In the very act of starting a business, an entrepreneur expresses his sense of purpose. Usually that purpose will be an attempt to solve a pressing problem, seize a new market opportunity or bring a fresh perspective to a tired process or product.
Many business leaders have realised that in today’s global uncertainty and volatility, growth for growth’s sake is no longer justifiable. We are seeing an increasing number of companies shifting how they see themselves and the future. They are focusing on making sure the benefits of growth are not only beneficial for shareholders but also beneficial for customers, employees and the wider society and environment.
The world at large needs to understand the bigger reason – the purpose, and this is a thought echoed by business leaders who clearly embrace and embody the entrepreneurial spirit.
If we look at past winners of the EY Malta Entrepreneur of the Year, David Darmanin of Hotjar, Alfred Pisani of Corinthia Group and Angelo Xuereb of AX Holdings Ltd, all have a common purpose – that of making a difference to other peoples’ lives. This purpose is manifested consistently through their decisions and actions.
Many local entrepreneurs are yet to be discovered and celebrated on a national level. The EY Malta Entrepreneur of the Year award recognises these entrepreneurs who made an innovative, significant and lasting societal impact. The contributions are more of a purpose-driven nature rather than just financial.
On 26 March, the EY Malta Entrepreneur of the Year winner will be announced together with the EY Rising Star Award that will be presented to a contender running a high-growth business that is generating excitement in the market.
Past winners of this award include David Vella of Altaro Software, Shane Hunter of AquaBioTech Group and Ben Remfrey of Praedium Consulting Malta Ltd.
The local winners from both categories will be flown to Monaco in June, to compete for the title of the EY World Entrepreneur of the Year, an award that brings together national winners from more than 60 countries.
Operating a business with a strong sense of purpose should not only bring about change in the wider world but also bring on board more trade and better talent. It should also highly motivate existing workforces, who will be prepared to go the extra mile because they know they are not just working for the shareholders’ bottom line but for something bigger.
Kevin Mallia is an EY advisory partner and EY Entrepreneur of the Year Programme Lead. For more information and to submit a nomination, visit www.eoymalta.com. The awards are supported by the Malta Chamber of Commerce, Enterprise and Industry, the Chamber of SMEs and Melita Ltd.