My Cart

Close
10 Principles of a Social Business

The 10 Principles of a Social Business


What is a social business? What does it mean? Is it possible to pursue profits and at the same time have a social impact? The following 10 principles of a social business answer these questions you may have.

 

What is a Social Business

It is designed to address a social problem, yet is self-sustainable. Oftentimes the profits are reinvested into the company itself to further its reach. Make better products or offering better services is still part of a social business work.

The social mission is still the utmost priority and not maximizing profits. However profits are still necessary to keep the business running. And business owners do not receive any dividend.

 

Making Panaprium a Social Business

Panaprium aim to be one of the many social businesses that already exist. We plan to participate in the following social organizations:

Fair Labor Association,

Sustainable Apparel Coalition,

Social Entrepreneurship Network Germany.

We think the products we buy do have to come at the expense of workers' rights. All goods should be made fairly and ethically. We want to successfully establish ourselves on the market as a socially responsible company.

We will work with universities, civil society organizations and other companies to find sustainable solutions to the negative impact of the fashion industry on the environment. We are committed to making changes. We drive the social and ecological improvements that the industry needs to become sustainable.

Panaprium aims to put in place business solutions and systems to make a positive impact on the world. We are still a for-profit company, but we make money to solve social problems.

 

The 10 Principles of a Social Business

Here are the 10 principles of a social business:

A social business work is beneficial to the community and is guided by for example sustainable development goals.

The profits of a social business are mainly used to amplify its influence and the reach of its social mission.

It is indeed a real business, generating at least half of its income from its own activities and not through state or government subsidies.

A social business does not have any limitation in the selection of its form or structure.

It work toward make itself unnecessary.

Employees in a social business influence and participate openly to the decision making process.

It operates its activities in a fair and cooperative way for its employees, partners, competition and customers.

A social business works toward making its effect far-reaching and known as much as possible.

It is in constant pursuit of its goals in an innovative and sustainable way.

It offers products or services in a free market.




About the Author: Alex Assoune

Alex Assoune Alex Assoune (MS) is a global health and environmental advocate. He founded Panaprium to inspire others with conscious living, ethical, and sustainable fashion. Alex has worked in many countries to address social and environmental issues. He speaks four languages and holds two Master of Science degrees in Engineering from SIGMA and IFPEN schools.


Share


More, More, More


Related Articles

green fashion

EU Green Recovery Plan in the Textile, Apparel, and Footwear Industry

The Policy Hub just published a proposal to lead the apparel and footwear industry towards a green recovery post-COVID-19 crisis. Titled "Proposal for an EU Green Recovery Plan in the... Read More

What Are The Most Eco-Friendly Textiles For Clothing

Eco-friendly fashion is much more than a trend. It's a revolution. The sustainable fashion movement is growing and one of the largest force driving changes in the textile and apparel... Read More
What Are The Most Eco-Friendly Textiles For Clothing
ethical fashion podcast

Ethical Fashion Podcast by the Ethical Fashion Initiative

The Ethical Fashion Initiative (EFI) is launching a brand new podcast on sustainability in the fashion industry. Called “Ethical Fashion”, it aims to demonstrate how fashion can be a force... Read More

How Long Does Rayon Take to Biodegrade

Rayon is one of the most common fabrics used in the fashion world, alongside cotton and polyester. It's a semi-synthetic fabric or man-made cellulosic fiber. There are many different types... Read More
rayon pollution waste landfill
hong kong

Redress Gets New Headquarters in Hong Kong

Environmental NGO Redress working to reduce waste in the fashion industry just moved into a new headquarter in Sham Shui Po, Hong Kong. Sham Shui Po is an area of... Read More

How to Tell if Clothes Are Cheaply Made or High-Quality

The rise of fast fashion over the last 20 years made us consumers consider clothing as disposable commodities. The overproduction and overconsumption of cheaply made clothes create massive amounts of... Read More
cheap clothes
new york

NYFW Fashinnovation Talks About Sustainable Fashion

The 5th edition of NYFW Fashinnovation Talks will take place 100% online on September 10th, 2020. The event showcases industry leaders from all around the world discussing sustainable fashion. Fashion... Read More

Ethical Fashion Market Reaches USD 8.25 Billion in 2023

The global ethical fashion market is expected to reach USD 8.25 Billion by 2023 at a compound annual growth rate (CAGR) of 10.33%, according to the recent report from The... Read More
ethical dress
fashion white top

Sustainable Fashion Helps Against Racism

Fighting for more sustainability in the fashion industry also contributes to overcoming racism. Sustainable fashion also includes social sustainability, the concept behind social equality, responsibility, and justice. Fashion brands and... Read More

Fashion Cannot Survive Without Sustainability Post-COVID-19

Due to the coronavirus pandemic and subsequent lockdowns, the global fashion industry is sinking. Sustainability is now more important than ever for fashion to stay relevant after the COVID-19 crisis.... Read More
sustainable fashion

0 comments

Leave a comment

All blog comments are checked prior to publishing