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Exceeding the Greed Limit

According to the media (and most everyone else) the devastation of the American economy is a direct result of simple greed. This conclusion is logical, given the banks acting like casinos, big business acting like common street criminals, and a surplus of scammers acting like, well, scammers. But the underlying problem is far more than just simple greed. The lack of fundamental ethics and decency and the glaring dearth of integrity evident throughout the business landscape are the true culprits in the current economic disaster. Entrepreneurs would do well to acknowledge this distinction and work to reverse the trend in the new economy.

Greed, in itself, is not an inherently negative characteristic. It is greed that motivates invention and innovation. It is greed that spurs an exasperated cubicle dweller to take a chance on launching their business idea. It is greed that encourages risk-taking in all things. People greedy for more money, or more power, or a better reputation, or greater autonomy are the ones that step up and make a difference. As long as that greed is tempered by a healthy dose of good character, it is a positive, inspiring quality.

A serious lack of integrity has been exposed as the recent standard in American business. The word comes from the Latin integer, which means whole or complete. Thus, true integrity is more than one's actions being motivated by a sense of honesty. Rather, it is a consistency of character, doing not only what you say you will do, but acting in concert with your stated values and beliefs. The claims that you make about your business (particularly through marketing materials) should be backed up in every action of the staff, every interaction with your customers, and every strategic decision of the venture. Really, wouldn't it be easier on everyone if the scammers would just say "I just want to steal your cash without using a gun" right in their ads?

Standards of integrity are built in to the fabric of the organization. In a typical top-down fashion, the requisite level of integrity in a given culture is evident and often exaggerated as it is passed through the hierarchy. If the guy at the top is speaking with a forked tongue, there is little doubt that the folks on the sales floor will be lacking fundamental character as well. It is up to the leadership of any organization, from major corporate boards to the lone consultant, to establish the acceptable standards for themselves and to set the bar high for everyone looking to them for guidance. The "do as I say, not as I do" philosophy doesn't work. Even the most oblivious employees get it when management can't be trusted and usually act accordingly.

There is much ado about unethical behavior of the modern corporate culture, but it is just not that simple. Modern moral philosophy generates from two distinct theories -- consequentialism, which is basically "the ends justify the means," and deontology, which stems from the root meaning obligation or duty, such that all actions are judged for rightness in the motivations of the doer, without regard for the actual outcome. Deontology is not particularly useful as an overall philosophy in business, because business is all about the outcome, the bottom line. At the same time, consequentialism makes it very easy to justify any behavior...as long as nothing really bad happens (which it has with the banking crisis), all actions can be excused as good intentions. When bad outcomes do occur, suddenly everyone is screaming about ethics.

The right answer for modern entrepreneurs is to measure their actions with thoughtful and strategic consideration. The purpose of a business is to turn a profit, but that must be balanced by the moral responsibility not to burn everything and everyone in your wake. Whatever ethical standards are set in the company culture from day one of operations, they must be encouraged and protected, even if doing so impacts profitability. Good ethics don't always present themselves in black and white, but looking at the possible consequences of business decisions isn't rocket science either.

Success in business brings with it heavy responsibility. The benefits of increasing personal wealth out of the pockets of consumers are countered with a duty to protect and serve society as a whole. At their place among the top tiers of modern society, it is up to entrepreneurs to represent the best of American spirit and character. Those with the power to make the most difference are obligated to accept that responsibility. No matter what amount of toil, sweat and tears went in to building a company, none of it could happen without the support of the general public. No sales, no business, so it would behoove entrepreneurs to appreciate the gift this society has given them -- personal and professional success beyond most folks' wildest dreams. In the new economy, consumers are going to be paying more attention and businesses are likely to get what they give.

Good character is not particularly difficult to establish and maintain. These are the lessons that Little League and Kindergarten are supposed to instill -- try to win but win fairly, respect others, tell the truth. Apparently, a steely-eyed focus on increasing profits by any means necessary is enough to erase those lessons, but certainly does not justify their passing. It is up to the new generation of entrepreneurs to reestablish the positive reputation of American business through respect, consistency of character, and a dedication to doing good business.

The characteristics that have historically destroyed economies, families, and entire cultures, for that matter, have little to do with greed. Rather, it is the negative qualities that surface in the never-ending pursuit of greed -- exceeding the greed limit. Entrepreneurs of the new economy need to take stock of their own character and recommit to the values in business that benefit the greater good. Balancing profitability with integrity, personal wealth with societal responsibilities, and corporate growth with a conscious regard for the consequences will enhance all of the outcomes of the foundations of greed -- autonomy, reputation, power, and, yes, money too.

About the Author

LaunchX.com is dedicated to training entrepreneurs to turn their good ideas into great companies. The LaunchX System provides step-by-step education in the mindset and skill set entrepreneurs need to succeed. Our program includes intensive seminar training, key business software, and specialized workbooks that teach you the fundamental skills you need to achieve your financial and worklife goals through entrepreneurship. Register today for our introductory course and see what LaunchX can do for you!