They Used to Say 'Greed is Good' – Not Anymore

The phrase 'greed is good' comes from the film Wall Street, uttered by the fictional entrepreneur, Gordon Gekko. It's a phrase we often associate with the trading floor and people fighting to make as much money as they can, yet greed has been widespread throughout the whole of business. Individuals and companies have long been in a dog-eat-dog race to get rich quick. But that's beginning to change, and change for the better.

Perhaps it's the influence of Millennials and Gen Xers, but there has been a serious shift in attitudes in recent years. These generations are – for the most part - much more socially and environmentally aware, and that's fuelling a shift away from greed and towards altruism and philanthropy.

These generations are also more likely to be the heads of new start-up companies. Unlike many established firms, these SMEs often place greater emphasis on employee wellbeing, charitable work, community support and partnering with other like-minded companies for mutual benefit.

Of course companies need to turn a profit and yes, individuals do need to make a decent income. But excessive greed – once seen not only as acceptable but as natural – is no longer encouraged in the same way. You will always find people who are out there just for themselves, but they're fewer and further between than they were before the last financial crash.

Greed can have a serious negative impact for companies and individuals. Risk-aversion is a bad thing, but chase the short-term risk for a quick reward and at some point, you will fail. Dramatically. In business these days, self-interest is seldom a trait people admire.