3 Reasons why Values are more Important than a Business Model
In my work at Bamboo Builders, I’ve trained hundreds of young people across the region to start social enterprises through a structured journey of developing social projects and themselves first.
I often get asked how they should proceed after developing their social project prototype. Many times, top considerations involve developing a business model, writing a proposal to seek funding, or perhaps to start marketing their product on social media.
Our fast-paced society often mistakes results for success.
While the above considerations are important to any social enterprise, they put the cart before the horse. Our fast-paced society often mistakes results for success, and a mindless pursuit for results often leads to overlooked teething issues. Lest they fall, it is important for a social entrepreneur to first understand their “why” before embarking on this perilous journey. (View my overarching thoughts on How to Build Social Entrepreneurs in this article.)
Let me illustrate the importance of values through a story. I knew a fellow social entrepreneur whose business was a private training school for people from disadvantaged backgrounds.
Every week, he would check in with his team to ensure they were hitting their Key Performance Indicators (KPIs). Interestingly, he only had 1 KPI — Sales. This manifested itself in multiple ways. For example, there was a constant lack of professional full time staff due to the need to cut costs. This resulted in an over-reliance on part time, untrained staff who had no vested interest in the company. The full timers were hence overworked. Over time, service quality decreased and the full timers they had were blamed for their lack of professionalism. Of course, motivation decreased and many resigned.
When asked why they left, most people cited “company culture”. However, company culture is formed based on the values of the Social Entrepreneur!
1. Values Form Company Culture
The Social Entrepreneur’s personal values often form the company values. These values contribute to the company’s missions and goals, which eventually shape the decisions of its employees.
If a company values customer needs for example, it would do all it can to ensure it listens to customer feedback to improve the product. On the flip side, if a company values profits, it will try to cut expenses, resulting in an inferior product. None of these examples are “right” or “wrong”, as long as it’s intentional.
If you haven’t realised, culture is a powerful vehicle to project a leader’s ideals onto his/her team. Together, the team does even greater things than the sum of its parts. Don’t underestimate culture!
2. Values (should) Drive You
Let me say that again: Values should drive you. If you’re not driven by values, you’re either driven by your emotions, and by the values of others.
People who are driven by emotions react on instinct. Angry? Shout. Greedy? Take more. Difficult? Give up. People driven by the values of others often follow blindly. They do not know where they want to go, nor do they know why they are doing what they’re doing. (That also explains why this group of people are often driven up the wall! haha)
In Social Entrepreneurship, the journey is tough and you will often feel like giving up. Values form your “why” and are what drives you forward in these dark times.
One of my most challenging seasons was in 2020 when Covid hit Singapore. The entire nation went into lockdown for months on end and I could not see the light at the end of the tunnel. We could not travel, nor could we conduct any physical trainings, and at 3.51am, I couldn’t sleep. It was one of many long nights doubting decisions and wondering if the sacrifices were worth it.
Yet, through it all, I remembered the little girl who ate rice off the floor, I remembered my vision of her growing up to become a successful social entrepreneur who would help her village, and I remembered the milestones of success and impact we’ve created.
The next day, I was back at my desk again.
3. Values Project You
“Character is like the tree and reputation like a shadow. The shadow is what we think of it; the tree is the real thing” — Abraham Lincoln
No marketing budget? No problem! 😝
I like to think of your reputation as your guardian angel. It goes before you and the people whom you meet may have formed a good impression of you even before meeting you. Likewise, it lingers with them after a program has ended and they may pass on your good name to the next person. This is why it is worth working hard to preserve a good reputation!
Therefore, especially in business where money is concerned, it is important to make ethical decisions. A simple question you can ask yourself is: “If this were published on the newspaper tomorrow, would I be ok with that?”
At Bamboo Builders, our values are Community, Unrelenting Growth & Make Things Happen. By extension, these values are what I hold dear as well. With time, I’m sure we will add more values as the company grows — just like how a child grows into a teen, discovering more about themselves.
What are your values? Leave them in the comments below!
If you haven’t figured out, perhaps the following activities will help:
- Think about a time in your life where you felt intense emotions or got into a debate with someone. There’s likely a compromised value that explains that emotion.
- Look at a list of values, and identify your top 10 values. Then cut them down to 3. These are your top 3 values! (:
