From 600+ conversations with the world’s leading thinkers.
Having a fiduciary duty implies an undivided loyalty to corporate interests, arguing that it's impossible to hold a fiduciary duty towards stakeholders since they are considered natural adversaries. Thus, according to the law, stakeholders are viewed as opponents.
However much we would like to pursue a 'be kind' policy, we have to recognize that there are others in the world who are going to eat our lunch if we don't do our best.
I think it's about usefulness! People talk of 'following your passion' but there are plenty of things people are passionate about that nobody will pay them money for, so you can't just tell someone to just follow their passion. The missing piece? usefulness... We say the magic formula is: Passion + Usefulness = Success.
Criminals are not looking for challenges, but opportunities. Hackers don't cause breaches, they wait for doors to open; and we're making it so easy for people to steal from us that we're creating unlimited doors.
Establishing a culture of truth and trust is absolutely critical to being a great leader, and that takes effort and energy every day. You have to ceaselessly reach for truth and trust every day, and you have to be relentless in your pursuit of trust, and show your people that you have their back.
I went from knowing the value of a dollar to forgetting the difference between $10,000 and $30,000 because everything was expensive. I certainly I got hoodwinked sometimes: people would Google me and the business and charge me astronomical prices.
People think these founders are all brilliant and can't make mistakes, we've found that; there's a sense that they can fix everything or have the answers for everything… they don't, and they can't.
Too often, organizations become like frogs in boiling water—gradually losing their competitiveness because everyone is afraid to take risks. The short-term pain of taking a risk seems more daunting than the long-term consequences, even though the long-term pain could be the loss of competitive advantage and, ultimately, the entire value of the enterprise.
You don't have to choose a business that's going to drown you, be a treadmill, or suck you underneath. You can start slow, make a bit of money and then double down. You don't have to risk it all at the beginning.
Ultimately, we want to make it unnecessary to be a B Corp – we want it to be just the norm of how all businesses are run, but that means we have to change the rules of the game and the role of business in society.
The most common is deferring action and getting stuck in paralysis... The second most common is finance... Investing too much in unproven concepts for example. People can, and should, start their businesses as micro-enterprises to test their concepts and reduce risks.
You cannot run a business without great people, who are incentivised to be great; and so, you must protect them, and pay them appropriately.