B Corporation Redefining Success In Business And Creating Social Value

Business Ethics for a New Economy Capitalism “as is” has served us well in the past and produced great wealth, but at a terrible price to the environment. Corporations arrived at the height of their growth and made enormous fortunes by abusing their power and doing business “at all cost”. The environment and humankind are paying a high price for “their progress.” They have endangered and depleted our vital resources such as our fertile soil and clean water, affected the world economy, and led to instability and conflict in many nations. The world is suffering from a “global burnout.” These are all symptoms of the same illness: greed. Corporate greed and corruption have led us into a world crisis. The crisis is not just caused by pollution or the use of technology but represents a crisis of the whole life system. The pollution and destruction of our natural resources are only the symptoms and consequences of the underlying problems. The problem itself is an ethical one. The old ethics in business of I want it now and more does not work anymore, we have seen what is has done to our lives and the economy. We need to create new social value and practice business in such a manner that helps to eradicate poverty and not solely for the sake of our own survival. The B Lab, a nonprofit, has created a new model, the B Corporation, which simultaneously creates social value and will redefine success in business. It is an alternative to traditional corporations, which only maximize profits for shareholders. The B Corporation is a new type of corporation that uses the power of business to solve environmental and social problems. It is a legal structure with higher standards of accountability and transparency. This new way of doing business is the first systemic response to address the underlying problems of our financial crisis. By 2050, an estimated 100 million people will go hungry if we do not find a solution to the food and water shortages. Over 60 percent of the world’s population will live in water-stressed areas by 2025, according to the United Nations Food and Agriculture Organization. Our soil has been destroyed after years of being abused through harmful farm practices and inorganic fertilizers and thus depleted our food resources of essential minerals. Besides ethical reasons to assist poor countries now and in the future, we must keep it our priority if we want to avoid more conflict caused in these regions due to the devastating effects of climate change. Food and water security will lead to increased migration and instability. Interdependence is the driving force of our time. With globalization all the environmental and humanitarian problems in countries far away have also become our problems. We have created them and must face the reality that we need to not just ‘fix’ them temporarily but solve them at their root. We need a new economic system- one that is more sustainable than our old system, which has failed. Our society is interlocked with the rest of the world through business and environmental interests, and we have a common interest to cooperate. We need a “greening of capitalism.” The answer to creating a new business model- which profits society, as well as shareholders- is in establishing a B Corp known as a Benefit Corporation. Blurb from Esquire:” B corps might turn out to be like civil rights for blacks or voting for women- eccentric, unpopular ideas that took hold and changed the world.”

Business Ethics for a New Economy Capitalism "as is" has served us well in the past and produced great wealth, but at a terrible price to the environment. Corporations arrived at the height of their growth and made enormous fortunes by abusing their power and doing business "at all cost". The environment and humankind are paying a high price for "their progress." They have endangered and depleted our vital resources such as our fertile soil and clean water, affected the world economy, and led to instability and conflict in many nations. The world is suffering from a "global burnout." These are all symptoms of the same illness: greed. Corporate greed and corruption have led us into a world crisis. The crisis is not just caused by pollution or the use of technology but represents a crisis of the whole life system. The pollution and destruction of our natural resources are only the symptoms and consequences of the underlying problems. The problem itself is an ethical one. The old ethics in business of I want it now and more does not work anymore, we have seen what is has done to our lives and the economy. We need to create new social value and practice business in such a manner that helps to eradicate poverty and not solely for the sake of our own survival. The B Lab, a nonprofit, has created a new model, the B Corporation, which simultaneously creates social value and will redefine success in business. It is an alternative to traditional corporations, which only maximize profits for shareholders. The B Corporation is a new type of corporation that uses the power of business to solve environmental and social problems. It is a legal structure with higher standards of accountability and transparency. This new way of doing business is the first systemic response to address the underlying problems of our financial crisis. By 2050, an estimated 100 million people will go hungry if we do not find a solution to the food and water shortages. Over 60 percent of the world's population will live in water-stressed areas by 2025, according to the United Nations Food and Agriculture Organization. Our soil has been destroyed after years of being abused through harmful farm practices and inorganic fertilizers and thus depleted our food resources of essential minerals. Besides ethical reasons to assist poor countries now and in the future, we must keep it our priority if we want to avoid more conflict caused in these regions due to the devastating effects of climate change. Food and water security will lead to increased migration and instability. Interdependence is the driving force of our time. With globalization all the environmental and humanitarian problems in countries far away have also become our problems. We have created them and must face the reality that we need to not just fix' them temporarily but solve them at their root. We need a new economic system- one that is more sustainable than our old system, which has failed. Our society is interlocked with the rest of the world through business and environmental interests, and we have a common interest to cooperate. We need a "greening of capitalism." The answer to creating a new business model- which profits society, as well as shareholders- is in establishing a B Corp known as a Benefit Corporation. Blurb from Esquire:" B corps might turn out to be like civil rights for blacks or voting for women- eccentric, unpopular ideas that took hold and changed the world."

