The business of social responsibility | Eighty-four percent of the executives from around the world who participated in a McKinsey survey agreed that their companies should pursue not only shareholder value but also broader contributions to the public good. Most acknowledged that their companies could handle sociopolitical issues more successfully, as well. To improve, a company should identify emerging trends and develop coherent organization-wide responses—an approach that requires it to integrate social issues into all dimensions of the business, not just the making of strategy. |
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If companies don't adopt that approach they run the risk of misalignment—a CEO saying one thing, the rest of the company failing to translate those good intentions into practical action. A company whose external-communications strategy emphasizes the search for more environmentally friendly products and processes, for example, will stumble if it simultaneously fights limits on carbon dioxide emissions.
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For more on how companies should manage sociopolitical issues—and can benefit if they do—read "When social issues become strategic" (2006 Number 2). (We are giving you temporary access to this premium article through a complimentary guest pass. To read the piece, click through directly from this e-mail by December 26.) For more on what executives think about the way companies handle social issues now, read "The McKinsey Global Survey of Business Executives: Business and Society" (Web exclusive, January 2006).
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___________________________________________________________________ Entrepreneurship and its importance to economic development A recent study on entrepreneurism in emerging economies confirmed that the creation of new firms is an effective mechanism for improving economic performance and generating significant opportunities for developing the professional skills of the labour force. One of the principal recommendations of the study mentioned the need to develop integrated strategies for training entrepreneurs, including corporate culture, business support networks, financing, and entrepreneurial skills.
The study also emphasized that networking is essential for entrepreneurs as it enables them to identify business opportunities and gain access to financial resources, supplies, and knowledge and that they need to face the challenges and problems associated with running a company in the initial years. The networks of the more dynamic entrepreneurs usually include other small and medium-sized enterprises (SMEs) and executives from larger corporations. Today, corporate social responsibility goes far beyond the old philanthropy of the past – donating money to good causes at the end of the financial year – and is instead an all year round responsibility. The approach and values of good citizenship is good for long-term business success as well as the wider society. It promotes high and stable levels of economic growth and employment to ensure a better quality of life for everyone, now and for generations to come. Existing businesses and corporate citizens… The more help and support you can give a young business person in their first crucial years, the better the chance they have of creating a sustainable business. The most effective way of delivering this help and guidance is through a local business support network. The Youth Business Trust will facilitate this the operation of a support network through its Enterprise Development Assistance programme. Enterprise Development Assistance will help to ensure the creation and development of successful and profitable youth enterprises that will contribute to achieving sustainable national development goals:
1. Mentoring of individual entrepreneurs
2. Short-term sponsorship or donation
3. Longer-term funding
4. Pro-bono advice in the fields of marketing, accounting, finance, legal or general business planning
5. Helping the YBT programme with review of applications and developing business plans
6. Provision training
7. Gifts in kind
8. Advertising, Promotion and Networking We are proudly supported by the following sponsors, partners and individuals: Belize Chamber of Commerce and Industry Inter-American Development Bank Scotto Trust - UK British High Commission Barbados Youth Business Trust Youth Business International Organisation of American States Kenrich Texel and Lupita e-Data Solutions Jamaica Youth Business Trust Trinidad & Tobago Youth Business Guyana Youth Business Trust Truck Parts of Belize Limited Sol (Belize) Limited Joe Habet Social Security Board Rondine Twist Scotia Bank Cecil Arnold FusionHr Shaun Finnetty University of Belize Sylvia Cattouse Mala's Limited Jaimala Vasquez Dionne Chamberlain Maxine Goddard United Nations Development Programme Belize Rural North Representative Yellowtail Design Youth Business International network - around the world |
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