Do Well By Doing Good- The Social Entrepreneur
Recently there has been a groundswell of interest by leaders seeking to leverage their core business by doing well by doing good. The millennials are demanding it. Looking for places to spend their money that do something good with their profits or better yet thrive because of their corporate social strategy.
Lots of businesses fail. More fail than succeed. Sometimes ideas intended to do good fail too. But sometimes they succeed. Take Panera Bread. The company recently created Panera Cares Cafes. Customers pay what they can afford. On paper this idea sounds like a definite failure. Critics would argue that people are greedy and they will abuse the system. Turns out that theory is not playing out. About 60% of customers pay the suggested price, 20% pay less and 20% pay more. It works. Panera still makes a profit and those that need it most get a break.
Social entrepreneurs are out there. In fact they are in demand. This could be a movement that sticks. Do well by doing good…
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Also, Drew, don’t forget about businesses like Tom’s Shoes and Warby Parker. Both give back for each item that is purchased from their inventory. That is built in social entrepreneurship, not just an afterthought.