In the first episode of the Masterclass series, Change Management and Strategy Consultant Thompson Tsuwa took listeners through Purpose and social impact which falls under the umbrella topic 'Building a business.'
Listeners were made to understand that Purpose is a set of fundamental reasons for a business’s existence. Specifically, it’s a constant that guides, inspires and releases business potential which is translated into goods and services with social impact.
Social impact, on the other hand, propels people to redirect value to a ‘purposeful’ business. Based on this one would agree, that Purpose typically translates into value addition to society namely Social Impact.
Our facilitator, Thompson Tsuwa cited examples of pure water in a sachet, portable solar lanterns, ‘near waterless’ toilets which solved big problems and till today are making a social impact.
Renowned author, Robert Kyosaki in a quote said, “For a business to be successful it must have a mission” i.e. a purpose.
According to Mr. Tsuwa, this is because true missions lead to fulfillment of the needs of customers which makes the company grows, reaps value and sticks around for generations.
He also added, having a clear purpose in one’s business is the most critical step a business owner can take to building his/her business.
Social impact of a business stems from its purpose and is the basis of it outperforming and living longer than its competition. Consequently, purpose is pivotal to achieving ‘customer advantage