Humane, Sustainable, and Harmonious Entrepreneurship: Shifting to a More Holistic Perspective of Entrepreneurship

Humane, Sustainable, and Harmonious Entrepreneurship: Shifting to a More Holistic Perspective of Entrepreneurship

Aug 22, 2021

Humane, Sustainable, and Harmonious Entrepreneurship: Shifting to a More Holistic Perspective of Entrepreneurship

Saturday, August 21, 2021, by Dr. Ayman El Tarabishy

Entrepreneurship can be sorted into various sectors of disciplines, each impacting our lives and the world around us in different ways. Alone, each of these practices possesses the power to make long-term, positive change, both in the corporate world and in our communities. However, we must challenge ourselves to push humane entrepreneurship one step further. By integrating these practices and their ideologies, we gain the ability to improve our society in entirely new ways. Intersectionality is vital to humane entrepreneurship, as we cannot practice human-centered entrepreneurship without also taking action to protect our environment and human rights. While we work to combat global issues such as COVID-19, climate change, and inequity, entrepreneurs exist at the forefront of ensuring the health and wellbeing of our communities. By understanding the interconnectedness of these issues, we can adopt a more holistic view of entrepreneurship and actively improve the world with newfound strength in unity.

One of the main objectives of humane entrepreneurship is to produce engaged employees through High-Performance Work Systems (HPWS), which empowers and enables employees to embrace creativity and take innovative risks. Building upon this framework, Dr. Jeff Hornsby, Director of the Regnier Institute for Entrepreneurship Innovation, argues that integrating HPWS with Entrepreneurial Orientation (EO) can “generate human and social capital and produce an innovative workplace culture based on such elements as enablement, empowerment, equity, and empathy.” In addition, Human Resource Management (HRM) greatly impacts the human and social capital within a firm, which is the primary source of innovation in a humane company; therefore, HPWS, EO, and HRM combined ultimately build the foundation for a successful humane enterprise. The result is engaged employees working towards a better society for a company they believe in.

As the fundamental goal for humane entrepreneurship is prosperity for our companies and communities on a human level, we must also consider the state of the environment in which we are building these enterprises. Particularly in our post-pandemic society, we are now being afforded the unique opportunity to reconsider what kind of cities, jobs, and entrepreneurship we genuinely need. Sustainable entrepreneurship uses the Sustainable Development Goals (SDG) 12 as a concrete guideline for tackling interconnected carbon emission footprints, gender equality, and quality education. To uphold these intentions, Professor Analia Pastran, founder and CEO of Smartly Social Entrepreneurship on the SDGs, asserts that we must boost sustainable options, create effective green agendas for the younger generations, and support legislation to provide entrepreneurs the legal framework to implement SDGs. Analyzing SDG 12 in this way, it becomes clear that humane and sustainable entrepreneurship are inherently connected and must work together to create a healthier society.

Considering entrepreneurship and the environment, we need to consider the effects of corporations and MSMEs alike on our planet and communities. Although entrepreneurship can be a strong tool for creating jobs, wealth, and innovation, it can also contribute to environmental pollution and unsafe work environments. The reason for this lies in leaders valuing profit over people and the planet, which points to the importance of educating entrepreneurs on the triple-bottom line. According to Professor David Kirby, co-founder of Harmonious Entrepreneurship Society (HES), “We were put on this planet to look after it. Therefore, we must take care of the human environment, as well as the physical environment.” From this standpoint of compassion, an evident means of protecting both people and the planet is converging economic, sustainable, humane, and social entrepreneurship underneath the umbrella of harmonious entrepreneurship, which is based on the understanding of the planet as one extensive system with many interconnected subsystems.

This intersectionality in entrepreneurship serves as the key for unlocking solutions to the universal issues facing us. By adopting a more holistic view of entrepreneurship, we conclude that no human issue stands alone. In solving problems like climate change and inequity, and advocating for human rights, integrating different entrepreneurial sectors allows us to stand together, stronger and more capable than ever before.

Watch the session below for more on humane entrepreneurship, SDGs, and the benefits of integrating different entrepreneurial approaches.

