There is a growing body of literature on what could be loosely described as explorations in ‘new paradigm’ thinking. Included in this is an implicit belief about the nature of transformation. It is that revolutionary change is more often the result of new ways of thinking about things (i.e. changes in perception) than new ways of doing things. This episode attempts to apply this thinking to business, i.e. to explore more deeply the emerging new paradigm in business. What are the new perspectives which are beginning to challenge the old way of thinking about and doing business? And is there a common thread or theme which runs through the heart of these new insights? So what are these basic assumptions about business which have come on trial of late? There are many but this article will focus on only three of the most important, namely profit, competition and rationality. Discussion of each will be prefaced by a belief statement from the old paradigm and concluded with a suggested new paradigm belief statement.