Founder and President at Mosaic.Inc.
With small-business bankruptcies, geopolitical instability and rising business credit rates, portioning out hard-earned earnings before interest, taxes, depreciation and amortization (EBITDA) for others is more difficult than ever. With such turmoil in today’s market, philanthropy could naturally take a back seat. But, if you’re an entrepreneur running a startup, I challenge you to rethink your position.
Reflecting on the early years at my company, I’ve witnessed firsthand the transformative power of philanthropy. Here are four reasons I am taking my philosophy for philanthropy into my new venture and why you should, too.
1. It’s the right thing to do.
Make no qualms about the core reason for volunteering; it benefits your community and greater humanity. If everyone took time to put others first, I think the entire human race would be in a much better position in 2023. As an entrepreneur, you understand, perhaps more than anyone, that doing what is right vs. what is easy often conflicts. However, choosing the former benefits you in the long run.
2. You gain perspective and a lasting team bond.
There is just something about setting our routines aside and working toward a common goal for the good of another. The satisfaction that comes from that is unlike anything I have experienced. And when you have that special moment with a colleague, you two have something to share for life. It’s special seeing people from different departments, and different walks of life, come together like a well-oiled machine to make a positive impact on the world around us. As a company, if there’s a way we can facilitate deeper bonding and team dynamics, I strongly believe we should jump on the opportunity.
3. Support is reciprocal.
As startups, we don’t exist in a vacuum. In fact, we’re an integral part of the communities we operate in. Each small business is weaved into the fabric of the community, resulting in an organic connection with the surrounding businesses and consumers. By engaging in corporate giving and supporting things like local education, displaced communities, veterans, healthcare and infrastructure workers, we can create a positive feedback loop. By uplifting our communities, we create a more stable environment for our own growth while fostering goodwill from our neighbors.
Who knows? The child you’re reading to at an afterschool program could end up joining your company in the next 10 years!
4. Small deeds often have big payoffs.
Especially in the early stages of a startup, our resources are often limited, and the temptation to prioritize profit margins over charity can definitely muddy the waters. It may seem like it makes sense to wait until you’re in a stronger financial position to start giving back. But when will you start? I say you can start small, but just start. Planting the seed while you’re still a small team—limited resources and all—means that as your company grows, charity will still remain at the center. Even the smallest donations mean something. And remember, a donation of your time is as impactful as your dollars. Setting aside a day every quarter where the team goes out and gives back to the community is one of the best decisions I ever made and something I think every company should implement.
Success as a startup isn’t just measured by profits and market share; it’s also about the positive change your company creates and the impact it makes on the world it touches. By embracing corporate giving as a foundational aspect of what it means to be a startup, we’re not only uplifting our communities and supporting worthy causes; we’re also taking a stand as a workplace where empathy, teamwork and purpose thrive. As a leader of one of these startups, I’ve seen firsthand the profound impact a single man’s actions can have. Making corporate giving a priority can pave the way for a future where businesses aren’t just economic forces but forces for good, enriching lives and creating a better world.
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