The Purpose Economy

About the Author

Aaron Hurst is a visionary entrepreneur and a prominent leader in the fields of purpose at work and social innovation. As the CEO of Imperative and the founder of the Taproot Foundation, Hurst has dedicated his career to fostering meaningful engagement in the workplace and beyond. He is an acclaimed author, known for his profound insights into the evolving dynamics of modern economies. Hurst's accolades include the LS&A Humanitarian Award from the University of Michigan, recognizing his significant contributions to society.

Main Idea

The core premise of Aaron Hurst's "The Purpose Economy" is the transformative shift towards an economy driven by purpose. This new economic era emphasizes creating value through fulfilling employees' and customers' needs for impact, personal growth, and community. Hurst illustrates how this purpose-centric approach is reshaping industries, careers, and markets, moving away from the traditional profit-focused models to ones that prioritize human well-being and societal contribution.

Table of Contents

1. Welcome to the Purpose Economy
2. Personal Purpose
3. Social Purpose
4. Societal Purpose

Welcome to the Purpose Economy

In the introductory section, Hurst sets the stage by explaining the historical context and evolution of the current economic landscape. He argues that the dominant corporate structures of today, which are barely a century old, are less resilient and adaptable compared to individuals. This realization empowers us to embrace change and take risks in pursuit of meaningful work.

Hurst emphasizes that the desire for personal growth, meaningful relationships, and contributing to something greater than oneself is at the heart of the Purpose Economy. This economy is unique in its potential to generate jobs and resources while improving the lives of billions globally. It is, as Hurst describes, "the first economy built for humans."

"People gain purpose when they grow personally, when they establish meaningful relationships, and when they are in service to something greater than themselves." - Aaron Hurst

The Purpose Economy Defined

Hurst delves into the essence of the Purpose Economy, highlighting how it shifts the focus of value creation. Instead of merely maximizing profits, this new economy seeks to establish purpose for employees and customers by addressing needs greater than their own, enabling personal growth, and building communities. This shift is already influencing market trends and transforming how millennials, in particular, view their careers.

A generation of pioneers, like John Mackey of Whole Foods Market and Richard Branson of Virgin, are leading the charge in demonstrating how businesses can do well and do good simultaneously. These leaders are challenging others to adopt frameworks that integrate purpose into their core operations, raising the bar for the entire business community.

Three Types of Purpose

Hurst categorizes purpose into three core types: personal, social, and societal. Each type addresses different aspects of human fulfillment and collectively, they form the foundation of the Purpose Economy.