80% of startups fail, so it appears that businesses focused on social values profits would be at an even greater disadvantage. TOMS, Ben & Jerry’s, Whole Foods have all been successful while giving back a significant amount.
Even companies with seemingly less meaningful ties to consumers have found ways to be profitable and give back a significant amount – Alcoa, an aluminum manufacturing company gave back $6.7 million dollars last year alone.
These types of companies are on the rise, and creating a business with social responsibility is starting to become the norm.
This idea inspired me, and helped me realize that there are ways to promote corporate social responsibility in companies.
It wasn’t until June of last year that I found a way to merge my passion for solving social problems with my passion for business.
I have to admit, the basic premise made me skeptical.
When you buy a pair of shoes, you also are providing a pair of shoes to someone in need.
When you buy TOMS shoes, you feel better as a consumer because you made the decision to help someone else out. According to a new study, nine out of ten Americans consider themselves conscious consumers, and a great majority of them are more likely to buy from companies that treat the environment and its workers right.
Businesses have significantly more resources, which gives them the potential to promote social change faster and more effectively.
Rather than combining the different resources, needs, and wants of 1,000 nonprofits, we could look to one large business to have the same impact.