Capitalism Can Be Responsible

By Julie Meyer, Editor, Entrepreneurial Country

The phrase “responsible capitalism” is never going to set the world on fire. Movies will not be made about it, and MBA graduates may sneer. And yet, businesses that are built responsibly, particularly small and medium-sized companies, are destined to succeed.

Against a backdrop of sluggish economic growth on either side of the Atlantic, small businesses and entrepreneurs have created a disproportionate share of new jobs. You would be hard pressed to find bright young sparks under 30 who would not rather work for themselves.

The digital world has enabled authors, artists and kitchen-table entrepreneurs to punch above their weight, and grab a share of revenue in transactions without needing the expensive infrastructure of a big company. Responsible companies are being created by individuals every day of the week.

We have entered the age of the individual capitalist, the natural entrepreneur working hand-in-hand with big business. The UK’s most successful small and medium-sized enterprises are defined by key relationships with large companies that provide access to the mainstream markets.

Ultimately, entrepreneurs have responsibilities – to shareholders, employees and customers – to ensure the integrity of their relationships with their corporate partners.

Accountability happens at the individual level, and the fluid nature of business relationships introduced by the internet enables people to act responsibly more easily than ever before. Today there is no trade-off: doing business responsibly is actually good business.

This article originally appeared in The Financial Times

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