploy their skills and make a living.
- Visionary Businessmen do not stop having fulfilled Personal Needs.
- They go beyond. They experiment, try new stuff, sometimes fail and learn and eventually define the way forward for the society, nation, world and environment
- Businesses help in spreading happiness by making things better and affordable so that everyone can coexist.
- Growth of your profession or your business therefore goes miles beyond making money.
- And unless we all learn to dream, to live our dreams, to make a mark and to leave an impression, we will never experience true / real happiness even if we make humongous amount of Wealth.
