Is Social the Currency of Success for Entrepreneurs in the New Economy?

I had the pleasure of meeting many new friends while speaking at my alma mater Miami University this past week. As they say, you can’t step into the same river twice. Yes, Miami has changed significantly for the better since I was a student there in the late ’70′s and early ’80′s. This time around I was as much an an observer as a participant. After grabbing a Starbucks in King Library before my Thursday meeting I rode the elevator with several students. One in particular commented on the peace symbol around her neck. “I’m really into peace signs”, she commented to the others. Are the seventies coming back? Maybe. This observation reminded me of an experience the day prior when I worked with groups of Marketing students. One student apologized for interrupting another. These are college students – and so respectful of each other! That refreshing social consciousness is a glimpse of what the seventies tried to be, until everything fell apart, possibly from the numerous excesses that characterized that period in time. Hmm….

Of the many conversations I had this week, ranging from green marketing to social media marketing, one in particular stands out. It was a chat with Professor Brett Smith, a leader in Miami’s emerging Social Entrepreneurship program. It’s exciting to discover students are embracing not just business, but the social culture of business within a global community. More importantly, it was exciting to learn from Brett that major corporations are taking notice. They understand there is a continuum of potential business models that extends from pure social to purely business. Profit and and social inclusiveness seem to be finding their respective places with equal authority. Maybe some of our idealism of the ’70′s is finally bearing fruit.

The economy today it troubled indeed. And the only way out of a bad deal is to change how the game is played. Clearly, a sole profit motive is ringing a hollow chord with young professionals. Social media may well find a place as a valid system for connecting communities around the globe – for the better of everyone concerned. It used to be profit first and community second. The new model moving forward may flip that upside down to have social needs driving profits. This means there is no such things as green-washing, and that’s music to my ears. Efforts to be more environmentally friendly can drive profits when all of the costs of running a business are accounted for – both immediate and long-term.

Is your business active in supporting a cause that is congruent with the community you know as the market for your products and services? If so, you have already discovered good business is responsible business.

Commerce is a forum that engages social beings for sharing what supports the community – and goods and services happen to fall into that value-laden basket. Supporting a community in a comprehensive way could prove to be a valid strategy for sustainable growth and profits. It’s a model of providing value first where it is needed most. You can’t expect to start with a “me” attitude anymore. Giving first to build value is arguably a strategy for building successful commercial ventures.

The coming months may see a glimpse of the validity of this model in a place we know as Washington. Entrepreneurs have seen it work in their communities. And the transparency of social media is bringing it to the forefront – creating partnerships that can scale this model across diverse communities. You don’t have to be a Maslow disciple to understand how to win this game.

As a final note, I rooted hard for Miami to win the National Hockey Championship finale, which they lost by a whisper. Congrulations BU – we’ll see ya next year!