This article has been contributed by Dr. Malini Saba, a businesswoman, psychologist, human and social rights activist, environmentalist, global advocate for women and girls, and founder of the Saba Family Foundation.
Starting a business and dreaming of being your own boss, where no one asks you what you are doing, how you are doing and when you are doing, can seem like an exciting thought for many people, but after becoming an entrepreneur, the journey is filled with highs and lows, failures, questions, stress and feelings of self-doubt. Behind that glittering façade of entrepreneurial success is a less glamorous truth: commitment, accountability to your consumers, employees, partners, etc., thousands of hours of constant work, stress, and no holidays, and that is how sustainable businesses are generally built.
However, one question that often troubles every entrepreneur is, Why and for what purpose am I doing this? Generating profits, being famous and ensuring they and their loved ones can have what they want are the main focuses of every business owner, yet there’s something beyond that, something profound that they ultimately uncover: a mission that transcends profits, a mission that resonates with their spirit, their essence.
What if there is a strategy for impact, growth and personal fulfilment? What if there is something that can create opportunities to strengthen communities, build lasting legacies and even fuel business innovation, something that can help them hold a unique position to give back to their communities and create a ripple effect of positive change all in one? In a world where success is often measured by profits and market share, there is a value, a giving-back strategy known as philanthropy, that offers a refreshing perspective in which success is shared and impactful and gives a sense of personal fulfilment in the true sense to the Individual.
Why Giving Back Feels Risky in the Early Stages
For entrepreneurs just starting out their businesses, the thought of giving back may feel risky, a premium, or a last priority. It can be like diverting funds from essential growth areas like marketing, essential hiring and operations.
Though giving back is a powerful success strategy for any business, as it builds community relationships, enhances brand reputation, attracts and retains top talent, boosts potential for innovation and strategic partnerships and generates positive PR and marketing to boost brand awareness and sales.
Philanthropy – A Business Growth Driver
While there may be a lack of immediate or quantifiable Return on Investment (ROI) for startups struggling to prove their business model, philanthropy offers intangible benefits. Adapting philanthropy as a part of your business model doesn’t have to be about launching a fully-fledged charitable organisation or making a large sum of donations. Focus on starting small, donate time, skills or in-kind services instead of cash to reduce the financial burden.
The key is that actions, no matter how small, send a message to customers, clients, stakeholders, investors, and partners that the business is not just about making money; it’s driven by empathy, love and care for the larger good.
Companies should look at how the mission and the model align and choose the best fit. When businesses start aligning and walking in the footsteps of what they truly believe in, customers notice. People don’t just buy products or services; they buy into the story, the emotions behind the brand. And that emotion becomes a relationship, not just a transaction, and when customers feel emotionally invested, loyalty is born. Loyalty doesn’t come just from providing great products or services; it comes from providing something customers can believe in, relate to and get attached to.
Build A Purpose-Driven Brand
Starting a business that fosters success needs to have a clear mission and vision even before it is started, and every activity that it undertakes needs to focus on its main purpose, i.e., to contribute positively to society and do a larger good.
An entrepreneur, while establishing a business, needs to synchronise a product-market fit with its consumer values, empowering the business to advance by seeking product-market fit and connecting with consumers whose values align with the brand’s mission. This alignment influences brand communication while promoting substantial consumer interaction and ultimately scaling the business by prioritising values and its purpose.
This will involve keeping at the back of its mind the mission of its employees, partners and consumers, who should have a similar life philosophy: doing a larger good.
When a brand’s principles, ideologies and identity relate to those of its customers and its stakeholders, it enhances the emotional bond with the business, and they in turn become the advocates of its philosophies and ideologies.
Establishing connections through contribution
Fundamentally, a business’ core value is to focus on building lasting relationships with stakeholders such as customers, employees, and investors, all while demonstrating a commitment to supporting the community.
By engaging in philanthropy, a business can establish itself as a company that aligns with its customers’ values, boost employee motivation, boost sustainable success and do community building. When a human being feels their work contributes to a larger purpose beyond just profit, they are more motivated and engaged. leading to increased trust and loyalty, and companies with strong values tend to be more resilient, innovative, and sustainable in the long run, attracting investors and partners.
The Investor Thought: Why Business Driven with Purpose Matters
The business landscape is changing day by day, and so are the priorities of people and what they want for the business they are putting money into. The investors are looking beyond financial metrics to understand what drives a company and the impact it is making on the world. They don’t want to relate themselves with a company that is just focused on making a quick profit; they want to see and invest in businesses that will create long-term value for society.
This is where a strong philanthropic commitment, a value of giving, can make all the positive statements. A company that is integrating social impact, the value of giving back, into its core business strategy gives a clear signal to investors that they are more than just profits; they are about creating sustainable, meaningful change, and such businesses are seen as less risky, more innovative, and more likely to generate consistent returns.
In fact, the purpose-driven businesses tend to outperform their competitors in terms of profitability, customer loyalty, and employee retention, and such businesses are aligned with investors’ own values and that are focused on long-term success, not just short-term gains. A business with a genuine commitment to social good has the potential to attract the right kind of investors who see the bigger picture.
Authenticity in Philanthropy: The Secret Sauce of Successful Business
Authenticity is crucial for successful philanthropy in any business; people related to any business should know about things they are related to and need trust and credibility. They want to see if the business stands for what they stand for. Building trust means being open about the good and the bad. Brand authenticity is important for every brand; it’s probably more important for philanthropy in business. It is a foundational element of any business relationship, and strong relationships are critical to any business success. To help meet the revenue needs of a business, it must communicate its purpose transparently and ethically to build credibility and loyalty.
Manav Makhija
Legacy and Its Impact
Strategic philanthropy identifies the areas in greatest need of change and applies resources to address and solve core issues. It transforms giving back into an investment, where each rupee is directed with purpose toward creating lasting improvements. It strengthens systems as a whole, rather than addressing symptoms of issues within systems, so that the impact lasts far beyond. Leaving behind a legacy is not just about accumulating wealth and achievements but having a positive effect on society, helping underprivileged lives, touching lives in a meaningful way and empowering people in a way that their voice is not lost. The focus is to transform the landscape through care, love, and compassion; transform communities; and uplift individuals.
Muskaan Kapoor
