Last night, I had the opportunity to be a panelist at a pitching event where local entrepreneurs present their businesses and ask for feedback around one specific question.
When it came to the final pitch, an interesting conversation popped up.
The entrepreneur mentioned they were including an altruistic component to their business model and one of the other panelists responded by saying, “You can focus on being altruistic once you scale up. As a startup, you need to focus on making mountains and mountains of big, ugly money.”
Maybe I’m just naive, but I couldn’t agree less.
Sure, if you want to eventually become a fully-sustainable company, you have to (eventually) have revenue coming in, but the idea that altruism and profit are mutually exclusive is ludicrous.
One of the smartest things you can do when starting a company is to focus on growing a community around your company.
Can you guess one thing people care about when it comes to the brands they support and the products/services they purchase?
In today’s world, it’s becoming harder and harder to differentiate based on product alone. You have to plant your flag and stand for something when others may not.
If you ask me, doing good will always be good for business.