The Freedom to Do Good Business
When the CEO of e.l.f. Beauty went on CNN to defend his company’s DEI efforts, he didn’t make a political statement — he made a business one. “Inclusivity is not optional. It’s fundamental, and our entire business is based on that,” said Tarang Amin, e.l.f.’s CEO. In a climate where fear has silenced many corporate leaders, his decision to speak up was both brave and deeply practical.
That moment reflects something bigger: the freedom to do good business is under attack. In Agenda’s Directors’ and Officers’ Outlook Survey for the third quarter, respondents named intrusion from the executive branch as the fourth-biggest risk to their business this year, after tariffs, cybersecurity and human capital risks. From shifting legal guidance to politicized attacks on stakeholder capitalism — including state laws restricting ESG investing, lawsuits challenging DEI initiatives, and heightened federal scrutiny of corporate governance — the signal is unmistakable: business leaders are navigating a level of uncertainty unlike anything we’ve seen before.
Uncertainty Threatens Free Enterprise
Today’s attacks on free enterprise threaten everyone. They are not confined to one community or sector — they endanger the shared freedoms that allow all businesses, and the people within them, to thrive.
Legal ambiguity and regulatory inconsistency are paralyzing decision-making. Policies that politicize key business functions, like workforce investment or supplier diversity, undermine the private sector’s ability to meet stakeholder needs. The result is the same whether you run a Fortune 500 company or a small business on Main Street: uncertainty kills growth.
It is universally understood that uncertainty is paralyzing for markets and terrible for economies. When leaders are afraid to act, entire industries stall. The freedom to innovate, hire, and serve communities shrinks under the weight of fear.
Courage Is Contagious
The good news? Courage is making a comeback.
According to Convenience Store News, one in five U.S. companies that scaled back their DEI initiatives are now reversing course. Another 22% say discussions about ramping DEI efforts back up are underway. Many of these organizations discovered what others have long known: cutting inclusion programs created real business consequences — declines in morale, retention, and consumer boycotts that ripple across entire organizations.
This shift signals a broader truth about leadership today. Companies are realizing that addressing social and economic gaps isn’t about politics — it’s about performance. Standing in the gap for your employees and communities isn’t an act of charity; it’s a strategic investment in stability, innovation, and long-term growth. It’s proof that good business is just good business.
Momentum builds when people act, and this moment calls for action. If you want to keep your free enterprise, you have to fight for it.
How Leaders Can Fight
In moments like these, clarity matters more than ever. It is a simple truth: when trust in institutions wavers, leaders must hold the line, join forces, and lead with their core values. In a world of blurred facts and political pressure, doing so is both a fiduciary and moral imperative.
- Hold the line. Stay grounded in your organization’s long-term vision and fiduciary duty, rather than reacting to political noise or short-term market shocks.
- Join forces. Connect with peers, partners, and coalitions that share your commitment to stability and integrity. As I said in Agenda’s reporting, no one has all the answers — but together, we can find a clearer path forward.
- Lead The Charge. Consistency builds trust. Consumers, employees, and investors reward companies that lead with authenticity. Your values are not liabilities — they’re your strongest strategic asset.
The Freedom to Lead
At its core, this moment isn’t about politics. It’s about the freedom to lead. The freedom to innovate, to hire boldly, to serve communities without interference. When business leaders stand together to defend that freedom, they don’t just protect their bottom lines — they expand the possibilities for everyone.
The question isn’t whether free enterprise will survive. It’s whether we’ll have the courage to fight for it.
