by: Sara Herald
Social impact, long considered to be the exclusive territory of nonprofits, is becoming an integral part of for-profit businesses across the globe. From huge corporations like Unilever to local startups like Misfit Juicery, generating both profits and social good is gaining acceptance as good business practice.
This shift isn’t necessarily based in moral arguments such as “it’s the right thing to do”, but rather in solid business fundamentals: that’s what customers want. As more and more Millennials enter adulthood, they want to start up, work at, and buy from companies working to achieve social good. 84% of Millennials “consider a company’s involvement in social causes in deciding what to buy or where to shop” and they report “increased trust (91%) and loyalty (89%) in…companies that support solutions to specific social issues.”
If Millennials expect companies they engage with to have more than one bottom line, how can aspiring entrepreneurs of all kinds deliver on those expectations? The key lies in moving from a donations mindset to an operations mindset.