Humane Entrepreneurship and MSMEs in a Dynamic World

Humane Entrepreneurship and MSMEs in a Dynamic World

Aug 1, 2021

Humane Entrepreneurship and MSMEs in a Dynamic World

Sunday, August 1, 2021, by Dr. Ayman El Tarabishy

In championing people first, humane entrepreneurship inhabits a unique role in the business world as inherently human-centered. In light of the pandemic, the necessity of humane entrepreneurial practices has become more apparent than ever before. As we contended with COVID-19 head-on, many MSMEs saw governments responding swiftly in support. However, while we seek prosperity in our post-pandemic society, we must ask ourselves three essential questions: Will this government support continue? How can MSMEs recover in the aftermath of COVID-19? Finally, how can we actively support MSMEs, not only from a business standpoint but on a human level? With values of empathy, equity, and environmental protection, humane entrepreneurship provides the answers.

The journey towards humane entrepreneurship was initiated five years ago by Drs. Ayman El Tarabishy, President & CEO, ICSB, and Ki-Chan Kim, Professor of Management at The Catholic University of Korea and former ICSB president. On the opening day of ICSB’s second annual Human Entrepreneurship Conference, Professor Kim presented research that examined how humane companies retain happier employees, customers, and environmentally healthy communities than traditional business models. These “Firms of Endearment” outperformed the overall market by a nine-to-one ratio over ten years in terms of profitability and performance. This is because companies that invest in human capital as the chief source of innovation create High-Performance Work Systems (HPWS). As a result, employees experience elevated levels of engagement and creative empowerment.

Humane entrepreneurship has a simple recipe, wherein each element activates the next: 1) empathy, 2) empowerment, 3) enablement, 4) proactiveness for an opportunity, 5) risk-taking, 6) innovativeness, and 7) performance. Professor Kim argues that the first element of a successful company is a CEO with a clear mission. When a CEO works not only for profit but also for a philosophical goal, they attract like-minded employees who feel inspired to strive for positive change. As stated by author and motivational speaker Simon Sinek, “Humane entrepreneurship is to hire people who believe what you believe.” This shared philosophy in improving society serves as the backbone of any successful enterprise.

Building upon this mission, the CEO must also be empathetic, positive, and considerate. When a CEO opens discussions, encourages involvement, and supports employees in their responsibilities, they create a culture where employees arrive at work engaged both physically and mentally, motivated to accomplish their communal goal. Essentially, integrating these pillars of humane entrepreneurship creates a HPWS that produces engaged employees who are enabled to take innovative, creative risks and achieve higher excellence. Creativity is the key to a successful company and is achieved with the humane entrepreneur’s superpower: empowerment.

Ultimately, we arrive at three factors for a successful company: 1) a visionary CEO, 2) empathy and 3) empowerment and enablement. When entrepreneurs manage their employees’ experience in light of their mission, they directly affect their sales and performance to achieve the best possible outcome for their company, employees, and community. In his presentation, Professor Kim posed this question: “What is an enterprise?” Citing Colin Mayer, the former dean of Said Business School at Oxford University, we understand that “the purpose of a business is not to produce profits” and that an enterprise is “the most productive place to solve problems on the planet.” In essence, a humane company is a place that challenges the corporate status quo, and a humane entrepreneur is a person who takes action to make their vision for a better world a reality.

To learn more about the humane entrepreneurship model, watch the session below.

AACSB and Entrepreneurship: How An Accreditation is Paving a New Path Forward

AACSB and Entrepreneurship: How An Accreditation is Paving a New Path Forward

Apr 30, 2021

AACSB and Entrepreneurship: How An Accreditation is Paving a New Path Forward

By: Dr. Ayman El Tarabishy, President and CEO, ICSB; Deputy Chair, Department of Management, GWSB

Leonardo da Vinci once famously wrote, “To develop a complete mind: Study the science of art; study the art of science. Learn how to see. Realize that everything connects to everything else.” The polymath innovator was able to see in the 16th century what many in the 21st are just now learning: nothing in this world exists in a vacuum. We are all a part of a larger community with a duty to lean on each other in times of need. Where one of us fails, we all fail. Where one of us succeeds, we all succeed. If we want to drive forward progress, we have to all work together towards a common goal.

