Young people’s entrepreneurship alludes to the ambitions and endeavors made by people under 35 to create and operate their businesses. These entrepreneurs frequently have fresh viewpoints and insights and may add vitality and creativity to the marketplace. Socially responsible business is one type of entrepreneurship I find personally interesting because of its transformative aspect locally and internationally. TOMS Shoes demonstrates an innovative company model, such as socially responsible entrepreneurship, in order to tackle social concerns and contribute to more equitable and sustainable world.
The technique of employing company strategies and actions to positively influence the community and the environment while still attaining financial success is referred to as socially responsible entrepreneurship. This can include employing environmentally friendly materials, establishing fair labor standards, or creating products and services that address social issues (Zainea et al., 2020). This form of entrepreneurship appeals to me because it corresponds to my beliefs and principles about the importance of business in society. Businesses have to add to the prosperity of their communities and the global community, and socially responsible entrepreneurship is one method.
TOMS Shoes, which uses a “one for one” model in which a pair of shoes is donated to a kid in need for every pair sold, is an example of a socially responsible enterprise. TOMS has used this concept not only to support children in need but also to establish a successful and profitable business with a good impact on society (Zainea et al., 2020). Socially responsible business is vital because it can help address some of our world’s most pressing issues, such as poverty, unfairness, and ecological harm. Socially responsible businesspeople can assist in creating a more equitable and sustainable society by utilizing business as a force for good.
In conclusion, as a remarkable example of socially conscious entrepreneurship, TOMS Shoes has improved the lives of children in need while growing a successful and lucrative company. The success of TOMS Shoes demonstrates that socially conscious companies may be successful, long-lasting, and able to impact society. By combining economic and social objectives, businesspeople can utilize this concept of socially responsible entrepreneurship to address a range of community’s issues and achieve a more just and sustainable world.
Reference
Zainea, L. N., Toma, S.-G., Grădinaru, C., & Catană, Ș. (2020). Social Entrepreneurship, a key driver to improve the quality of life: The case of TOMS company. Business Ethics and Leadership, 4(3), 65–72. Web.