In 1970, economist Milton Friedman stirred the corporate world with his groundbreaking New York Times article titled The Social Responsibility of Business is to Increase Its Profits. His argument was clear: the sole responsibility of a business is to maximize returns for its shareholders, as long as it operates within the law and adheres to ethical standards. This idea shaped the business landscape for decades, guiding corporate decision-making and defining success primarily in terms of profitability.
But as time passes and the business world continues to evolve, I can’t help but wonder: Is that really all there is to it? Is profit alone the true purpose of a business?
As I continue to grow AdmiralBridge, I reflect on this question often. In today’s world, many of us recognize that a business’s purpose stretches far beyond just the numbers. The modern entrepreneur seeks not just to generate profit, but to create something more lasting and meaningful. So, what is the true purpose of a business?
Here’s what I believe—and how these principles shape the vision for AdmiralBridge.
Providing Value to Customers
At its core, a business exists to meet real needs. Whether it’s solving a pressing problem, addressing a gap in the market, or offering something people genuinely desire, a business’s primary goal should always be to create value. For me, the most important task is to build something of genuine worth—a product or service that significantly improves the lives of those we serve.
At AdmiralBridge, this is where our focus begins. It’s about understanding customer pain points and designing solutions that make a real difference. When a business truly creates value, it becomes indispensable to its customers, and in turn, builds lasting relationships based on trust and satisfaction. Profit follows when value is at the heart of what a business does.
Creating Jobs and Opportunities
A business isn’t just about profits; it’s about people. One of the most rewarding aspects of entrepreneurship is the ability to provide jobs and open up opportunities for others. For me, creating employment is a privilege and a responsibility. We’re not just building a company; we’re contributing to the personal and professional growth of our employees, helping them thrive in their careers and their lives.
At AdmiralBridge, I see the company as a platform for growth. As we expand, we’re not just increasing revenue; we’re creating a community of individuals who have the opportunity to shape their futures. Business success should extend beyond financial outcomes—it should provide the people involved with a sense of purpose, development, and fulfillment.
Generating Profit: The Fuel for Growth
While profit is not the ultimate purpose of a business, it is a crucial ingredient in its ability to succeed. Profit is the fuel that enables AdmiralBridge to innovate, grow, and continue to serve our customers and employees. Without profit, a business cannot reinvest in what matters most—its people, its products, and its mission.
But profit alone should never be the end goal. It’s the means, not the end. It enables us to take risks, push boundaries, and explore new opportunities. It allows us to experiment, fail, learn, and try again. The real power of profit lies in its ability to give a business the freedom to evolve, invest in its future, and make a broader impact on society.
Contributing to Society
Once a business has secured its foundation, its purpose expands outward to the community and beyond. For me, true success in business means more than just financial growth—it means finding ways to give back, to contribute to the well-being of the community, and to operate as a force for good.
A successful business has the opportunity—and the responsibility—to positively impact the world. Whether through charitable initiatives, sustainable practices, or fostering a workplace that prioritizes diversity and inclusion, businesses can and should play a role in making the world a better place.
At AdmiralBridge, our mission extends beyond providing software solutions; it’s about building a legacy. It’s about creating value for customers, employees, and society as a whole. Once a business achieves stability, it has the capacity to reach beyond itself and contribute to the greater good. This broader purpose is what truly defines long-term success.
The Evolving Journey of Purpose
Building a business is a journey of self-discovery. Every step of the way reveals new layers of purpose, responsibility, and potential. It’s easy to get caught up in the hustle of daily operations, but I always try to take a step back and remind myself why we started this journey in the first place.
The goal is not just about creating a product; it’s about building something that serves a greater need, something that has a lasting impact on people’s lives. It’s about providing opportunities for growth and development, both within our team and within the communities we serve. And it’s about creating a culture that values social responsibility and strives to make the world better, one step at a time.
The true purpose of a business is not static—it’s something that evolves as the business grows. What starts as a small, focused idea can bloom into a larger mission, impacting customers, employees, and society in ways that were unimaginable at the outset.
This evolving sense of purpose is what makes a business something more than a machine for generating profit. It becomes a living, breathing entity that serves, uplifts, and transforms. It’s this deeper purpose that not only drives business success but also creates meaningful, lasting change.