It is precisely this concept of a common goal and the interconnectedness of everything that led the Association to Advance Collegiate Schools of Business (AACSB) to rethink, reinvent, and redesign their Business Accreditation Standards in 2020. Inspired by the motto to be a force for good in society, the team at AACSB––led by president and CEO Caryn Beck-Dudley––pulled inspiration from the world around them through this process. Amidst the coronavirus pandemic that turned the world as we knew it into something blurred and distorted, there was ample opportunity to construct new standards that would create a more precise, stronger future filled with a new generation of leaders encouraged to be the change they wish to see in the world.

At the 7th Annual California Entrepreneur Educators Conference (CEEC), Beck-Dudley opened the conference on da Vinci’s birthday with a keynote address that laid out exactly how the new standards were devised, signifying a change in how business schools would move into the future. Thinking about everything on a global scale, AACSB has accepted the responsibility of preparing the next generation of leaders to help societies grow around the globe. Whereas the old standards emphasized “hard” skills, including learning theory behind business practices, analyzing case studies, and researching data, the new standards are principles-based and outcomes-focused. In other words, they have been led by the concept of being proactive rather than reactive, finding upstream solutions to address a problem at its source, and pivoting to where a situation warrants through agility.

Keeping in the spirit of lifelong learning, AACSB redesigned the guidelines to let each business school shine in the light of their mission, visions, and values. Beck-Dudley emphasized that they needed to change the perception that the former standards were highly prescriptive. The team tackled this challenge by creating guidelines that empower entrepreneurship educators to have maximum impact on the greater good of society through creative means unique to their available resources. While deviations from the AACSB standards were discouraged in the past, that is not the case anymore. Today, ingenuity and agility are highly encouraged. Essentially, by leading with new guidelines, as opposed to strict standards, the schools have more room for creativity, innovation, and a pioneering spirit in hopes that new generations of entrepreneurs can feel supported as they learn through experience and not through theory alone. With these new standards, business schools will have more creative freedom within their programs, act with integrity based on guidelines rather than strict rules, and see the potential in and encourage entrepreneurial thinking that could change the world.

In addition to sharing the updated guidelines in her keynote, Beck-Dudley emphasized two significant behavioral changes needed for how the universities and their faculty operate. First, tying into the concept of everything in the world is inextricably linked. Business schools need to partner with other departments to solve the issues that lie before them. Suppose everyone stays solely in their respective lanes and forgets to communicate with one another. In that case, we will miss out on the essential collaboration and idea-generating results from considering a wide array of perspectives. Not only is it imperative that we share resources and ideas, but we also need to share our failures so that we can all learn from our mistakes, Beck-Dudley noted.

Furthermore, Beck-Dudley highlighted the importance of the older generations being open to change, as well. She discussed how the younger scholars in entrepreneurship are open to innovation and creative solutions. Still, it can sometimes be difficult for more established professors and researchers to do the same. In her own life, Beck-Dudley had to confront how she was resistant to change, as well. Hence, she empathizes with the reticence even while serving as proof that you can be an expert in your field and not only be open to new ways of thinking but eventually pave the way forward for future generations.

In many ways, the new AACSB Business Accreditation Standards embody the spirit of all that Humane Entrepreneurship represents. By seeing the new generation of business students and future entrepreneurs as whole human beings, by leading with empathy and other “soft” skills, we can change the way the world operates by focusing on the community as a whole. To complement this, Beck-Dudley shared feedback from test schools that first received the new standards. By being caring and genuine, with the best intentions in mind, the schools felt supported and optimistic about their futures, not to mention energized to find solutions to the challenges they faced.

By seeing the value in the entire business program, made up of unique and multifaceted beings with enormous potential, AACSB has demonstrated how important it is to give entrepreneurs the skills they need to flourish and not act as yet another limitation greatness that is human innovation. Meanwhile, the pandemic has proven that everything is connected, more than we ever thought possible before. We need to honor that and move into the future together, developing our business schools and our newest entrepreneurs and leaders accordingly.

After all, Beck-Dudley posed the question in her keynote address, “If we’re not making a positive impact, what are we doing with our time?”

One-Year Remembrance

One-Year Remembrance

Mar 13, 2021

One-Year Remembrance

Saturday March 13, 2021, by Ayman El Tarabishy, President & CEO, ICSB

Dear ICSB Family,

Anniversaries are a moment for self-reflection, for remembrance, and occasionally, a moment for change. Today as we pass the one-year mark of COVID-19 lockdown in the United States and the corresponding global fallout, we believe that this specific moment creates space for us to reflect, to remember, and to change.

