Comm 101 – “Soleful” Business
Briskly walking from class to class, you may have noticed a particular canvas slip-on shoe being worn with some guy “Tom’s” name on it. Who the heck is Tom you may ask? Well “he” isn’t so much a person as a rapidly growing shoe business created by social entrepreneur Blake Mycoskie.
Blake, after a life changing trip to Argentina in 2006, became inspired to establish TOMS Shoes: a company based on a “one for one” business model where for every pair of shoes purchased, a pair will be given to a child in need.
Historically, charitable organizations usually don’t correspond to profitable businesses; they rely on fundraising and donations, both of which are consistently inconsistent. However TOMS has been a leading example of how a new ethical approach to business is becoming increasingly popular, successful, and sustainable.
Based on the stakeholder theory, TOMS seems to have a successful future ahead. Customers are experiencing satisfaction in knowing they’re making a difference, the majority of employees are young, passionate people who actively believe in the company’s mission, and global communities are positively benefiting from the developmental, medical, and educational programs being implemented.
Perhaps businesses can simultaneously be benevolent and self-interested?
