Related Stories
The Bar Keeps Going Up for Venerable Entrepreneurs
Key Excerpts from Article on Website of Forbes
Posted: August 19th, 2013
http://www.forbes.com/sites/martinzwilling/2013/07/12/the-ba...
Its always been tough to start a new business, even when the bottom line was just making a profit to stay alive. A few years ago, a second focus of sustainability (green) was added as a requirement for respectability. Now I often hear a third mandate of social responsibility. Entrepreneurs are now measured against the triple bottom line (TBL or 3BL) of people, planet, and profit. The real challenge with the triple bottom line is that these three separate accounts cannot be easily added up. Its difficult to measure the planet and people accounts in any quantifiable terms, compared to profits. How does any entrepreneur define the right balance, and then measure their performance against real metrics? Lots of people are trying to help. Current examples include the Conscious Capitalism movement led by John Mackey, The B Team, led by Sir Richard Branson, the 1% for the Planet organization, and the Benefit Corporation (B Corp) now available in 14 States. The reality is that you cant help people or the environment, or yourself, if you dont have any money. Businesses run by ethical people create value and prosperity based on voluntary exchange, while reducing poverty. The whole can be greater than the sum of the parts. The real opportunity for entrepreneurs is to provide solutions that solve a problem better than the competition, while also providing sustainability and social responsibility. Responsibility and integrity are still the key. A responsible entrepreneur promotes both loyalty and responsible consumption by educating consumers so they can make more informed decisions about their purchases, based on ecological footprints, and other sustainability criteria. Thats a win-win business for the customer and the entrepreneur.
Note: For more on the inspiring B Team, see the great three-minute video here and click here. For a treasure trove of great news articles which will inspire you to make a difference, click here.
Related Stories
Top Inspiring News Articles
Top Inspiring News Articles from Years Past
