Redefined definition of ‘profit’?
Merriam-Webster defines profit as “the advantage or benefit that is gained from doing something” yet this definition is often forgotten in the shadow of the more commonly associated definition: “money that is made in a business.” In a corporate mindset, making financial gains exceeds any other objective, usually. Generation Y, the Millenials, have however managed to revive the forgotten definition of profit. In Virginia Galt’s article in the Globe and Mail, she notes that current business students have increased emphasis on social concerns in contrast to the traditional objectification of profit. McGill’s Desaultels Faculty of Management has added education and experience for social missions in its annual expedition, which was requested by students. Galt quotes Professor Graham, acting director of Schulich School of Business’ MBA program, which highlights the challenges of social entrepreneurship; many businesses receive funding from investors while NGO’s or businesses designed to enhance social conditions may be less favourable from investors. The Arc Initiative, founded by Professor Jeff Kroeker, accentuates the challenges with social entrepreneurship while offering students at Sauder an opportunity to engage in a conference that impacts Ethiopia and Columbia. Opportunities such as the Arc Initiative bring joy to us, the Millenials, as our critical thinking skills – trained by business concepts – can be applied in situations where reaching certain financial goals are not the main priority. We can make a difference.
References:
http://www.chnook.org/partner/the-arc-initiative/