Research Paper Assessment

Name: Rosie Kropp Date: 25th September 2012 Student ID: Email: rosiekropp@hotmail.com
Complete your 2000 word research paper and insert it in the space below. Then email this document as an attachment to assessment@icoachacademy.com

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

THE IMPORTANCE OF VALUES AND VALUEALIGNMENT IN WORKING LIFE.

By Rosie Kropp
25th September 2012

Introduction Aristotle believed there was a set of core values that should manifest themselves in the behaviour of all human beings. These were courage, honesty, friendliness, wittiness, rationality in judgment, mutually beneficial friendships and the pursuit of knowledge and truth.1) We live our lives based on our core values; it is the foundation of our lives from where we make our decisions

Many clients who come to a coach do so as they are not satisfied with their current life situation and are longing for something more, better or different but they are not sure what that is. They often lack a clear vision and purpose in life and are not always aware of what their core values are or how living in harmony with ones inner values can affect their happiness. To explore and define a persons values is therefore of crucial importance in a coaching programme as it affects all areas of the persons life. Thereafter, the client needs to align their life to their value foundation in order to live a fulfilled life.

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

We spend much of our time working wherefore the values that are perceived in our working life is highly important for us to feel good about ourselves and what we are doing. Unfortunately, many people struggle to align their own values with those of corporates where they often lack meaning, personal satisfaction and passion for what they do. This can affect other areas of their lives negatively and therefore the choice of where, how and what to do while working is an important question for a persons wellbeing.

How important are values and value-alignment for a person and how does it affect their working life? How can a coach best support a client in exploring and defining their values? Is there a new generation of value-driven individuals who prefer to choose to start their own business instead of working for a corporate if there is a lack of value-alignment and what type of values are steering them? This paper will explore those all those areas.

The importance of values and value alignment Values relate to our purpose in life and should be used as guiding principles to make our lives easier and more fulfilled. Values will vary from person to person as they depend on personal judgment, upbringing, culture and traditions. Our values are of extreme importance as they steer and shape most of the things around us: relationships, behaviour, choices and personal identity are all affected by a persons values. When our actions and words are aligned with our values, we feel content, happy, confident and satisfied. But

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

when our behaviors dont match with our values, we will begin to sense an uneasiness that will grow inside of us and creates negative energy. A persons life will become less stressful and more productive, when acknowledging what his/her personal values are and then make the attempt to live by and honor these values regardless of the circumstances the client will encounter. As Dalai Lama has expressed Open your arms to change, but dont let go of your values. Values can change over time, therefore it is important to check upon them regularly to ensure they are the right ones. Values help people get and stay motivated and they provide a person with a strong foundation; a method for living life to its fullest. Values will also help a person finding their purpose in life. In a coaching programme there are several tools and exercises that can help a client to explore and define their values. A coach can help clients to define their value foundation by asking powerful questions: What is most important to you in life? What principles/standards/ qualities do you consider worthwhile or desirable? What personal values resonate most with you in order to live a great life? What is important in your working life? Are your personal and business values aligned? A list of values can values can be helpful to start the conversation where it is important that they client choose and priorities the values they find truly important in life, not the ones they think they should have. A value pyramid is a great tool to discuss and understand that different values bear different importance. To discuss a clients role models can also reveal what values

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

they admire. The important thing is to confirm what the clients core values are and for the client to find a way to live by them in all areas of life.

The role of values in working life If a persons business values and personal values are in alignment, that is great. If they are not, the person will be dissatisfied, unhappy and not perform well. The importance of value alignment in the working place is significant, especially when looking at how much time of our lives we spend at work.

