Entrepreneurs Change the World for the Benefit of All Social Impact and a Sense of Purpose
Entrepreneurs Change the World: Social impact is now core to how entrepreneurs assess business performance. Entrepreneurial success is primarily determined by profitability. However, social impact has soared in importance—39 per cent say that they evaluate their achievements in this area, compared to roughly one in ten two years ago. This sea change in the way they measure performance is according to the 2018 BNP Paribas Global Entrepreneur Report.
This makes an interesting comparison with the January 2017 Oxfam Report, An Economy for the 99%—it’s time to build a human economy that benefits everyone, not just the privileged few. It is clear that activists are pushing at the same time as entrepreneurs are pulling the world of business into a new paradigm.
Who would have thought that entrepreneurs would be the new activists? The political process within the capitalist system has been both singularly inert and impotent in achieving positive social change. Maybe it is unreasonable to expect politicians with their own self-interested and sectarian agendas to be concerned with the good of the whole.
Governments show little leadership in the ethical charge to improve life for all members of society and make no apparent concerted effort to ensure that business takes responsibility for its impact on the community. However on the other hand, entrepreneurs themselves are awake to the unsustainability of the present trajectory and act on the basis of their own convictions, thank goodness.
If the trend identified by the Global Entrepreneur Report continues over the next two years, it is likely that more than half of entrepreneurs will be focused on social impact as a key measurement of their businesses. If this occurs, mainstream business and politicians will be no longer ignore the significance.