Do the Right Thing

There are two common stereotypes about how entrepreneurs can make a positive impact on their communities.

Path one: Get obscenely wealthy, then donate your riches to science, the arts, education, or some other philanthropic endeavor in the latter years of your life.

Path two: Start a company with an explicit focus on social impact. Sell some commodities like shoes but donate money for every pair sold.

These can feel inaccessible for most entrepreneurs who are busy enough refining their products, hiring talent, and selling.

Luckily, there’s a third way.

Take the example of Sol Price. After protecting his downside, he started to expand his retail business.

He went to the bank for a commercial loan to continue expanding. When he received the paperwork, he found a stipulation that required Sol’s stores to have segregated bathrooms.

Sol thought that was despicable.

Despite needing the financing to grow, he let the bank know that he would not sign anything with that clause.

The lender backed off and Sol got his way.

No one’s going to name a building after him for doing it. And it’s also not the reason that 99% of his customers shopped at his store.

But, it was his small way to make a positive impact. Go find yours.

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