Theory of Obliquity by Prof John Kay at Oxford is really interesting. In lay terms it suggests that if you choose to lose weight for example (the direct route), you are unlikely to succeed. Alternatively, if you choose to become a great cyclist, you are likely to lose weight, (the oblique route.)

Prof. Kay uses ICI which was a leading pharma company in the UK to explain obliquity in business. In 1987 ICI's mission statement read 'we make awesome products and innovate new drugs where possible to do good.' (wasn't in those words, but that was the message.) In 1994, they changed their mission statement to 'we exist to increase shareholder value,' and dropped the rest. The company went bankrupt not long after. The oblique route resulted in one of the largest companies in their field with the highest shareholder value, the direct route resulted in bankruptcy, i.e. the absolute lowest shareholder value.

Increasing shareholder value is only a motivation of the shareholders not surprisingly. Employees and customers have little interest in increasing shareholder value directly (unless they are significant shareholders) yet it is through motivating customers and employees that a company will grow and increase shareholder value the most. When longtime ICI employee Sir James Black (Nobel Prize Winner) was asked to change from making awesome drugs to pushing existing drugs on a roadshow to increase shareholder value, he left the company. He later created more blockbuster drugs in his new role, but not at ICI. Thus in VC funded and non-VC funded companies, I believe the goal should include to produce a great lifestyle for the team.