I need a response from the below statement:
Conscious capitalism is when businesses should operate ethically while they pursue profits (Kenton, 2018). Being authentic, true to your morals, and caring about your customers and stakeholders, you will have a successful company (Anderson, 2015). Ethics are a person’s moral compass and have a direct correlation to their character. An organization needs to have strong ethics so that they are providing the best service to their customers and to their stakeholders. There are 4 principles of Conscious Capitalism:
1. Conscious Leadership—Conscious leaders inspire loyalty and consistently high performance from their team (Anderson, 2015).
2. Stakeholder Orientation—A conscious leader knows that the important factor for long-term business success are the employees, customers, vendors, and the community—Take care of them all and they will take care of you (Anderson, 2015)
3. Conscious culture—make sure you surround yourself with those that share your values and ethics.
4. Higher purpose—The organization should be in business to do more than make money (Anderson, 2015). An organization should have a passion to uplift others and to do good for the community.
A manager’s ethics and values should align with the organization so that the team can increase productivity, promote customer loyalty and enhance the brand’s reputation. Leaders can help present the organization as a more trustworthy organization to stakeholders and customers.
Anderson, R. M. (2015). The 4 Principles of ‘Conscious Capitalism’. Retrieved from: https://www.entrepreneur.com/article/246478
Kenton, W (2018). Conscious Capitalism. Retrieved from: https://www.investopedia.com/terms/c/conscious-capitalism.asp
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