Due to Professor Rosabeth Moss Kanter at Harvard Business School, a new type of 21st century company is emerging that is transforming how business is conducted. These are values-driven companies that define a core set of values and rely on these values in making all strategic decisions. Such companies are transforming themselves, their industries, and the world. This values-based orientation attracts and motivates employees, appeals to customers, leads to focused innovation, and creates competitive advantage. A focus on values enables companies to change and bounce back quickly from challenging situations. This is how many successful companies will operate and behave in the future. They will be less hierarchical and more driven by flexible networks, more open and transparent while bringing society and its needs inside.2)

Unfortunately, this type of value-driven companies has taken a backseat during the last years global crisis where we instead have witnessed and focused on greed, irresponsibility, dishonesty and inhumanity among many

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

corporates. One would think that the financial crisis should have led to people being more appreciative of their employments and less prone to leave it because it is not aligned with their values. However, recent data from the US shows that the last years financial crisis has actually resulted in more people leaving their positions despite the uncertainty in the world. The US unemployment rate remains high at 9,1%. Meanwhile, the number of new businesses is growing at the fastest rate in 15 years, according to the entrepreneurial and educational research group the Kauffman Foundation.3) Throughout the 2000s, only 4% of new business owners in the US listed "lack of employment options" as a motivator to start their business.4)

So, what motivates those entrepreneurs to leave corporates and start their own businesses? It seems like the corporate world no longer is capable of attracting people with the old attributes of security, career, status and money as those entrepreneurs have other drivers.

Values and entrepreneurship Todays entrepreneurship is a strong value-based process that is needed to be successful in the long run. The Kauffman Foundations research on entrepreneurship in the US shows that a majority of todays entrepreneurs can be defined by values such as wanting to have more control over your own destiny and security.

For the purpose of this paper, a qualitative survey of 15 entrepreneurs across different nationalities, ages and gender has been conducted to explore the

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

importance of values and key drivers to become an entrepreneur.5) The survey shows that values are of crucial importance when it comes to working life and when personal and corporate values are not aligned, people take the decision to start their own value-based business. In the survey, following ones inner values is highlighted as very important and a core driver to start a business. Core values mentioned by the respondents are; caring for family and friends, health, life/work balance, freedom, flexibility, respect, passion, personal development and learning. Other values expressed are aspirations, having fun, adventure, improving society, fairness, ethics, social justice and honesty. Most of the respondents felt that their values were lacking or not considered important in the corporates they previously worked for. That was the major reason for many of them to leave and start their own business. The key drivers for them to start their own business were to create alignment with their personal values. Steering their own time and destiny was important as well as achieving their dreams and working with their passion. They also express excitement over the opportunity to develop themselves and to be able to build something instead of changing something which is the normal situation while working for a corporate. Many of them had taken time to reflect upon their life and where they were vs. where they wanted to be, i.e. their ideal situation. Several of them had been in coaching programmes where they have worked on developing and clarifying their visions, dream and values in life. This led to concrete actions of change where one main decision was to redefine their working situation and align it

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

with their values. As a coach, understanding the importance of value alignment in all aspects of life is crucial in order to help the client to live a fulfilled life. As work is such a big part of most peoples lives it is important to align it to ones values. By asking powerful questions about work satisfaction and value alignment the coach can support the client to identify what changes they have to do in order to achieve a fulfilled life. It is also important that the coach support the client in exploring what challenges they might face along the way and different options to overcome those challenges. Becoming an entrepreneur is often a large transformational change for many people wherefore reframing perspectives can be a good tool to use. Some examples can be from fear to trust, from doubt to confidence and from back seat to drivers seat. These can all be discussed and explored to make the client more aware and confident in how to handle the changes in their working life.

What values can be specifically important to guide someone to become an entrepreneur and how can those be brought into a company? Some Native American Tribes in the US have developed an Entrepreneurship Curriculum for growing a business in Indian country that can serve as a guide for many of us: bravery, vision. respect for self and others, trust, honesty, generosity and fortitude.6) An entrepreneur's most valuable possession in the business world is his or her reputation and the trust it has commenced. Entrepreneurs who are guided by a set of clear values enhance their credibility in the marketplace and draw others who want to do business with them.7) Trust and honesty are values

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

that traditionally have built reputation and respect for business owners and will continue to do so. When a client has explored and defined their personal value foundation they can use it as a base for their own companys values. An entrepreneur often become one with the company they have founded. What they stand for equals what the company stands for. To define and explain the companys values in a statement is important when starting a new business. This value statement should be visible for customers, employees, partners and the public, for example on the company website or in a company presentation. The values will also serve to attract potential employees that can align the company values with their own values, leading to circle of value alignment.

