I’m thrilled to announce the release of my new book, Business Beyond Profit: Exploring CSR & ESG. This book is the result of around a year and half of research, conversations with industry experts, and a deep dive into the world of Corporate Social Responsibility and Environmental, Social, and Governance. Business Beyond Profit explores how companies can go beyond financial success to create meaningful, positive impacts on society and the environment. By sharing insights from professionals across various fields, including a Wharton Professor and Dr. Ken Song (the former CEO of RayzeBio - which was acquired by BMS for $4.1 billion), I hope to inspire current and future business leaders to consider how their decisions can drive change. To buy the book on amazon, visit this link (all proceeds will be donated to non-profit Feed the People NYC).
Take a sneak peak at the book below:
Preface
In today's quickly evolving business landscape, companies are no longer evaluated solely on their financial performance. This shift, caused by consumers that are more conscious of the ethical implications of their purchases, has changed their evaluation criteria. Consumers and investors now judge businesses on their social and environmental impacts more than ever, emphasizing the growing importance of CSR and ESG within the business world. Diving into the different aspects of modern commerce, it becomes clear how crucial a role these social concepts play when driving sustainable growth, innovation, and ethical practices. This book, Business Beyond Profit: Exploring CSR and ESG, studies the relevance and future of CSR and ESG across different business fields, illustrating where these concepts are more and less relevant.
Defining CSR & ESG
Corporate Social Responsibility or CSR (a term I will use frequently throughout this book) refers to a company’s efforts to operate in an ethical and socially responsible manner. This business concept presents itself within a wide range of practices. Some of the most common are reducing carbon emissions, improving labor conditions, and engaging in charitable giving. CSR reflects a company's broader
commitment to having a positive impact on society by looking past their profits and considering the well-being of their employees, stakeholders, and environment.
While CSR focuses more on a company's broader social and environmental responsibilities, Environmental, Social, and Governance (ESG) provides a specific framework for evaluating a company's ethical performance and impact. First, the environmental aspect primarily considers sustainability efforts, carbon emissions, and resource conservation. Second, the social aspect concerns how a company treats and affects customers and communities, with a focus on their wellbeing and health. Third, governance relates to leadership, transparency, internal decision-making, and the treatment of their employees. In practice, investors and stakeholders use ESG frameworks and considerations to evaluate a company's long-term sustainability and ethical practices.
Personal Experiences & Motivations
As a young social/ethical entrepreneur (terms we will explore in the first chapter), I have first-hand experience with the power and relevance of CSR and ESG. Throughout my journey, I have realized that integrating social responsibility and ethical practices can often create businesses that are more resilient due to their more purpose-driven nature. My experience co-founding Mnemo, a startup dedicated to helping seniors and those with dementia, has taught me the importance of integrating CSR and ESG from the start, ensuring that my business grows ethically while maintaining financial success. In the first chapter, I will draw from these personal experiences, reflecting on my time within the Social Business Creation Competition and other examples to illustrate where CSR and ESG fit within the world of entrepreneurship.
Through conversations with industry leaders and professors, I have come to the deeper understanding of the intersection between business, CSR, and ESG that generating both economic and social value is key to long-term success. Social impact and profitability are not mutually exclusive. Three key takeaways guide this approach: sustained social impact requires a profitable business model; while creating social impact is essential for business success, CSR and ESG don’t always need to be at the forefront; and a successful social business thrives financially while making the world a better place. This book captures that ethos and provides practical strategies for integrating CSR and ESG into ventures and business practices. We will explore the multifaceted nature of CSR and ESG principles through interviews with experts across various sectors, including entrepreneurship, executive management, operations and middle management, finance, marketing, strategy, human resources, and economics. Each chapter delves into how these principles are applied in these sectors, with the goal of providing a comprehensive understanding of how CSR and ESG are influencing modern business practices while identifying both the challenges and opportunities that companies face in implementing these principles.
Entrepreneurship
The entrepreneurship chapter showcases how startups like my own - Mnemo - strive to balance profitability with social impact by integrating CSR into their business models from the start. In doing so, we demonstrate that financial success and social responsibility are not mutually exclusive and provide insights on how new ventures can embed these principles from inception.
