Coinbase Controversy: How to Stay Mission Focused in Times of Turmoil

Social unrest, widespread protests and riots, and a global pandemic. These are just a few of the crises that we are dealing with at present. When everything seems to be in a state of total unrest, what are the steps to take to maintain the equilibrium within your business?

Today's podcast explores the stance of Coinbase, an online platform that buys, sells, and trades crypto currency. I will point out how Coinbase has maintained a mission-focused outlook despite the current situation of the society.

Specifically, we will go over a blog post from Brian Armstrong, the co-founder and CEO of Coinbase and use it to answer the question: How should companies engage in broader societal issues while keeping their teams united and focused on the issue?

If you or those around you are struggling to maintain a sturdy footing during these times, this podcast is perfect for you.

What's Discussed in This Episode:

1. Starting from the roots: Determining the purpose of a business [03:26]
   • Benefits for the customers [06:24]
   • What the employees are entitled to [06:54]
   • Responsibilities towards the industry and society [07:07]
2. Responsibilities of the business to its stakeholders [06:06]
   • Compelling and clear mission [08:47]
   • Cultivate a unique company culture [09:38]
3. Foundations of a sturdy business [08:30]
4. Notes from Coinbase's company culture [11:16]
5. What do employees want from work? [17:58]
6. Let your company be a safe space for employees [19:03]
7. Do not compromise company culture for the wrong people [21:02]
   • Pinpoint and work on what you can improve [22:45]
8. Determine your company's singular focus [21:50]
9. Know when to and when not to involve in societal issues unrelated to work [23:30]
10. Glorious Freedom: Do what you want to do [27:17]
11. The cost of involving in controversial societal issues [28:05]
12. What are the next steps for a construction company executive? [33:18]

Resources:

• Read the referenced Coinbase blog
• • (Mission Focused: https://blog.coinbase.com/coinbase-is-a-mission-focused-company)
  • (Follow Up: https://blog.coinbase.com/a-follow-up-to-coinbase-as-a-mission-focused-company)
  • (Culture at Coinbase: https://blog.coinbase.com/culture-at-coinbase)

Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.

Thank you for tuning in!