There is a new business landscape, where companies are increasingly being judged on their ability to generate _social value_. But there is no off-the-shelf solution for the leaders and change makers in this new domain. Creating social value is a journey, and each company must chart its own path through uncertain and complex terrain. We invite you to discover how the entrepreneurial leaders profiled in this book have become trailblazers, using strategy and innovation to generate profits and social value simultaneously.Creating Social Value provides insights into the motivations and preoccupations of groundbreaking entrepreneurial leaders as they look to activate change not just within their companies, but also in their sectors, value chains and even through co-creating partnerships with their competitors. Such change requires fundamentally new styles of leadership and business design where companies seek to be generative rather than extractive.This book also bears witness to the emergence of new language to describe these innovative concepts. Working with and sharing ideas with social entrepreneurs and entrepreneurs inside, the authors became aware of the building blocks of a new lexicon with the power to inspire and positively influence the culture of an organization. Many of the leaders included in this book have driven change by harnessing the power of language to reroute their company’s direction.For example, The Campbell Soup Company has created _destination goals_ to describe the long-term vision of the company to nourish its customers, employees and neighbours. Roshan has worked on _nation building_, creating physical infrastructure in Afghanistan, a country decimated by war. UPS has worked to understand its impact on the planet, building a _materiality matrix_ of the issues that matter to its stakeholders, while working to create a culture that fosters social innovation and seeks to understand _constructive dissatisfaction_. Ford is redefining its mission, imagining a different future in which it provides _mobility solutions_, rather than only manufacturing cars. Ford is working with Toyota to co-create technologies to combat climate change.This book sets out a manifesto for Social Value Creation, which is defined as a strategy that combines a unique set of corporate assets (including innovation capacities, marketing skills, managerial acumen, employee engagement, scale) in collaboration with the assets of other sectors and firms to co-create breakthrough solutions to complex economic, social and environmental issues that impact the sustainability of both business and society. Social innovation differs from corporate responsibility in two significant ways: it is strategic and it leverages a wide range of corporate assets and core competencies.Creating Social Value has been designed as a manual for change. It will be essential reading for business students, entrepreneurs and all of those wishing to effect positive, generative change in larger organizations.

Using Business as a Force for Good Join a Growing Movement: Learn how you can join more than 1,000 Certified B Corporations from 80 industries and 35 countries—led by well-known icons like Patagonia and Ben & Jerry's and disruptive upstarts like Warby Parker and Etsy—in a global movement to redefine success in business. Build a Better Business: Drawing on interviews, tips, and best practices from over 100 B Corporations, author and B Corp owner Ryan Honeyman shows that using business as a force for good can help you attract and retain the best talent, distinguish your company in a crowded market, and increase customer trust, loyalty, and evangelism for your brand. More than 1,000 companies from 80 industries and 30 countries are leading a global movement to redefine success in business. They're called B Corporations—B Corps for short—and these businesses create high-quality jobs, help build stronger communities, and restore the environment, all while generating solid financial returns. Author and B Corp owner Ryan Honeyman worked closely with over 100 B Corp CEOs and senior executives to share their tips, advice, and best-practice ideas for how to build a better business and how to meet the rigorous standards for—and enjoy the benefits of—B Corp certification. This book makes the business case for improving your social and environmental performance and offers a step-by-step “quick start guide” on how your company can join an innovative and rapidly expanding community of businesses that want to make money and make a difference.

While the concept and domain of Corporate Social Responsibility (CSR) are not new—its beginnings can be tracked back to the 1960s—its scope, urgency, and relevance have shifted dramatically in recent years. CEO responses show that the majority of business leaders understand that they operate in an environment of contested values and that stakeholders expect companies to do better and more. However, many corporate incentive systems are not in sync with societal norms and expectations. Moreover, "grand challenges" such as climate change and global pandemics and growing interconnectedness shed light on the fault lines of value creation through complex supply chain systems, exposing unacceptable working conditions, modern slavery, and the environmental consequences of highly distributed production at any cost. As a consequence, corporate social responsibility has become a widely accepted common denominator of the role and responsibilities of business in society, ranging from core functions such as health, safety, and environment standards, to governance and recognition of stakeholders, supply chain design, and corporations’ stand on climate change and its responsibility to future generations. This volume assembles state-of-the-art scholarship from leading scholars in the field and enables a "full range view" of CSR, from its roots, normative foundations, and institutional perspectives to matters of stakeholding, the global value chain, social innovation, and future directions. The Routledge Companion to Corporate Social Responsibility represents a prestige reference work providing an overview of the subject area of CSR for academics, researchers, postgraduate students, as well as reflective practitioners.

The international cast of authors in this important book explore how internationalizing small and medium sized enterprises (iSMEs) face major crises, such as COVID-19, and have managed them to reach a stable and desired state post-crisis. Chapter orientations vary from theoretical to empirical. Each focuses on issues related to a major crisis, and present already-deployed success strategies in 14 different country environments. The rich diversity of chapters offers a highly significant and timely contribution to the field.

Business Ethics will equip students with the strategies necessary to analyse and improve the broad scope of business ethics today.

A new wave of entrepreneurs is leading a global paradigm shift towards values-driven business. This book empowers you to challenge the status quo and create value through its unique and adaptive approach to venture-building by design. Authored by a multidisciplinary team of practicing design strategists, business leaders, academics, and entrepreneurs, this hands-on guide models strategic design as a mindset for starting up: framing problems, applying methods, identifying opportunities, and creating pathways forward through futures and systems thinking. Carefully curated case studies of young impact-driven entrepreneurs along with resources, including action-based frameworks, diagrams, and templates for founders to replicate, and a reader’s checklist to enable the transformation of daily practice, will open new dimensions that amplify the global shift towards a more regenerative world and a multiverse of possibilities. Are you ready to journey to places where ideas for products, services, and experiences transform how we live and work? Then this guide is for you: the Design-Driven Entrepreneur.