Executive & Senior Leadership
The executive leadership and senior management section explores how CEOs and senior leaders set the tone for CSR and ESG initiatives within their organizations. Through interviews with Ken Song, CEO of RayzeBio, and Ambra Roth, Senior VP at MACOM, the chapter highlights how personal value and strategic decision-making drive the integration of CSR into company culture. Dr. Song’s leadership at RayzeBio emphasizes how in certain industries, like biotech/healthcare, companies' financial success rely on the scope of their social impact. While the effectiveness and distribution of RayzeBio’s health/tech solutions inherently benefits society, Dr. Song additionally integrates more grassroots initiatives that allow him and his team to make a tangible change within their communities (e.g. volunteer events with Feeding America). In addition, Ms. Roth discusses the importance of setting clear CSR and ESG goals to guide governance and sustainability efforts. Both leaders demonstrate that ethical leadership, strategic resource allocation, and cultivating a culture of responsibility are crucial for integrating CSR into business operations, with the end goal of creating long-term financial success while contributing positively to society.
Operations & Middle Management
In chapter three, we explore operations and middle management, finding the balance between cost-efficiency and ethical practices, and diving into how effective middle-management achieves this balance. While larger corporations often prioritize cost reduction, companies like IKEA demonstrate successful CSR integration in operations. Middle management is crucial in translating these high-level CSR goals into actionable strategies within daily operations and supply chains. Although not universally prioritized, CSR's importance in operations is growing, requiring middle-management to integrate and implement more socially oriented initiatives.
Finance
Moving away from operations and towards numbers, chapter four, investigates how CSR and ESG principles are increasingly influencing investment strategies and finance as a whole, especially in the growing field of sustainable investing. We will explore how individual morals and the rise of ESG-focused investors are shifting the priorities of investment banks and private equity firms. The chapter also discusses how sectors like clean tech offer competitive returns while adhering to sustainable principles.
Marketing & Branding
In marketing, we define CSR as a central part of brand strategy, especially as consumers look for greater transparency and ethical business practices. We also examine how companies like Patagonia and Apple have successfully incorporated CSR into their brand identities, building stronger customer loyalty and trust. This section emphasizes the importance of authenticity in CSR-driven marketing campaigns and warns of the reputational risks of greenwashing.
Strategy
Transitioning from marketing, chapter six dives into how aligning CSR with core business strategies lead to long-term sustainability and success. I go over a variety of the most practiced strategic frameworks that help organizations embed CSR and ESG into their business operations and growth plans, demonstrating that strategy is at the center of creating value for shareholders, stakeholders, and society alike
Human Resources
The human resources chapter focuses on CSR, particularly through Diversity, Equity, and Inclusion (DEI) initiatives, as essential for attracting and retaining top talent. We explore how CSR-driven HR strategies not only enhance employee engagement but also create a positive and productive organizational culture. The governance aspect of ESG frameworks ensures that inclusivity, fair labor practices, and employee well-being are embedded into company policies.
Economics: Micro & Macro
Finally, in the economics chapter, we examine CSR's role at both micro and macro levels, exploring its impact on company profitability, international trade, and global economic policies. We discuss how CSR influences consumer behavior and shapes governmental regulations promoting ethical practices across economies.
Purpose & Focus
By exploring the role of CSR and ESG within different business fields through interviews and analysis, Business Beyond Profit studies how and where these principles can be effectively implemented, aiming to prove that ethical business practices can simultaneously create positive social impact and foster long-term financial success.
Sources of Insight
Without the cooperation and insight provided by the eight individuals I interviewed, this book would not have been possible. Their expertise and experiences in various sectors - from executive leadership to economics - provided invaluable insights into the practical applications of CSR and ESG. Their willingness to share their knowledge made it possible to explore these principles across different business fields, contributing significantly to the quality and relevance of this work. Thank you to the following individuals for their contributions and insights: Dr. Ken Song, Ambra Roth, Gopal Tampi, Professor Joao Gomes, Victoria McMullen, Kyung Pak, Professor Joshua Abel, and Professor Tanseli Savaser.
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