Heard Michael Porter, strategy guru, today at Babson forum. It amazes me how well he simplifies and puts things in perspective. It makes so much sense that we need to re-think the way capitalism works. Capitalism is required for economic growth but it lacks connection that it should have for overall growth of the community. As he put it, we used to believe that whatever is good for business is good for community, but not anymore amid all recent scandals and failures. Now mantra should be whatever is good for community is good for business.
Every action within value-chain of a business need to have considerations for it’s impact on communities where we buy or sell. It should be an integral part of all strategic and operational activities. This is what is needed for true economic growth.
Just donations, charities etc. don’t work and won’t work