Good business
Students learn all about Creating Shared Value from business experts
If young entrepreneurs need to learn how to do well in business, they also need to know the meaning of doing ‘good’ business. While the bottomline in business might be profit, it’s always not about the money. In the words of international pop star Jessie J., “When the sale comes first and the truth comes second, just stop for a minute and smile.”
Fourth year BS Business Administration and Accountancy student from the University of the Philippines-Diliman and young entrepreneur Winchell Well L. Wong, says that it’s better for businesses to be socially responsible because it creates a bigger impact for both the business and the society.
“There is a notion that businesses are centered on profits no matter what the impact is in the community. It does not have to be this way in order to be profitable. A business can create shared value for all stakeholders in order to be profitable and, at the same time, contribute to the development of the community,” Winchell says after attending Creating Shared Value (CSV) Youth Forum 2014 organized by Nestle Philippines and Philippine Business for Social Progress (PBSP) at the Asian Institute of Management (AIM) Conference Center in Makati.
“One of the ways to do this is to get manpower from the local community to give them jobs. For a service firm, providing the right benefits to its employees could be a sustainable strategy in the long run since a happy employee means a happy customer. This way, value is created not only for the business, but also for the community and the customer,” he adds.
CSV and Corporate Social Responsibility (CSR) are both for the benefit of social development but how do we really differentiate the two?