The society we live in, is filled with problems, which include poor nutrition, depletion of water resources, deforestation and climate change etc. We are all aware of these problems and mostly hold companies and industries responsible for all these problems. Business, in itself, is seen as a problem by the society. This is a conventional belief and wisdom which is strongly held on to by all.

    The society tries to find solutions to such problems by starting various non-profit organizations that would solely work for eradicating these problems, which is good. But when carefully looked into, we can see that even though they are working for a cause and they are making a change, the change is not large scale. A large amount of talent is absorbed by these organizations but the progress is slow, so there is no large scale impact. The main reason behind this is the lack of resources. We don’t have money to spend for solving these issues. Where are the resources? How are they created? The answer is business.

     Business creates profit which goes as tax, income and donations. This profit makes the solution self-sustaining. When it comes to creating profit, first we need to break the conventional belief, and start building business focusing on a social problem. When there is a need, a business takes form. This has been happening and is still happening. If we look at the invention of light bulb, Edison had found a solution to a social issue which has now become a large industry. Presently, companies are making money by reducing pollution, safer working environment is reducing accidents which is again a profit, drip irrigation is introduces to reduce wastage of water, companies like CISCO is providing training to increase skilled labour etc. Thus companies should address a social issue which can be presented as a business model which would thus improve the social and economic value and so break the conventional belief.

REFERENCE :

How companies can be a solution for Social Problems. Worldcoo Blog. (2015, July 9). Retrieved April 9, 2022, from https://www.worldcoo.com/blog/en/how-companies-can-be-a-solution-for-social-problems/

How businesses can be good for solving big social issues. Global Citizen. Retrieved April 9, 2022, from https://www.globalcitizen.org/en/content/solving-social-issues-good-business/