{"id":61718,"date":"2016-10-12T17:28:32","date_gmt":"2016-10-12T21:28:32","guid":{"rendered":"http:\/\/wanderlust.com\/?p=61718"},"modified":"2018-07-03T14:33:40","modified_gmt":"2018-07-03T18:33:40","slug":"conscious-capitalism-creating-ethical-business","status":"publish","type":"post","link":"https:\/\/wanderlust.com\/es\/journal\/conscious-capitalism-creating-ethical-business\/","title":{"rendered":"Conscious Capitalism: Creating an Ethical Business"},"content":{"rendered":"<p><i>Learn more about creating an ethical business with us at Wellspring this October! With curated panels focused on mindful entrepreneurship and conscious capitalism, you&#8217;ll have the opportunity to learn from and network with experts from several varied organizations and corporations.\u00a0<\/i><\/p>\n<p><em>For tickets and more information, <a href=\"https:\/\/wanderlust.com\/wellspring\/\" target=\"_blank\" rel=\"noopener\">click here<\/a>. <a href=\"https:\/\/wanderlust.com\/wellspring-industry-professionals-discount\/\" target=\"_blank\" rel=\"noopener\">Wellness industry professional discounts<\/a> and <a href=\"https:\/\/wanderlust.com\/scholarship\/\" target=\"_blank\" rel=\"noopener\">scholarships<\/a> available!<\/em><\/p>\n<hr \/>\n<p>When we look at the world of business, we can often be struck by the gulf between societal values and corporate values. We can almost all agree that fair wages, environmentally-sound processes or ingredients, and fairly-priced products and services are the best choices for ourselves and our world. In reality, however, it is often profits that drive companies, and not values. Along the chain of production it seems that something is always compromised.<\/p>\n<p>That is slowly changing, however, as an increasing number of <a href=\"http:\/\/wanderlust.com\/journal\/truth-female-entrepreneur\/\" target=\"_blank\" rel=\"noopener\">entrepreneurs<\/a> are leading with a strategy built on ethics, and structuring a for-profit business around those ideals. It\u2019s called \u2018conscious capitalism.&#8217;<\/p>\n<p>Ysanne Spevack is the founder of <a href=\"http:\/\/www.consciousconstellation.com\/\" target=\"_blank\" rel=\"noopener\">Conscious Constellation<\/a>. She took her careers as a composer and musician, and as a food writer and private chef to create three business lines within the umbrella group\u2014the <a href=\"http:\/\/www.helloysanne.com\/#composer\" target=\"_blank\" rel=\"noopener\">Conscious Composer<\/a>,\u00a0<a href=\"http:\/\/www.theconsciouscook.nyc\/#the-conscious-cook\" target=\"_blank\" rel=\"noopener\">the Conscious Cook<\/a>, and the Conscious Chorus. Within each of her businesses she seeks to use ethical products, work with similarly conscious partners, ensure employees and clients feel valued and respected, and consider the wider impact on the planet.<\/p>\n<p style=\"text-align: center;\"><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/W0Ub_W0tmmY\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<h3>Values First, Business Second<\/h3>\n<p>Ysanne explains that an approach of\u00a0conscious capitalism differs to a traditional business strategy. \u201cFor me, I didn&#8217;t start with thinking about creating a for-profit company, or even thinking about a business. Rather I had an idea of what I wanted to create, how I wanted to serve from a pure &#8216;blue sky&#8217; perspective,&#8221; says Ysanne. &#8220;In that place possibilities are limitless. What do you <a href=\"http:\/\/wanderlust.com\/journal\/how-do-we-find-our-purpose\/\" target=\"_blank\" rel=\"noopener\">wish for the world<\/a>? What do you love and want to share? How can you combine your proven track record and individual skill sets to create something unique? And naturally within that process I considered how people would be positively impacted by the idea, and how the world may benefit, rather than thinking about the bottom line.\u201d<\/p>\n<blockquote><p>&#8220;We have so much power as consumers and we need to be thoughtful about the products and practices we support.&#8221; \u00a0\u2013 Jessica Hendricks Yee<\/p><\/blockquote>\n<p>It\u2019s only after this stage that Ysanne says she began to think about how that idea could be actioned and turned into a business. \u201cWe all have to\u00a0pay the bills after all, so then we can start to think about wrapping &#8216;capitalism&#8217; around our ideas. But, taking it a step\u00a0away from\u00a0than traditional capitalism, we can, still in this ideas phase, consider how we can retain all of the values that form the foundation of the idea itself.&#8221; Only once that foundation is laid does Ysanne believe that\u00a0it&#8217;s time to build out a business strategy.<\/p>\n<h3>Millennial Appeal<\/h3>\n<p>Daina Trout is founder of <a href=\"http:\/\/health-ade.com\/\" target=\"_blank\" rel=\"noopener\">Health-Ade Kombucha<\/a>. She says she cannot imagine running her business any other way than consciously, and believes it is the way most\u00a0successful\u00a0companies will be run\u00a0in the near future.\u00a0\u201cThe most sustainably successful businesses will be the\u00a0ones that build something great and profitable, but also must cultivate an improvement to people,\u201d she says.