The Difference Between Doing Good and Doing Well

 

As a social entrepreneur, one has to evaluate whether they are doing good or they are doing well. First, social entrepreneurs should evaluate whether their enterprises have positive impacts on society (doing good). Social entrepreneurs should also evaluate whether their enterprises are making good returns on investment (doing well).
Doing Good
There is no exact quantitative measure of a social enterprise’s impact on the society. Social enterprises should ensure that they create jobs and contribute to the country’s GDP. Social enterprises should make positive impacts on society.
Due to advance in technology, people are now aware that it is important to observe social responsibility. Enterprises focusing on the society have begun to be preferred to those that do not.
Doing Well
Historically, businesses have not been focusing on the well-being of the society. They have always focused on how to obtain cheap labor and produce low-quality products, at the expense of the society. Things are now changing since enterprises have realized that paying employees well leads to a better output and that quality product improves enterprises’ reputation and business. The society is progressively appreciating responsible practices, where the society’s interests are given more importance than just entrepreneurship.
Reference
http://www.genfkd.org/good-vs-well-key-questions-social-entrepreneurship
http://www8.gsb.columbia.edu/socialenterprise/newsn/425/doing-well-doing-good-social-enterprise-conference-packs-uris-hall

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