Traditionally, companies have pointed to a positive bottom line as a benchmark of success, but a new wave of entrepreneurs may be changing that equation by factoring social and environmental measures into a triple bottom line.
Companies and organizations are increasingly adopting sustainable business practices to make an impact on their communities, as well as their profit statements. In addition, when trying to discover how to attract new customers, corporate social responsibility can also play a key role.
An article posted by Inc. tells us that the benefits of green business are increasingly being championed by a particular group: Millennials.
The piece features an interview with a top official from the U.S. Small Business Administration. Christopher R. Upperman notes a growing trend in triple bottom line entrepreneurship within his peer group.
From the article:
“As individuals, Millennials recognize that there should be a purpose behind what you do. There's a social impact to the choices we make. We aren't just looking at the profit or money involved. We're also asking how does it affect the planet, society, and the bottom line?”
As a generation criticized for being raised in an environment where everybody wins with a participation medal, Upperman argues such nurturing could be what makes Millennials perfect for this recent trend. The collaboration and teamwork they experienced in the classroom growing up may be what makes the demographic more socially connected today. And Upperman says traditional businesses should take note.
Also from the article:
“Millennials are the largest age group cohort in history, and we are moving into that prime age where we're key consumers. We're becoming first time homebuyers, possibly purchasing new cars and becoming more influential economically. This means that businesses and government are going to have to make some major adjustments.”
Millennials are looking for purpose in both their personal and professional lives. As a group, they appear to be keenly aware of the environmental impact of business and are motivated to take action. This insight is crucial to understanding the entrepreneurial spirit of Millennials, as well as identifying the companies and government policies they're most likely to support.