6 Ways to Profit With a Purpose

1. Start today, no matter what.

The best advice is: start today, start right now! Many business owners think that corporate philanthropy is something that happens down the road. The reality is, anyone can make their company a force for good—whether you’re one person working out of your garage, a well-funded late-stage startup, or an established brand.

2. Do right by your community, even if they don’t buy from you.

3. Realize that doing good is integral to company culture

Social entrepreneurship is based on doing good, but it’s tough to continuously run any charitable effort without some profit. For startups focused on building initial revenue, doing good may seem like a low priority. When I advise founders, I encourage them to take a different perspective.

Doing good is an integral part of building a sustainable company culture. It drives people and keeps them happy and healthy. And if you can build a team that sticks together around these values, you can overcome all your mistakes and hurdles on your startup journey.

4. Think about hybrid business models that do well and do good.

Start thinking about hybrid business models that both profit and solve problems for people and the planet. Surprisingly, you will not only create massive impact but also make more money in the process. We all have a responsibility to the world once our necessities and quality of life are met. No one can do a better job at this than entrepreneurs if they evolve their business models. —Com Mirza, "The $500 Million Man" and CEO of Mirza Holdings; failed in eight companies back to back and today, runs a nine-figure empire with over 600 employees

5. Understand that giving back is profitable.

This all started because we did an in-depth survey about our employee happiness. We found that charitable contributions increased happiness more than pay raises. This drove us to look at our culture and teach happiness. Our internal program, DreamTrust, teaches our employees to live their dreams even if it means helping them quit. So far, we have granted nearly 100 dreams, including refurbishing a house, creating a better marriage, or spending more time with family

6. Focus first on your own company.

You cannot give what you do not have. Those who cannot give need a vehicle to provide them the resources to do so. For business owners, businesses can be a force for good if they truly want to help people. The main reason I started Fairchild was because I had experienced first-hand the life of poverty and the burdens it brought. I wanted to help as many people as possible escape the shackles of financial insecurity.