Whether you are launching your own personal venture or expanding on an already existing business, one of the most pressing priorities from your company is to of course turn it for profit. As an entrepreneur, building a business takes a large amount of time, work, financing, and collaboration just to get it off of the ground. But even with the goal to turn an idea into a profitable business, we cannot forget the reason and vision of why you became an entrepreneur. That in turn leaves us to ponder the meaning and characteristics that define moral entrepreneurship.
Let’s start off with the definition of moral entrepreneurship. A moral entrepreneur is an individual, group, or formal organization that seeks to influence a group of people in adopting or maintaining a new standard of norm. These are those who take lead of a label or a particular behavior and popularize it into a new entity that benefits both their company and society as whole. Now, while they may be driven and incentivized in reaching their financial goals, we cannot overlook the true passion of an entrepreneur.
As an entrepreneur, our ideas come simply to better the rest of society through easy, efficient, and more accessible concepts. These products that various companies produce, such as Apple’s phones or Elon Musk’s electric cars, are not meant simply for profit. Instead, they are meant to change the course of mankind. Some people overlook this concept within the field of entrepreneurship because they see the financial benefit than the business’s overarching vision. While we cannot deny the financial gain that these businesses are getting, we also need to understand holistically why they started and why they are doing to better our futures.
Few things we need to remind ourselves within the field of entrepreneurship are the business ethics, credibility, and relevance that entrepreneurs have for the world. First and foremost, their business is not meant to sell unwanted products to a large group of people. Instead, they are built on a simple idea of change. For them, their services are meant to help the people. For them, their product is mean to solve various problems. Most importantly, for them, their work is meant to create a new wave for the future. This general attitude of entrepreneurs being equivalent to questionable and money driven business corporations is absolutely ill conceived and un-representing of the field. At large, entrepreneurs offer a free-spirited businessperson. They give the world the opportunity to make meaning as well as money for themselves, their employees, and their customers. In addition, they give individuals the dreams of achievement and success.
To truly embody the characteristics of a moral entrepreneur, we first and foremost must understand our goals other than profit. Yes, profit will help drive the business to success, but passion will change eventually change the future.