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Seven Socially Impactful Entrepreneurial Companies in the World: Champions for profitability & Positive Change
Please tell us about other socially impactful companies. walter@coursewell.com
In the evolving business landscape, there's a rising number of companies that blend profit with purpose. They emphasize social responsibility and societal impact alongside their commercial goals. The following entrepreneurial companies have achieved commercial success and significant social results. They have demonstrated their for-profit objectives can coexist and even drive meaningful societal change.
TOMS Shoes introduced a unique "One for One" model, where the company assists someone in need for every product sold. This initiative has led to millions of pairs of shoes given to children worldwide, and the model has since been expanded to address other needs, like eyesight and clean water.
Patagonia is deeply committed to environmental responsibility as an outdoor apparel brand. They donate a significant portion of their profits to environmental causes and champion sustainability in their production processes.
Grameen Bank revolutionized microfinancing, providing loans to impoverished individuals in Bangladesh without collateral, empowering countless individuals to start businesses and lift themselves out of poverty. Nobel laureate Muhammad Yunus founded Grameen Bank.
B Lab certifies companies as "B Corporations,” meeting rigorous social and environmental performance standards. Their framework encourages businesses to prioritize social responsibility and sustainability alongside profitability.
Fair Trade Certified ensures that producers receive reasonable prices and wages, work safely, and employ sustainable practices, benefiting countless communities globally. It sets rigorous social, environmental, and economic standards.
Ecolife Recycling is dedicated to introducing innovative methods and educating the public about sustainable consumption and waste management. Their initiatives contribute to a cleaner environment and a reduced carbon footprint.
Seventh Generation is a consumer goods company known primarily for its eco-friendly cleaning, paper, and personal care products. Their products are made with plant-based ingredients and are often biodegradable. This serves a growing consumer demand for green products and actively contributes to reducing chemical pollution.
The above companies exemplify how entrepreneurial ventures can drive societal change while maintaining commercial viability. Their stories underscore the potential of entrepreneurship to address pressing global challenges and create a more equitable and sustainable future.
Annotated Bibliography and References
Mykos, T. (2016). The TOMS Story: A journey from profit to impact. Impact Publishers.
The TOMS Story: A Journey from Profit to Impact by T. Mykos (2016, Impact Publishers) is a book about the founding and growth of TOMS Shoes, a company known for its One for One model. Under this model, TOMS donates a pair of shoes to a child in need for every team it sells. The book begins with the story of TOMS founder Blake Mycoskie, who traveled to Argentina in 2006 and was shocked by the number of barefoot children he saw. He started a shoe company to provide shoes to these needy children. Mykoskie returned to the United States and began working on a prototype for his boots. He also started to develop the One for One model. He wanted to create a business that would be both profitable and socially responsible. In 2006, Mykoskie launched TOMS Shoes. The company succeeded instantly, and its One for One model quickly gained attention. By 2016, TOMS had donated over 60 million pairs of shoes to children in need worldwide. The book tells the story of TOMS’s growth and expansion into other products, such as sunglasses and coffee. Mykoskie also discusses the company’s challenges, such as counterfeit products and supply chain issues. Despite the obstacles, TOMS has remained committed to its One for One model. The company has also expanded its impact beyond shoes to include other social causes, such as clean water and education. The TOMS Story is a book about the power of business to impact the world positively. It is also a story about the importance of social responsibility and the power of one person to make a difference. Here are some key takeaways from the book: The importance of having a clear mission and vision. TOMS' mission is to "improve the lives of children in need by giving them the shoes they need to be healthy, educated, and active." This mission has guided the company's decisions since its founding—the power of the One for One model. TOMS' One for One model has helped provide shoes and other essential items to millions worldwide. It has also helped to raise awareness of social issues and inspired other businesses to adopt similar models—the importance of social responsibility. TOMS is committed to making a positive impact on the world. The company donates shoes to needy children and supports other social causes, such as clean water and education—the power of one person to make a difference. Blake Mycoskie started TOMS Shoes to make a difference in the world. He has shown that it is possible to build a successful business that is also socially responsible. The TOMS Story is an inspiring book that shows how companies can use their power to impact the world positively. It is a must-read for anyone interested in social entrepreneurship, social responsibility, or making a difference.
