#SocEnt, Artisans, Change, economic development, economic justice, Economic success, ethical fashion, social change, Social consumerism, Social Enterprise, social entrepreneur, Social Entrepreneurship, Social Innovation, socially-focused ventures, triple-bottom line
As the buzz around ethical fashion and social enterprise grows around the world, it’s important to evaluate how this alternative form of business affects our economy and our society. A recent article by the Huffington post outlines how socially-focused ventures are moving us from a “Privileged economy” to a framework of economic justice in the following ways:
- Social enterprise shifts the underlying metric for economic success from the personal enrichment (ownership) to social enrichment
In this way, the common good becomes a part of the primary measure of value, in addition to personal gain. The idea of the triple bottom line is becoming institutionalized as social ventures become more popular and large companies adopt triple bottom line accounting.
- A successful social enterprise doesn’t necessarily breed more success across all levels of socioeconomic positions
The common adage that the “rich get richer” is being challenged by social enterprise, which strive for growth and development across all classes and geographical boundaries.
- Social enterprise opens economic opportunity for the least privileged among us
Through supporting artisans to develop their skills and business acumen, encouraging micro-loans and employing those that are at the cusp of society, social enterprises are trying to pull the most disadvantaged out of poverty.
- In driving the social capital movement, social enterprise “buzz” shifts the mainstream economy, as well
Even those skeptical or disinterested in the social enterprise movement are beginning to see the value in the triple bottom line, and the social AND business case for integrating social enterprise into the way business is done
What shifts have you seen in consumer culture and the way business is done due to social enterprise? What changes are yet to be made? Share your thoughts!