Week 8 Blog: Ch. 28 The Importance of Entrepreneurial Philanthropy
Philanthropy: “A Greek term which directly translated means “love of mankind.” Philanthropy is an idea, event, or action that is done to better humanity and usually involves some sacrifice as opposed to being done for a profit motive. Acts of philanthropy include donating money to a charity, volunteering at a local shelter, or raising money to donate to cancer research.” – Business Dictionary
Philanthropy in business is very important not only the purpose of helping others but also for your business. If you get involved in a specific philanthropy your business can become known for that. Such as companies like Toms, Patagonia, and General Mills Inc. These and so many more base their companies on philanthropic work. Philanthropy work connects your business to the community, and shows the community how much you care, which makes people interested in your company. And so it goes around in a circle, like the saying, what goes around comes around. What you give out could draw customers in, by them realizing what good your company is doing and they want to support that and therefore will support your company.
This type of work also boost people’s spirits and morale of employees. It could also be team building for your office, such as to run in a marathon together that supports a cause. I think it would be important to get all of your employees involved in the efforts making your business stronger and closer to the community. People are wanting easy ways to help and if they can help just by supporter your company that makes them feel better. Speaking of feeling better it will also make you feel better and your employees as philanthropic work has been proven to reduce stress and generate positive thoughts. So many philanthropies out there become successful because successful people get involved and help to boost the cause through their company. This type of work gives people a fulfilling purpose and feeling that they have done something to help make a difference in the world, beyond themselves and beyond their company, something bigger than that. I think getting involved in a philanthropy is a great way to expand your business and boost employee morale while helping those in need.
When choosing a philanthropy for your business to participate in, make sure it is something you are passionate about and that you can see your company growing with and continually helping the cause. Also I think it would be beneficially to choose something that is at least slightly related to your business, that way it also promotes your business while doing good. It is our purpose to help each other and we should do what we can when we can, “as an entrepreneur, you have an opportunity (even an obligation) to give something back in proportion to what you have received – to be philanthropic as well as profitable.” – Schussler
Business Dictionary, Philanthropy. http://www.businessdictionary.com/definition/philanthropy.html
Schussler, Steven and Karlins, Marvin. It’s A Jungle in There. New York: Sterling, 2010. Print.