The economic impact of woman owned businesses is well documented. But the desire to make a positive impact on their communities, among both women and men entrepreneurs, is almost as potent as the desire for profitability.
A recent Essence of Enterprise research report, sponsored by HSBC Private Bank, reported some very uplifting statistics:
64 percent of entrepreneurs believe it is their duty to have a positive social and economic impact on society
One third of business owners contribute to society by taking an unpaid role in the community or donating time or expertise to social causes.
Among young entrepreneurs, 79 percent have been involved in charitable giving in the last 12 months and many have already established a trust or foundation to manage their giving.
Many millennials are active philanthropists—nearly 17 percent identify philanthropy or positive social and economic impact as one of their major achievements.