How lack of value-alignment can drive people to leave corporates and become entrepreneurs For entrepreneurs of today it is very important that their business is based on their core values, which is also confirmed in the survey. Many have left corporates disillusioned and disappointed of the lack of values, respect and humanity that they have experienced. Instead greed, arrogance, bureaucracy and politics have taken a front seat in many of todays corporates. The trend is that people no longer accept this type of corporate culture but instead choose to start their own business, create their own culture and drive their destiny. As one respondent in the survey mentioned: I believe corporates will fail to meet the needs of common people and in the end it will result to the rise of entrepreneurship. By Rosie Kropp, CPCP program at International Coach Academy, September 2012

When asked about the difference between working for a corporate and having your own business, one respondent said the following: When you are in the corporate world, you are a small fish in a huge pond. Everything around you is predetermined and you oblige to follow the rules. Compare to being entrepreneur I would say you are a big fish in a small pond which is much more appealing for me. True empowerment and accountability was other differences between corporates and entrepreneurs that were highlighted as well as being able to leave a legacy behind and build something of your own.

Several respondents in the survey expressed that leaving the corporate world and becoming an entrepreneur was the best thing they had ever done. It was expressed as a consequence of listening to and following an inner voice telling them to go for their dreams and work accordingly to their core values. The majority of the respondents have a minimum 10-15 years of corporate experience behind them before becoming entrepreneurs, focusing on their own field of expertise or passion. When reaching their 40s many of them had come to the insight that life is too short to stay in a corporate job where you are often treated as a machine instead of a human being. Instead they trusted themselves to follow their passions and starting their own businesses, aligned with the values they felt was most important in life.

The transformation towards living by values None of the respondents had regrets about having left the corporate world and started their own business even if fear of failure and of the unknown had

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

been part of the experience for many. Instead they expressed feelings of liberation, excitement and enthusiasm over becoming an entrepreneur and being in charge of their own life. Many of them have changed their lives quite significantly when it comes to their working situation, often involving longer working hours and less financial assets. However, all of them felt a great satisfaction with their choice of becoming an entrepreneur.

The transformation process they had been going through was focused on creating a clear vision based on their dreams and passions, then transferring the vision into an actionable plan that would achieve their objectives. The timespan varied from months to several years to reach the decision to become an entrepreneur where for some a coaching programme had led to the change of working life. Few of the respondents would consider ever going back to corporate life, the only reason would be if they are forced due to lack of cash-flow which seems to be the biggest worry for most entrepreneurs. However, they recognise that being in charge of your own destiny actually makes you less vulnerable than being in a corporate and more satisfied with your life.

Entrepreneurship is on the rise across the world and this trend only seems to grow stronger over the next-coming years. The rise of the global entrepreneurial class supersedes nationality.8) Many traditional corporates are struggling, as it is no longer enough to have a vision, mission and beliefs written in a company manifesto if it is not responding to peoples core values and demonstrated as being a good corporate citizen. However, there are

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

successful corporates who are driven by a core set of values where their actions are consistent with their values. They have relied on their values and principles to define their business and guide them through tumultuous times where they have become stronger because of their commitment to values. Those transformational enterprises, so called vanguards,9) have set a new direction for business in the future and are successful and prosperous in their own right while being forces for good in communities and the wider world. They can be big and human, efficient but innovative, global and local at the same time. This model is not only good for business and society but also for the new generation of individuals who are looking for value-alignment.

