A new study of 150 entrepreneurs in the USA revealed that companies led by entrepreneurs give twice as much profit to charity compared with other large organisations. So the entrepreneur is not a Scrooge-like figure but a creator of wealth, who gives back.
The study revealed that “nine in 10 (89 percent) entrepreneurs donate money, both personally and through their companies, to support charitable causes, while 70 percent also donate their time. The majority (61 percent) of respondents believe that being an entrepreneur makes them more inclined to give to charity. Whether corporate or personal, entrepreneurs view “giving back” as an opportunity rather than an obligation.”
This is very welcome news right now in Global Entrepreneurship Week. In addition to highlighting the get-up-and-go of business owners who can create wealth for themselves, employees and suppliers it looks as though charities are also directly benefiting.
Making money for money’s sake is often not the most powerful motivator for business people. Helping people, making a difference, doing work that you love and being free to make your own choices are often the more powerful drivers. Giving time and money to a worthwhile cause is a great way to make a real concrete difference.
Business people are often portrayed as tough on television. Think “The Apprentice” which is mostly about competition. But we also have programmes such as “The Secret Millionaire” where rich business people go under cover and volunteer to work with charities, and at the end of the programme reveal their true identity and usually make a financial donation.
It all helps to make running your own business more of a career choice for people whose priority is to care about others, not themselves.