<\/p>\n<p>Indeed, if companies want to hire young and vibrant talent, they will have to increasingly ensure that they are acting ethically across the whole value chain. <a href=\"http:\/\/www2.deloitte.com\/global\/en\/pages\/about-deloitte\/articles\/gx-millennials-shifting-business-purpose.html#report\" target=\"_blank\" rel=\"noopener\">According to a study by Deloitte<\/a>, millennials are less interested in being employed by a company\u00a0that\u00a0creates the best product or that is efficient, but instead place priority on firms\u00a0that look after their employees, and that provide a positive difference in\u00a0the lives of others.<\/p>\n<p>Similarly, millennials want to be clients of companies that act consciously.\u00a0The 2015 Cone Communications <a href=\"http:\/\/www.conecomm.com\/research-blog\/2015-cone-communications-millennial-csr-study\" target=\"_blank\" rel=\"noopener\">Millennial CSR Study<\/a>\u00a0shows that more than 90\u00a0percent of millennials would switch brands to one associated with a cause versus an 85\u00a0percent U.S. average.<\/p>\n<p>&#8220;We have so much power as consumers and we need to be thoughtful about the products and practices we support. Especially for millennials, supporting companies with dignified production and positive branding has become so important,&#8221; says Jessica Hendricks Yee, founder of the <a href=\"http:\/\/thebravecollection.com\/pages\/story\" target=\"_blank\" rel=\"noopener\">Brave Collection<\/a>. Yee sources jewelry from local artisans in Cambodia paying them above average wages and providing them with healthcare. Ten percent of profits are also donated to fighting human trafficking within the country.<\/p>\n<h3>Challenges of Ethics<\/h3>\n<p>There are challenges, however, that come from bringing this level of care and ethical attention\u00a0to running a business. Ysanne points out that it can be more expensive to source ethical products, and to work with ethical partners. It can also require more thought and time. &#8220;It\u2019s not about picking the cheapest or quickest \u2018fill in the blank\u2019 that can tend to be associated with traditional capitalism,&#8221; she says. &#8220;There is a lot of consideration involved in devising new ways to add value to all the people you are in connection with\u2014clients, employees, suppliers, service providers.&#8221;<\/p>\n<p>Ysanne creates joint experiences from all three businesses under the brand, Yntegrity. That was deliberate she says. &#8220;The name helps us stay on point, and challenges me in all my decision making. In every interaction I\u2019m aware I have a high bar to live up to.&#8221;<\/p>\n<blockquote><p>&#8220;It\u2019s not about picking the cheapest or quickest \u2018fill in the blank\u2019 that can tend to be associated with traditional capitalism.&#8221; \u2013 Ysanne Spevack<\/p><\/blockquote>\n<p>Daina\u00a0points out that running a conscious business is predominantly about people, and so focus is needed to create an environment that <a href=\"http:\/\/wanderlust.com\/journal\/building-corporate-culture-women\/\" target=\"_blank\" rel=\"noopener\">allows people to thrive<\/a>. She says it isn&#8217;t simply a &#8216;one size fits all&#8217; model. &#8220;You need to consider what your employees need to do their best, and offer that to them,&#8221; says Daina. The great thing is she points out, &#8220;when you ask them, they\u2019ll tell you. It&#8217;s not rocket science.&#8221;<\/p>\n<p>Because of the extra detail and attention\u00a0required across the entire value chain, running a conscious business can be more taxing that running one unconsciously where the sole focus is profit. Jessica Hendricks Yee\u00a0says it&#8217;s imperative, therefore, to make <a href=\"http:\/\/wanderlust.com\/journal\/8-ways-to-be-kind-to-yourself\/\" target=\"_blank\" rel=\"noopener\">time for self-care<\/a> &#8220;that gives space for personal lives, hobbies, travel dreams, and life moments.&#8221;<\/p>\n<p>Ysanne says yoga has been key to helping her stay true to her initial vision within her business decisions. Surrounding herself with kind people has also helped. She recruits candidates for the Conscious Chorus based on their kindness as\u00a0much as their professional skills. The bonus is that &#8220;<a href=\"http:\/\/wanderlust.com\/journal\/the-contagious-kindness-of-others\/\" target=\"_blank\" rel=\"noopener\">kind people<\/a> are exactly the people needed to create a sustainable, successful business,&#8221; she says.<\/p>\n<p>\u2014<\/p>\n<p><em>Helen Avery is a contributing writer for\u00a0Wanderlust. She is also a journalist, writer, yoga teacher, minister, and full-time dog walker of Millie, residing in Brooklyn, New York. You can find out more about her on her website,\u00a0<a href=\"http:\/\/www.lifeaslove.com\/\" target=\"_blank\" rel=\"noopener\">Life as Love<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As more of us demand that businesses are ethical and socially responsible, a new type of capitalism is emerging. <\/p>\n","protected":false},"author":1495,"featured_media":98657,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3190],"tags":[3124,1930,1796,604],"class_list":["post-61718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stretch","tag-b-corp","tag-conscious-consumer","tag-ethical","tag-sustainable"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.0 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wanderlust<\/title>\n<meta name=\"robots\" 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