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.

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

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  • Also, we should probably define some of the newer terms when it comes to economic development and entrepreneurship, the first one being that of “social business.”
    Social business is defined as “a kind of business dedicated to solving social, economic, and environmental problems that have long plagued humankind—hunger, homelessness, disease, pollution, ignorance” according to Mohammad Yunus. I would also add healthcare to this list. As a healthcare professional in this era of healthcare reform and educator on entrepreneurship, I became interested in this topic by my students at Butler University along with my own entrepreneurial journey. My students have become more interested in knowing the differences between for profit and not for profit business, and now, with the economic downturn, I think there is opportunity to have hybrid or social business opportunities, particularly in healthcare and life sciences moving forward.
  • This is a visual representation of the triple bottom line—environmental, economic and social implications of a business leading to sustainable, long term development of a business—or said another way, people, planet and profit.
    I had the opportunity to attend training in New York City in August and meet a policy maker from the SEC, who I asked about this notion of the triple bottom line and what businesses are voluntarily doing to note and benchmark their companies relative not only to profit, but to people and place as well. She shared with me that although this notion is still in its infancy and companies haven’t yet found a standardized way to demonstrate and represent their company’s triple bottom line, she has seen an increase in the desire to do so by publicly traded companies. Some literature suggests companies with a focus on all 3 actually are more successful—and more profitable, long term.
    However, this marks the interesting question for investors: what is really valuable both to the company and its investors? Is it purely a profit motive only, or do investors care about people development and the impact a company they are investing in has on the environment?
  • Throughout our fellowship year, we’ve been exploring different entity types relative to formation and entrepreneurship. The most bureaucratic, that of traditional government, and on the opposite side of the spectrum, purely for profit maximizing business.
  • And those business models include the CIC or community interest company, currently available in the UK, the benefit corporation, and the low profit limited liability company.
  • Don’t put all your professional eggs in one basket. The new ‘safe’ is to have multiple careers all at once (Marci Ahlboler’s book)
  • Seth Godin purple cow book – if you’re going to mess with starting a business, it better be a purple cow and unique. State of Indiana is planning on trying to pass a bill that requires pharmacies to record all their drug prices with the board of pharmacy. Is the day coming where prices will be set and standard at EVERY pharmacy? If so, what is YOUR pharmacy going to do to be unique…what will your pharmacy offer as its own purple cow?


  • 1. Entrepreneurship & Intrapreneurship for Social Enterprise Erin Albert, BS, MBA, PharmD, JD Butler University College of Pharmacy & Health Sciences Ethics – Spring, 2014 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.
  • 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.
  • 7. The Intrapreneur’s 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.
  • 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 society’s 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.
  • 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. 2.
  • 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 isn’t 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 Humanity’s Most Pressing Needs. PublicAffairs, 2010; vii.
  • 12. Triple Bottom Line & Sustainability Image: 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!
  • 23. Recent Example of Social Enterprise: The Amazing Adventures of the Princesses from Planet STEM
  • 24. An Example of Social Entrepreneurship in Education: Khan Academy ?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? 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?