At ICSB, we believe strongly in creating a more humane and sustainable world. This past year has shown just how enormous and difficult this task can be. But at the same time, the overwhelming resilience, strength, and love that people have shown as they navigate this enormously traumatic year, has been wondrous and humbling to experience. The spirit of the people is clearly and demonstrably behind these core concepts of human-ness and sustainability, and there seems to be change in the air. So, where do we go from here?

One year ago, the rapidly changing world forced us to reflect on what we believe in and what services and opportunities we offer. Pre-COVID, ICSB worked with more traditional forms of communication, emphasizing in-person conferences. We quickly realized flexibility and adaptability were the two main paths forwards, after we ensured the well-being of our employees and community. Over the past year, we’ve completely re-worked our operations by building out journals and other academic resources, and by prioritizing new digital infrastructure, including social media and a re-designed website. We transitioned away from focusing mainly on in-person collaborative conferences to a more decentralized and accessible approach, which created new and unique opportunities for traditionally marginalized actors to participate and grow within spaces that have traditionally been closed off to them. We look forward to continuing to grow and innovate as we meet and adapt to the challenges ahead.

There would be no opportunity for growth or innovation without you, our family, engaging with and challenging the material and resources we provide. This entire process is a collaborative effort, and we sincerely appreciate the support you have shown us as we iron the details out and begin to solidify a long-term approach towards business education and collaboration. In that spirit, this summer will mark the 2021 ICSB World Congress, where we will focus on and emphasize Humane Entrepreneurship as a foundational part of our future in the business ecosystem. This will mark the first major conference since the beginning of the pandemic and we look forward to incorporating the lessons we have learned throughout this past year, as we begin a new chapter in the fight for a more humane and sustainable world. We look forward to collaborating with you, both this summer and beyond.

In solidarity,
Dr. Ayman El Tarabishy
ICSB President & CEO

Author

”Ayman

”Ayman

”President

Humane Gone Mainstream: The ESG Generation Arrives

Humane Gone Mainstream: The ESG Generation Arrives

Feb 27, 2021

Humane Gone Mainstream: The ESG Generation Arrives

Saturday February 27, 2021, by Ayman El Tarabishy, President & CEO, ICSB

As we think about the coming months and the start of the end of the COVID-19 pandemic, there are important lessons to consider regarding the global economy’s revitalization. This specific period of volatility will subside, but it will be replaced by a permanently shifting economic landscape in the face of climate change. Investors, specifically micro-small and medium-sized enterprises, have weathered the most challenging moments of the past year, but there is minimal safety net left. There will be an ever-increasing need to invest strategically and frugally, with magnified consequences for those who fail to adapt to emerging market trends. Therefore, the most important factors to consider are and will continue to be sustainability and frugal innovation.

How do we incorporate these ideals into the increasingly volatile business ecosystem? Morgan Stanley Investment team addresses this in a recent investment report,

“A holistic approach to sustainability—concerning disruptive change, financial strength, environmental and social externalities, and governance (also referred to as ESG)—helps us identify investment opportunities. The Global Opportunity Team has been investing since 2006 with continual evolution and innovation.”

This focus on ESG shows a significant shift underway that emphasizes human-centered (humane) investment and begins to change the emphasis on business development from quantity to quality. Finding ways to standardize these practices and create opportunities to expand at scale will be crucial in capitalizing on this emerging market.

However, the ongoing change within the business world cannot be confined to strictly environmental factors. We are on the cusp of an era that is pressured by younger generations with radically different ideas about the future than the people who have come before. The emergence of social media and the creation of “going viral” has permanently altered the business world’s fundamentals and how we relate to one another.

The increasingly prominent role that business schools play in university settings reinforces the coming generational shift and thought revolution. The rise of a new age of business ideas and the development of humane and sustainable investment strategies are inextricably bound to the explosion of business schools across the country, and the increasing role business and finance have in popular culture. Business found a way to go mainstream, and we’ve seen the consequences of this unfold, most recently with the Wall Street Bets and the un-traditional exploitation of the stock market by a group of individuals on the internet. The next step is finding ways to use the incredible grassroots energy and exposure to push humane, sustainable business and investment strategies instead of risky short-term stock blitzes. The education sector will have a pivotal role to play in discovering and standardizing methods like ESG.

