Social Enterprise - Pharmacy Ethics

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This is a talk I gave in pharmacy ethics about entrepreneurship and entrepreneurship - particularly in the sphere of social enterprise.

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  • 1. Entrepreneurship & Intrapreneurship for Social Enterprise Erin Albert, BS, MBA, PharmD, JD Butler University College of Pharmacy & Health Sciences Ethics Spring, 2014 ealbert@butler.edu 2.26.14

2. Objectives 1. Define entrepreneurs, intrapreneurs, and social entrepreneurs list similarities and differences 2. List different enterprise models 3. Discuss how mission can come before profit in some social enterprises 4. Discuss why pharmacists might consider entrepreneurship as a career path 5. Explore real-world examples of social enterprises 3. What is an entrepreneur? 4. entrepreneur: a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk. www.dictionary.com 5. What is an intrapreneur? 6. intrapreneur: an employee of a large corporation who is given freedom and financial support to create new products, services, systems, etc., and does not have to follow the corporation's usual routines or protocols. www.dictionary.com 7. The Intrapreneurs 10 Commandments 1. Build your team, intrapreneuring is not a solo activity. 2. Share credit widely. 3. Ask for advice before you ask for resources. 4. Underpromise and overdeliver. 5. Do any job needed to make your dream work, regardless of your job description. 6. Remember: it is easier to ask for forgiveness than permission. 7. Keep the best interests of the company & its customers in mind, esp. when you have to bend the rules. 8. Come to work each day willing to be fired. 9. Be true to your goals, but be realistic about how to achieve them. 10. Honor and educate your sponsors. http://www.pinchot.com/MainPages/BooksArticles/InnovationIntraprenuring/TenCommandments.html 8. Entrepreneur Leadership Innovation Teamwork Sole risk taker Self or VC funded Is her own boss Intrapreneur Leadership Innovation Teamwork Risk shared w org Funded by company Works for the organization Same Different 9. What is a Social Entrepreneur? An Individual with innovative solutions to societys most pressing social problems. They are both visionary and realistic. They present user-friendly, understandable and ethical ideas that engage widespread support in order to maximize the number of citizens that will stand up, seize their idea, and implement it. Entrepreneurs that care about people, planet and profit. https://www.ashoka.org/social_entrepreneur 10. Examples of Historical Social Entrepreneurs Dr. Maria Montessori (Italy) developed Montessori approach to early childhood education1 Florence Nightingale (UK) Founder of modern nursing & started nursing school1 Charles Walgreen, Senior (USA) Founder of Walgreens, he partnered with the University of Chicago to establish the Walgreen Foundation for education.2 1. https://www.ashoka.org/social_entrepreneur 2. http://www.walgreens.com/marketing/about/history/hist5.jsp 11. What is a Social Enterprise? a kind of business dedicated to solving social, economic, and environmental problems that have long plagued humankind hunger, homelessness, disease, pollution, ignorance. 1 Social enterprise isnt driven solely by the profit motive; it has a triple bottom line and/or is a sustainable business model. 1. Yunus, M. Building Social Business: The New Kind of Capitalism that Serves Humanitys Most Pressing Needs. PublicAffairs, 2010; vii. 12. Triple Bottom Line & Sustainability Image: http://www.esru.strath.ac.uk/EandE/Web_sites/99-00/bio_fuel_cells/groupproject/library/sustainableenergy/text.htm People Planet ProfitProfit People 13. New Social Business Models 1. Community Interest Company (CIC) UK 2. Benefit Corporations 3. Low Profit Limited Liability Companies (L3Cs) 14. What does an entrepreneur do? 15. -Mission -Idea development -Has a passion for the idea -Creates a business plan -Executes the business plan and adjusts accordingly 16. What goes into a business plan? 17. Cover page Table of contents Executive summary Company profile (industry profile) Market analysis and strategy Management analysis Operations Financial Projections - balance sheet, income statement, cash flow statement Business Plan Elements 18. Why should a pharmacist consider entrepreneurship? 19. Pharmacy = Business 20. Why should a pharmacist consider social business? 21. Pharmacy = Public Health and Public Health = Social Enterprise 22. Social Businesses with Founders Who Believe in Making a Living but also Making a Difference! http://www.huffingtonpost.com/monika-mitchell/the-5-ps-of-social-entrep_b_4079248.html 23. Recent Example of Social Enterprise: The Amazing Adventures of the Princesses from Planet STEM http://www.kickstarter.com/projects/1820374401/getting-girls-excited-about 24. An Example of Social Entrepreneurship in Education: Khan Academy https://www.youtube.com/watch ?v=G_iDIJdv3Xs 25. One for One Business Model 26. Other Examples of Social Enterprise in the Real World: TOMS Video 27. Are you a potential entrepreneur? http://www.mvp.cfee.org/en/se lfassessisentforme.html Quiz Results 28. Where can I learn more? 29. RX 640 Entrepreneurship in Life Sciences Elective COPHS No tests! Just real life experience Build a business plan, work in teams, and hear from real life entrepreneurs Become an anthropologist of YOU EI201 Real Business Experience - COB Work in teams with COB students, create a business plan, execute in the next semester EI315 Creativity and Innovation* EI325 Social Entrepreneurship* Take A Class at Butler *Prereqs: EI201 and EC231 (Microeconomics) 30. Questions? ealbert@butler.edu

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