Doing Well by Doing Good
Thanks to entrepreneurship and advances in technology - even under the stressful Covid crisis - a new world with a new generation of leaders is emerging. The motto of this new world affair is "do well by doing good."
Previously social entrepreneurship was meant only to "do good." Most social enterprise projects aiming at reducing poverty, proposing solutions to environmental problems, and correcting human rights had one thing in common: To do good for society. Yet, this was not sufficient to make these ventures become sustainable. There was a need to combine these "do good" ideas with "do well" business models. Social entrepreneurship today is called "social business."
In the business world, "Do Well" means "be successful." And, "Do Good" means to give a sense of purpose to the business by giving back to society. These two concepts are compatible and go hand-in-hand. We see more and more companies, small, medium or large, who "do well by doing good" benefit themselves as well as the society by providing opportunities for all.
The new breed of leaders who are major economic agents of the modern-day society incorporate the concept of "doing well by doing good" in their company philosophies in order to achieve the societal transformation.