Real Purpose of Wealth Creation
1) The Fulfillment Curve says that after a point, additional money follows the law of diminishing marginal utility and does not serve our personal needs
2) Also the point of “Enough” is much easier to reach than most people think
3) Then why does a Businessman continue to strive even after the point of “Enough”
4) Is it for more money?
5) 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
6) Therefore it is clear, that chasing money after the point of fulfillment is a flawed approach
7) Most Authentic Businessmen never expand or grow their businesses keeping money as the Primary Objective (goal)
8) Money is always a by-product of doing things well
9) So why do they continue to expand their businesses?
10) They do so because they have a larger Vision and Purpose than Money Generation
11) 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
12) Every city has businesses that have legacy value ( restaurants, department stores, local brands and so on)
13) A Legacy is an Asset – Value that the market bestows / assigns / grants upon the business / Brand
14) A Legacy is an asset that runs across generations
15) The Purpose of Business is creating an endearing household Brand like MRF tyres, MTR Masala
16) The Purpose of Business is to resolve a Problem / Pain Point of People / Society/ Ecosystem
17) 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
18) Making the ecosystem better / making the World Better is always the larger purpose
19) Amazon made is easier and cheaper for people to shop
20) Audible and Storytel (audiobooks) provided a solution to those who had Visual challenges
21) Swiggy made it possible to order food from across a variety of restaurants and also stuff from shops without having to step out
22) Uber made it easy and convenient to find a cab and help people save time
23) Airbnb and Oyo helped people monetise their assets and provide customer cheaper and quality hotels and rooms
24) Google helped people save time otherwise wasted in searching
25) Microsoft made office documentation efficient and saved time
26) Most great businesses help people save time by providing time saving tools or providing brands that help people make snap decisions (decision making)
27) Businesses create employment and employment in turn creates consumer demand
28) Employment is the best way to give back to society and help people manage their livelihoods
29) Every employee you hire, you help a family to live better
30) Businesses deploy technology and processes and are always focused on increasing productivity
31) Productivity is one of the key factors for GDP growth of the Nation
32) Businesses bring foreign exchange into the country and help the nation in balancing its economy
33) Businesses build nations
34) Businesses are now also shaping the environment by decarbonising the economy ( by investing in green technology industries )
35) Tesla is bringing electric cars to clean up the environment besides providing a mode of transportation
36) Netflix and the OTT phenomenon created a new genre of actors thus helping people to deploy their skills and make a living
37) Visionary Businessmen do not stop having fulfilled Personal Needs
38) 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
39) Businesses help in spreading happiness by making things better and affordable so that everyone can coexist
40) Growth of your profession or your business therefore goes miles beyond making money
41) 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
