If a strategy meets a goal: It's working. If a strategy meets a target: It's a success.
Michael PorterRead
I think that, too many times, business has been seen as acting in its narrow self-interest rather than, essentially, contributing more broadly to society. I think a lot of that is unintentional; I don't think that many managers are deliberately trying to be unethical or are not trying to be sensitive to social needs.
Interpretation
What this quote means
Business should focus on contributing positively to society rather than just pursuing self-interest.
Michael Porter emphasizes the importance of businesses operating not merely in their own narrow self-interest, but rather as responsible entities that contribute to the broader well-being of society. He acknowledges that many managers may not intentionally act unethically, but their business practices often overlook the social needs around them, highlighting a gap that needs to be addressed for a more ethical and socially responsible corporate environment.
Themes
BusinessSocietyEthicsResponsibilityManagers
In practice
Example use cases
In a business ethics seminar, you might use this quote to illustrate the importance of corporate social responsibility.
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As a multisport athlete, I was always fascinated with competition and how to win. At HBS and later at the Harvard Department of Economics, I was drawn to the field of competition and strategy because it tackles perhaps the most basic question in both business management and industrial economics: What determines corporate performance?
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In a period of economic downturn, the overwhelming instinct is to pare back, cut costs, and lay off. If you do that, do so with your strategy in mind. The worst mistake is to cut across the board. Instead, reconnect and recommit to a clear strategy that will distinguish yourself from others.
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If your goal is anything but profitability - if it's to be big, or to grow fast, or to become a technology leader - you'll hit problems.
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You can't have a healthy society unless you have healthy companies that are making a profit, that are employing people and that are growing.
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