Diversity MBA Magazine - Summer 2008 - (Page 62)

Bu$ine$$e$ that Keep On Giving by Peter Nguyen More than ever, there’s a new generation who want to take on the world … well, at least help make it better. They have used their charisma and business talents to develop new types of businesses for the social benefit of society. Both young and old, these leaders are taking huge strides of global proportions and are not allowing anyone to stop them. In 2006, charitable contributions totaled $295 billion and reached an all-time high in the U.S. According to the philanthropy report “Giving USA,” more than 80 million Americans volunteer each year, with the services they provide valued at more than $200 billion. Entrepreneurs and executives alike have hung up their suits and rolled up their sleeves to give back. Many have turned into social entrepreneurs, those who recognize a social problem and use entrepreneurial principles to organize, create, and manage ventures to make social change. Instead of maximizing bottom-line profits and pleasing shareholders, social entrepreneurs are growing their organizations in order to make the largest impact for society. With rampant and growing worldwide poverty, pandemic diseases, political corruption, and illiteracy, there are endless possibilities to give back in small ways that can have immediate impact. It Started With Laundry Blake Mycoskie’s entrepreneurial spirit kicked in when he was a sophomore at Southern Methodist University. It became clear to him that SMU needed an on-campus laundry service, and he would be the one to provide it. EZ Laundry launched in the fall of 1997 and grew quickly due to some unconventional marketing campaigns. Mycoskie soon found himself managing 40 employees and eight trucks on several other campuses. But it didn’t stop there. Inspired by seeing an enormous dinosaur painted on a side of a building for an advertisement on Sunset Boulevard, he translated that recipe for success to the nation’s country music capital in Nashville, TN. After expanding the business to Dallas, Mycoskie sold the company to Clear Channel Communications Inc. after only nine months. The young businessman soon became aware of the horrid conditions in which the impoverished lived in Argentina. Some villages were without fresh, potable water and basic necessities like shoes. Mycoskie’s wheels began turning, and he ultimately established TOMS Shoes. A traditional Argentinean shoe inspired the trendy shoe line, and native villagers make them all of natural fibers in sweatshop-free conditions. They’re called the “most ethical shoe” on the market today. And for each pair of shoes bought from TOMS, the company donates a pair to a child in Argentina. 62 w w w. d ive r s it y mb a ma g a z in e. c o m http://www.diversitymbamagazine.com

Table of Contents Feed for the Digital Edition of Diversity MBA Magazine - Summer 2008

Diversity MBA Magazine - Summer 2008 Contents Letters to the Editor In Your Own Hands Editor's View Find Your Power Voice Business Briefs Off the Shelf The Fourth Annual Top 100 Under 50 Diverse Corporate Executives Negotiation: The Art of Persuasion or Zero Sum Game? Career Planning for Tomorrow's Hispanic Workforce Who's Who In Diversity Entrepreneur Profile: Anita Santiago: Doing It Her Way Businesses that Keep On Giving Rising Sun Going Global: Will An International Assignment Benefit Your Career Work-Life Balance and the C-Suite: An Oxymoron? A Call to Save Travel: Off the Beaten Path - Chile Drawing the Line – Latin Art Exhibit The New Taste of Latin Cuisine American Sabor: Exhibit Highlights Latino Influence in Pop Music Crafting Specialized Business Degrees Latest MBA Salary Suggests MBA Is A Safe Haven Gadgets & Gizmos Gone Phishing – How Scammers Mine Private Data From Web Surfers Advertiser's Index The Meaning of Sanctuary

Diversity MBA Magazine - Summer 2008

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