Profit and value creation
… The fundamental mission of a business (is) not profit, but value creation. It sees profit as a vital consequence of value creation – a means rather than an end, a result as opposed to a purpose. The Loyalty Effect, Frederick F. Reichheld
You know you have a business when there is a Value Proposition: ‘what is it I have to offer which has a value so compelling (in the eyes of a potential customer) that s/he is willing to exchange something of value which I, in turn, find compelling, that I need or want?’ A product or service may have extraordinary intrinsic value, in my eyes, but it only has commercial value – and perhaps social value – if that value becomes extrinsic, negotiable, exchange-able.