Chouinard, Y. (2005). Let my people go surfing: The education of a reluctant business person. Penguin Books.
This is a memoir and business book about the founding and growth of Patagonia, Inc., an outdoor apparel company known for its commitment to environmental responsibility. Chouinard begins the book by telling the story of his childhood in Southern California, where he developed a love of the outdoors and a passion for climbing. In the 1960s, Chouinard began designing and manufacturing climbing equipment, which he sold through his company, Chouinard Equipment. In 1973, Chouinard and his business partner, Tom Frost, started Patagonia to sell high-quality outdoor apparel. Patagonia quickly became known for its innovative designs and commitment to sustainable materials. Chouinard discusses the challenges and rewards of running a profitable and environmentally responsible business in the book. He also shares his insights on business philosophy, leadership, and sustainability. One of the book’s key themes is balancing business success with social and environmental responsibility. Chouinard argues that businesses have a responsibility to protect the environment and to make a positive impact on society. Another key theme of the book is the importance of authenticity. Chouinard believes that businesses should be true to their values and focus on doing what is right, even if it is not always the most profitable thing. Let My People Go Surfing is an inspiring book about the power of business to impact the world positively. It is a must-read for anyone interested in social entrepreneurship, sustainability, or authenticity in business. Here are some of the key takeaways from the book: The importance of balancing business success with social and environmental responsibility. The importance of authenticity. The importance of focusing on the long term. The importance of giving back to the community. The importance of having fun. Chouinard's story is a reminder that it is possible to build a successful business that is also socially responsible and environmentally sustainable. It is also a reminder that the most essential thing in life is not money but the people and things you love.
Yunus, M. (2003). Banker to the poor: Micro-lending and the battle against world poverty. PublicAffairs.
Banker to the Poor: Micro-lending and the Battle Against World Poverty by Muhammad Yunus (2003, PublicAffairs) is a memoir and business book about the founding of Grameen Bank. This microfinance bank provides small loans to poor people in Bangladesh. Yunus begins the book by telling the story of his childhood in Bangladesh, where he saw firsthand the devastating effects of poverty. He was particularly struck by the fact that poor people often could not obtain loans from banks, even though they were willing to work hard and repay their debts. In 1976, Yunus started Grameen Bank to provide small loans to the poorest people in Bangladesh without requiring collateral or a credit history. Yunus believed that even the poorest people had the potential to start their businesses and improve their lives if they had access to credit. Grameen Bank was a success from the start. The bank's repayment rates were over 90%, and its clients could use their loans to start businesses, buy livestock, and improve their homes. Yunus discusses the challenges and rewards of running a microfinance bank in the book. He also shares his insights on poverty, development, and the role of business in society. One of the book’s key themes is giving people experiencing poverty a chance. Yunus argues that the poor are not lazy or irresponsible; they lack access to the resources they need to succeed. Grameen Bank has helped millions lift themselves out of poverty by providing small loans to people experiencing poverty. Another key theme of the book is the importance of social responsibility. Yunus believes that businesses have a responsibility to make a positive impact on society. Grameen Bank is more than just a bank; it is also a social movement working to create a more just and equitable world. Banker to the Poor is an inspiring book about the power of microfinance to transform lives. It is a must-read for anyone interested in poverty alleviation, social entrepreneurship, or the role of business in society. Here are some key takeaways from the book: The poor are not lazy or irresponsible; they lack access to the resources they need to succeed. Microfinance can be a powerful tool for poverty alleviation. Businesses have a responsibility to make a positive impact on society. It is possible to create a more just and equitable world. The story reminds us that one person can make a difference. His work at Grameen Bank has helped millions of people to lift themselves out of poverty and to create better lives for themselves and their families.
B Lab. (2020). The B Corp handbook: How to use business as a force for good. Berrett-Koehler Publishers.
