Socially responsible entrepreneurs: What do they do to create and build their companies?

David Y. Choi and Edmund R. Gray

Business Horizons, 2008, vol. 51, issue 4, 341-352

Abstract: This paper examines 30 entrepreneurs who created profitable companies, and who were also exemplary in their efforts towards social responsibility. It examines their management practices to understand how these socially responsible entrepreneurs created and built their companies. The study reveals that these socially responsible entrepreneurs founded their companies, at least in part, to achieve idealistic objectives, and pursued financial and non-financial objectives simultaneously. Most avoided financing from institutional sources, hired employees for their shared values, and shrewdly leveraged their social identities to differentiate themselves in the marketplace. Many of these entrepreneurs made unusual efforts to create a strong organizational culture and implement sustainable operational processes to meet their self-imposed ethical standards. These socially responsible entrepreneurs gave a substantial amount of their profits to causes of their choosing, and volunteered themselves as role models for other businesses and entrepreneurs to follow.

Date: 2008
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