These factors show that there is a desperate need for a new and innovative way of approaching investments. The individuals and businesses that can take advantage of these innovations will be positioned to succeed despite uncertain times ahead. Growing evidence suggests that ESG factors, when integrated into investment analysis and portfolio construction, offer investors long-term performance advantages. But people must be put in a position to succeed. I believe in creating space for like-minded individuals and businesses to collaborate on mutually beneficial ways of re-creating the business ecosystem in a more just and humane image.

Let us welcome the ESG Generation powered by Humane Entrepreneurship.

I have been anxiously waiting for you.

Quote from: https://www.morganstanley.com/im/publication/insights/investment-insights/ii_esgandthesustainabilityofcompetitiveadvantage_en.pdf

Author

”Ayman

”Ayman

”President

Digital Distinction with Hybrid

Digital Distinction with Hybrid

Feb 20, 2021

Digital Distinction with Hybrid

Saturday February 20, 2021, by Ayman El Tarabishy, President & CEO, ICSB

If you ask the average entrepreneur what lessons or skills they have learned and developed over the past year, there is one answer that comes up again and again—ZOOM (a.k.a. flexibility.) There is no flexibility in the modern business world without a digital presence. The tools exist for small businesses to create an online, global platform that can work towards various societal needs with very few input resources. The future of education is digital and tying your business’s investment in digital presence to skills training or other educational opportunities is a smart, cost-effective way of growing your footprint.

COVID-19 and the resulting changes to the day-to-day operations of millions of people worldwide have accelerated this shift towards digital infrastructure and technological competency.  At ICSB, we believe that this transition to a more global and digitally connected environment provides opportunities for all small and medium-sized enterprises (SMEs) and sustainable entrepreneurs to increase their knowledge and to network through a collection of digital conferences.

We want to emphasize that while the potential value of digital conferences and the broader expansion of technological advancement, we believe that in-person conferences and opportunities to meet and socialize remain the most ideal for a robust exchange of information and perspectives. However, in a world that continually asks us to adapt, we must continue to be ready to do so.

One of the main attractions for a digital conference is location neutrality. Conferences can be hosted from wherever, and it becomes exponentially easier for distant parties to attend events that would ordinarily have been very difficult in regular times. This approach also centers on disabled actors and other parties that require a different set of accommodations. When we say we want to build a more equitable and just world, these are some of the smaller, more complicated things we have to pay attention to.

Additionally, a digital conference’s environmental impact is a fraction of the average ecological costs that come with long-distance travel and other amenities of an in-person function. We must emphasize sustainability and consider expenses that we have historically ignored.

While this age of digital conferences and events is relatively new, there are ways to maximize your event’s effectiveness. As Lawton (2020) writes, some of the key considerations include:

  1. Timetabling of speakers should be optimized to account for the different time-zones in which speakers and participants are located.
  2. Presenters should be taught how to use the software before the conference, including optimizing their environment, lighting, positioning, and digital broadcast clothing.
  3. Audience participation via asking questions and voting in polls is essential to keep the audience engaged and scrutinize presented material.
  4. Technological failures are distracting and time-consuming. There should be a dedicated team assigned to troubleshooting and contingency plans when the issue cannot be resolved.
  5. Decide how recorded content will be made available and whether this will be restricted to registered participants or open to a broader audience.

The details will change according to the specifics of certain events. Still, we believe a foundation that emphasizes preparedness, audience engagement, and technological competency is a definite beginning as we continue to evolve our practices to meet the times’ challenges. Additionally, we believe incorporating these strategies will create a special and unique experience that does not merely look to replicate the features of a traditional, in-person event. Digital conferences and circumstances are individual and offer their own set of pros and cons. We believe we must lean into these challenges if we want to continue to succeed.

Welcome to the ICSB Hybrid World Congress in Paris, July 12-17.

Sources

Lawton, A., Harman, K., & Gupta, A. (2020, July 19). Lessons learnt transitioning to a Digital conference during the COVID-19 pandemic. Retrieved February 14, 2021, from https://adc.bmj.com/content/early/2020/07/19/archdischild-2020-319560

https://icsb.org/toptrends2021/

”Ayman

”President