The B Corp Handbook: How to Use Business as a Force for Good by B Lab (2020, Berrett-Koehler Publishers) guides becoming and operating as a B Corporation. B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. The book begins by explaining B Corporations and why they are essential. It then provides a step-by-step guide to becoming a B Corporation, covering topics such as assessing your company's current social and environmental performance. How to set goals for improvement. How to measure and report on your progress. How to certify as a B Corporation. The book also includes case studies of B Corporations from various industries and advice from B Corp leaders on using business as a force for good. One of the book’s key themes is the importance of using business as a force for good. B Lab argues that businesses have a responsibility to impact the world positively and that they can do this by operating in a socially and environmentally responsible way. Another key theme of the book is the importance of transparency and accountability. B Corporations must be transparent about their social and environmental performance and are held accountable to high governance standards. The B Corp Handbook is an essential resource for any business interested in becoming a B Corporation or simply using business as a force for good. It is a comprehensive and practical guide that covers everything you need to know about B Corporations, from what they are to how to become one. Here are some key takeaways from the book: Businesses are responsible for positively impacting the world. B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. There are many benefits to becoming a B Corporation, including increased customer loyalty, improved employee morale, and reduced risk. The B Corp Handbook provides a step-by-step guide to becoming a B Corporation and case studies and advice from B Corp leaders. If you want to use business as a force for good, I encourage you to read The B Corp Handbook. It is a valuable resource for any business that wants to make a difference in the world. Sources: employeeownership.co.uk/news/ and www.cultivatingcapital.com/b-corporation/
Fair Trade USA. (2019). Annual impact report. Fair Trade Certified.
The Fair-Trade USA 2019 Annual Impact Report highlights Fair Trade Certified products’ impact on farmers, workers, and their communities worldwide. In 2019, Fair Trade USA generated over $191 million in Fairtrade Premiums for farmers and workers. This money supports various projects like education, healthcare, and community infrastructure. The report also highlights the following impacts of Fair Trade: Economic empowerment: Fair Trade helps farmers and workers to earn a living income and improve their economic security. Social development: Fair Trade supports projects that enhance access to education, healthcare, and other social services. Environmental sustainability: Fair Trade promotes sustainable agricultural practices and environmental protection. The report also includes case studies of Fair Trade Certified producers and workers who have benefited from Fair Trade. For example, the piece tells the story of a coffee cooperative in Ethiopia that used its Fairtrade Premium to build a new school for the community. The Fair-Trade USA 2019 Annual Impact Report is a powerful reminder of the positive impact that Fair Trade can have on farmers, workers, and their communities. It is a must-read for anyone interested in fair trade or sustainable development. Here are some key takeaways from the report: Fair Trade helps farmers and workers earn a living income and improve their economic security. Fair Trade supports projects that enhance access to education, healthcare, and other social services. Fair Trade promotes sustainable agricultural practices and environmental protection. Fair Trade has a positive impact on farmers, workers, and their communities around the world. If you want to support fair trade and sustainable development, I encourage you to look for Fair Trade Certified products when shopping.
Greenfield, M. (2017). Recycling for a brighter future: The Ecolife story. Clean World Press.
In the book "Recycling for a Brighter Future: The Ecolife Story" by Mark Greenfield (2017, Clean World Press), Greenfield tells how he founded Ecolife, a recycling company that has helped to recycle over 1 million tons of material. Greenfield begins the book by explaining the importance of recycling and the environmental problems we face if we do not recycle more. He then goes on to tell his own story, from his humble beginnings as a door-to-door scrap metal collector to his success as the founder of one of the largest recycling companies in the United States. Greenfield also discusses the challenges and rewards of running a recycling company. He also shares his insights on the future of recycling and how businesses can protect the environment. One of the key themes of the book is the importance of recycling. Greenfield argues that recycling is essential for protecting the environment and conserving natural resources. He also points out that recycling can create jobs and boost the economy. Another key theme of the book is the importance of social responsibility. Greenfield believes that businesses have a responsibility to make a positive impact on the world. He explains how Ecolife is committed to social responsibility and is working to create a more sustainable future. Recycling for a Brighter Future is an inspiring book about the power of one person to make a difference. It is a must-read for anyone interested in recycling, sustainability, or social responsibility. Below are some key takeaways from the book: Recycling is essential for protecting the environment and conserving natural resources. Recycling can create jobs and boost the economy. Businesses have a responsibility to make a positive impact on the world. Greenfield's story is a reminder that it is possible to build a successful business that is also socially responsible and environmentally sustainable. His work at Ecolife has helped improve the world, and he inspires us all.