Week 6: How Doing Good Grows Your Business

How Doing Good Grows Your Business

Social and environmental problems are growing at a faster rate than philanthropic dollars can keep pace.

More and more corporates have CSR as statistics shows that when corporations do good, they can do well -- increase the bottom line -- at the same time. Therefore, doing good helps to make the company looks good and in the same time increase their sales level, thus, many corporates are starting out or perfecting what they are already doing.

Some of the statistics that proves that company’s fair better when they are support a social cause. Here are just a couple:

·       94% of consumers would switch brands to one that supports a social cause if price and quality were about the same, according a 2011 research report by Cone Communications. That’s up from 66% in 1993.

·      Corporations that “endear” themselves to all stakeholders wildly outperform the broader stock market, according to research conducted by Rajendra Sisodia, David Wolfe and Jagdish Sheth.

Therefore, by supporting a social cause the company’s sales would increase, it strengthen brand positioning, enhance corporate image, increase the companies’ ability to attract, motivate and retain employees, and it definitely appeals to investors. It also decreases operating cost due to low turnover rates and better performance because the employees know that they are doing their job with a purpose.

With the support of social causes, the company will also practices better values, thus, improving the working environment, better employer-employees relationships, and it also benefits the community and protect the environment.

More and more companies and organizations are looking into expanding their CSR and what more they can do to involve their employees to do good. Some companies encourages their employees to volunteer or organize some projects to help the less privileged to improve their standard of living.

All in all, the world is moving towards doing good and helping one another which is definitely heart-warming.

References:

Stengel, G. (2012). How Doing Good Grows Your Business. Retrieved Novemeber 29, 2012, from Ventureneer: http://ventureneer.com/vblog/how-doing-good-grows-your-business

Week 5: Volunteerism

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Volunteerism

In this post, I will be sharing on my views about volunteering. I believed many students view volunteering as part of school curriculum. Some find no purpose in volunteering and doing CIP assign by the school. They feel that it is a waste of time while some thinks that they have to fulfill a number of CIP hours to score well and 'look good' in their report book so that they have higher chances of getting into the school of their choice in the future. 

Volunteering is hard to practice but rewarding and inspiring only when you are doing it with the right mind set. If not it would just be another ‘job’ for you.

Therefore, I would like to share my experience about volunteering.

I always feel happy to take out that extra time to share with the elderly when I first started to volunteer in an old folks home organize by my secondary school. It really cheers me up to see the happiness in the elderly whenever I am there, they just want to talk to people and like every one of us, and they don’t ask a lot, just some care and concern would make their day. The old people really love some company and love to share their own experiences; you would learn a lot just by listening to them. They are so nice and adorable.

And through volunteering you get to experience and learn how to become a better person in life. Such experiences help to executive awareness of social issues, and of the needs and characteristics of different socioeconomic groups. Also, it teaches you to care for people, be it around you or those underprivileged.

Volunteering also helps in building a person’s confidence. This is so as they will feel that they are of used and they can actually make a difference in people’s life. This will motivate them to continue to work hard and strive to contribute back in to the society.

Also, volunteering helps to build up and hone your leadership skill. This is so as been a volunteer leader is not about carrots and sticks but about persuasion and getting people to grasp and follow your vision. Therefore, you will be able to learn different ways to approach different types of people and learn to put people in the place where their ability is. You also learn how to manage good relationship with people.

Of course there are some cons to volunteering, like free time will be shorter and etc. But I assure you that the experiences you have gained is definitely a lot more than what you have given up.

Efforts have been put in by the government to promote volunteerism, for example, President’s Challenge Social Enterprise Award. This efforts increase the awareness of social issue faced by the society and would increase volunteerism among youngsters. 

All in all, volunteering should not be a chore for us but instead it should be cultivated as an interest or hobby. 

