Entrepreneurs are increasingly espousing the merits of incorporating culturally and socially responsible practices into their overarching approach to business, which has led many to wonder whether this trend is the result of a newfound sense of altruism among entrepreneurs or if it is nothing more than a simple matter of economics. According to Joanne Pellew, an entrepreneur based out of Western Australia, it is instead far more likely that businesses are motivated by the economic benefits as well as the opportunity to give back to members of a supportive local community.
An Important Economic Catalyst
In cities all over the world, whether it is Prague or Perth, an emphasis on the arts and culture serves as a critical economic catalyst that benefits residents as well as members of the local business community. With a thriving arts and culture sector, cities are more likely to attract visitors as well as new residents while also establishing a sense of local identity, all of which is necessary for creating a healthy local economy in which entrepreneurial endeavors enjoy the opportunity to grow and prosper as a result.
As Pellew points out, the fact that the local arts and culture sector plays such an important role in creating a strong local economy is just one of the reasons entrepreneurs are so willing to devote significant resources in support of the arts and culture of the local community.
Engendering Goodwill Among Community Members
A community’s identity and shared values are inexorably tied to its art and its culture, which is why community members are typically so appreciative of efforts to support local artists and preserve elements of local culture. When entrepreneurs successfully engender a sense of goodwill among members of the local community, they are able to enjoy a host of benefits in both the short and long term. The brand becomes an inseparable part of the local community identity and thus has the opportunity to wield its influence in a positive way going forward.
Creating Opportunities and a Shared Sense of Values
Pellew, whose own entrepreneurial endeavor aims to support members of Australia’s indigenous community, also emphasized how entrepreneurs can create new opportunities for members of the local community by promoting and supporting various elements of local arts and culture. An entrepreneurial endeavor can work to preserve local culture by taking steps to educate both residents and visitors on the lesser-known aspects of a community’s history and culture, which also contributes to creating a shared identity as well as a shared sense of community values.