Conclusion Living by ones core values in all areas of life is of crucial importance to have a satisfied and happy life. This has become obvious for more and more people, often discovered by feelings of unhappiness or frustration. When a person is aware of their core values they can align it to different aspects of their lives. As we spend much of our lives working, value-alignment at work is very important to achieve wellbeing.

The last years global financial crisis has resulted in extreme uncertainty for people across the world. Many large corporates have lost creditability both internally and externally as they have allowed money, internal politics and arrogance taken presidency over values like respect, humanity and honesty. This has led to many people becoming frustrated and unhappy in the corporate environment and deciding to leave, focusing on working accordingly

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

to their own values and beliefs. People today are therefore consciously looking for companies that are driven by a clear set of values that are aligned with their own values. Any company who wants to be successful for the future will therefore have to develop a clear value foundation that will steer their business, inspire their employees and that brings value to the world. Those companies will walk away from business that is inconsistent with their values and act as a force for raising standards in the world.

As many people are still unable to find this value-based approach in the corporate world, we will see more and more people becoming entrepreneurs, founding their companies on their own values and also striving to improve the world as social entrepreneurs. "Face your fears, live your dreams" is a viable motto for many of todays entrepreneurs. Being a corporate high-flyer is no longer the answer of their dreams. Follow your passions and values, taking responsibility for your destiny is.

In the future, smaller and larger businesses that share the same values and philosophy, will be working together in new and innovative ways towards the same type of customers. This will lead to a more humanised and value-based society with individuals who are happy, satisfied and fulfilled as they are living life according to their core values.

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

References
1) Values & Life Purpose from Life Design module, International Coach Academy 2) Prof. Rosabeth Moss Kanter Transforming Giants, The Global Business Summit at Harvard Business School, (14 Oct 2008) 3) Kauffman Foundation (Oct 2011): The study on Entrepreneurship 4) BBC News Magazine (11 Oct 2011) Why are Americans leaving good jobs to go solo? by Kate Dailey, http://www.bbc.co.uk/news/world-us-canada-15082998 5) Qualitative international study of 15 entrepreneurs who have left corporates and started their own businesses (April-June 2012) 6) Dr. Michele Lansdowne and Lisa Little Chief Bryan, Entrepreneurship Curriculum from the Salish and Kootenai tribes in Montana and the Lakota tribes in South Dakota 7) Entrepreneurship: The values that sustain entrepreneurs by Ray Smilor, President of Beyster Institute for Entrepreneurial Employee Ownership, http://www.entrepreneurship.org/en/resource-center/the-values-that-sustainentrepreneurs.aspx 8) Scott Hartley, The rise of the Global Entrepreneurial Class, Forbes (25 March 2012) http://www.forbes.com/sites/scotthartley/2012/03/25/conspicuous_creation/ 9) Prof. Rosabeth Moss Kanter, SuperCorp (published Aug 2009)

By Rosie Kropp, CPCP program at International Coach Academy, September 2012

Appendice Survey questions in Quantitative Study

The qualitative survey consisted of 15 respondents across 7 nationalities. Out of the 15 respondents, 7 were men and 8 were women, age span 27-60. Age: Marital status:

Gender: Children:

Nationality:

1. Please give a short overview of your career. 2. What was your last position in a corporate and how would you describe it? 3. What was your reason to leave corporate life? 4. How did you feel when leaving corporate life? 5. How did family and friends react on your decision? 6. What have you done after leaving the corporate world? 7. In what ways have your life changed? 8. If you have started your own business, what are you focusing on and why? 9. What were your motivational drivers to start on your own? 10. What do you consider being the most significant differences between working for a corporate and working for yourself? 11. What are your core values in life? 12. What is your ideal future? 13. Would you consider going back to corporate life? Why? 14. Any other comments you would like to make? Your response will be treated confidentially. Thank you very much in advance for your participation!

By Rosie Kropp, CPCP program at International Coach Academy, September 2012