The diminished trust in business, in my opinion, has helped those of us interested in promoting entrepreneurship. This is because we have the opportunity of preaching what Porter calls “shared value”.
The concept of shared value can be defined as policies and operating practices that enhance the competitiveness of a company while simultaneously advancing the economic and social conditions in the communities in which it operates.
This thinking is in its infancy, and requires new leadership with new skills. A recent article by Michael Porter and Mark Kramer identifies all entrepreneurs as social entrepreneurs, but with one caveat:
Businesses must reconnect company success with social progress. Shared value is not social responsibility, philanthropy, or even sustainability, but a new way to achieve economic success. It is not on the margin of what companies do but at the center. We believe that it can give rise to the next major transformation of business thinking.