B a B-Corp: Examining The Benefits of Benefit Corporations

On Thursday October 11, 2018, Millersville University’s Entrepreneurship Office held an engaging event about the evolution of B-Corps. This panel discussion consisted of local Lancaster entrepreneurs who shared their experiences with students and testimonials of the process in becoming B-Corps.

So what exactly is a B-Corp anyways? Most use the terms B-Corp and benefit corporation interchangeably to describe this new type of business. a benefit corporation is a type of for-profit corporate entity that includes positive impact on society, workers, the community and the environment in addition to profit as its legally defined goals. This is only authorized by 33 states in the U.S. and the District of Columbia.

Owners of B-Corps have aspirations for their business much like that of nonprofits; however, this type of business is still able to make a profit as its primary goal. These types of entrepreneurs are referred to as social entrepreneurs. Simply put, social entrepreneurs care about the impact they have socially. As a result, giving back is built into core business values. Social entrepreneurs establish enterprises with the aim f solving problems and/or in an attempt to effect social change.

This ideal is referred to as the triple bottom line. In essence, this looks at the three components b-corps are built on. This consists of people, planet, and profit. People are the priority, as it is important to be dedicated to service and give back in some way or another. Looking at the planet aspect, this is a means of holding business owners responsible for keeping the environment from harm. This means building a business that uses the most environmentally sound products and methods. Lastly, the profit component. Of course it is nice to think a business can be built solely on giving back and thinking of innovative ways to impact those around you and the planet we live on; however, this is not realistic without making a profit. With B-Corps it is possible to give back all while setting clear budgeting goals. It is a matter of figuring out how to stay true to both to ensure there is a bottom line being met at the end of the year.

Overall, this panel was extremely interactive and informative. This allowed students aspiring to achieve their entrepreneurial endeavors, the opportunity to see a better way of doing so. Panelists shared it is much easier to start your business knowing you would like to be a B-Corp, rather than discovering it down the line once you are already in business and having to get certified.

For more information on B-Corps or to see how to become a benefit corporation, visit https://bcorporation.net/certification. Change the way you do business, while changing what your business does for people and the planet,