Week 4: Social Entrepreneurship

“Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime”

 “Social entrepreneurship is all about recognizing the social problems and achieving a social change by employing entrepreneurial principles, processes and operations.” (managementstudyguide, 2012)

In this century, societies have dramatically leaned towards competitive capitalism kind of economy as you will get the financial status you want and fulfill the desires in your life. The initial intention of such business in this economy is to make and maximize profit out of it, and it promotes being “SELFISH”. It makes the poor poorer and you richer and richer!

Not saying that such business is bad but it is time to start thinking a little differently. I am sure many of us would want to see that everyone is living a happy life so by engaging yourself in a ‘selfish business’ is difficult to help others and it is definitely not sustainable by giving them money. Not only you are looking down on them, you are also trying to challenge their dignity. Hence, Social Entrepreneurship is definitely one of the better choices.

Do you think by giving these people just a donation of some money out of profit made in the conventional business kind, could succeed to help the society? NO, because helping people to learn how to fish is more sustainable than giving them fish. Also you learn to love and will be loved by others. That’s in our human nature. Also, it is the value you create that goes to the society which will than develop your community to become a more caring and loving place to live in. You, yourself also benefit from it as a member of the same society.

Social entrepreneurship has been experiencing a growing trend in recent years. Though it has the same characteristics like conventional business entrepreneurship, one of the major difference is on its focus and vision. Social entrepreneurship focus is to directly help people in the community and ensure great social change.

Be the Change you want to make and stick towards the vision and not get distracted by the profits and fame you have achieved.

Reference:

managementstudyguide. (2012). What is Social Entrepreneurship? Retrieved November 13, 2012, from Management Study Guide: http://www.managementstudyguide.com/social entrepreneurship.htm

Week 3: Social Enterprise Challenge

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For this week’s post, I will share about my experience in a social enterprise competition I have taken in [Citi-YMCA Social Enterprise Challenge].

Team consisting of 4 youths aged 17-25 from tertiary institutions will be invited to take part in a business case competition as part of this YFC Social Enterprise Challenge (YFCSEC). The teams will be randomly assigned a case write-up of 1 of the 10 participating Volunteer & Welfare Organizations (VWOs), and they will then present their business plan to set up a viable social enterprise for that VWO.

10 shortlisted teams from the case competition will then implement their business plan for the VWO. Each of these 10 teams will be given $6,000 as seed funding, trainings, and guided by corporate highflyers, also known as “CEO Mentors”

Initially, this competition was given to us as a school project that our teacher assigned. Due to the clashes it had with our examinations we got the choice to continue or to back out. So our team decided to continue with it since we have put in so much effort already. [Not that the other teams didn’t]

Will be sharing with you what I have learnt through this competition rather than what we have done.

There are 3 main things that I have learnt (some of which are still learning in progress) from this competition.

         1.      Time management

It is very important to have good time management skills. Some of the teams (Uni students and poly students) are also very busy with whatever things they have in hand yet they are able commit quite a significant among effort to this competition. Learning in progress.

         2.    Be Realistic

Our initial business plan is rejected by our mentor, he told us that in 15 weeks it is not possible for us to find more funding and set up a café. He shares his experiences with us and tells us that it is more important to fulfill our goals step by step instead of aiming one big goal.

I agree very much with him, it is easier and more realistic to achieve small goals as once we reached the goal it actually gives us encourage us and give us the motivation to continue heading to our ultimate goal. Lesson learnt.

         3.    Growth

I have grown a lot during this period of time, many things learnt from internship and this competition. It actually makes me to do more reflections on what I have done (what are the values and lessons I can learn from it) and in what way I can be more productive and efficient in the future. Learning in progress.

All in all, what impact me the most is the word that one of the judges told me when I went for the final presentation of the competition to showcase what we have done; she said, “I hope you have learnt valuable lessons from this competition. And I am actually very proud of you because you show responsibility by showing up today and admitting the mistakes that you have made. A very precious value in you. Well done.”