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- [Instructor] Welcome
back to class, everyone.

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Today, we're going to be
talking about sustainability,

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mission, and vision.

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The agenda for today,

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we'll start with a few announcements.

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Then, I'm going to talk to
you about the Hedgehog Model

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of success, community entrepreneurship,

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sustainability, mission, and vision.

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And this class will start to
prepare you to think about what

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kind of business that
you're going to write

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your marketing plan on and how to begin

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to incorporate principles
of sustainability

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into the marketing plan
and into this business.

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I always like to start with announcements.

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So your first homework,

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which is based largely on this lecture,

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will be due Tuesday, September 8th at 10.

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I also have an academic integrity contract

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that I would like you to sign.

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That will be due Thursday, the 10th at 10,

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and next week's topic will
be situational analysis.

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This will be a two part
lecture and you are required

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to listen to the first part
before class on Tuesday,

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and the second part
before class on Thursday,

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to understand the material and
to be ready to be assessed.

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So, here's homework one.

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So I want you to think about
a business that you would want

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to start and answer these questions.

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I start class with this so
that you sort of know what

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to look for as you are
preparing for your homework.

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And these questions will
make a lot more sense

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at the end of class, once
we've gone all over this.

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So the questions I want you
to answer are what indicators

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of sustainability are most
important to you and why?

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How will your business achieve them?

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And what trade offs might you
need to make to achieve them?

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Here's the due date.

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It will be worth five points.

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Always submit homeworks on Blackboard.

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You will have a homework
due every Tuesday at 10,

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for the most part with rare exceptions.

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And it's always due on Blackboard,
always as a doc or docx.

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Please do not bring me any hard copies,

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do not email me assignments.

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And you can find them by
simply going to Blackboard,

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going to course materials,
and the homework folder.

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Here is how I grade.

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If you do all of these things,
you will earn full points.

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I want to start with a model for success.

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The so-called Hedgehog Model
that Jim Collins developed.

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Now, the reason it's
called a Hedgehog Model

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is because it comes back to,

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I think it's one of Aesop's fables,

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where he talks about the hedgehog
only does one thing well,

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which is ball up with spines out.

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And in spite of the fact that the fox

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does very, very many, one things well,

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this one thing that the hedgehog
does well is so effective

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that the fox is not able
to eat the hedgehog.

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I invite you to watch this video,

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but the bottom line is Collins talks

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about the three keys to
success of an enterprise.

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First is what are you passionate about?

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What do you love doing?

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What feels more like play than work?

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What makes you excited?

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What really is true to your values?

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Because I will say that it's
hard to be great at anything

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that you are not passionate about,

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which leads us to the next step.

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What is something that you are good at?

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What do you do extremely well?

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What do you do hopefully better
than anybody else on earth?

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And finally, what can
drive an economic engine?

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What will create value in
such a way that someone

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will pay you to do it?

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So if you can find,

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if you can imagine this as a Venn diagram,

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where these three circles meet,

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what are you passionate about?

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It's true to your values,
it's what you love,

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with something you do extremely well,

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and something that can
drive an economic engine.

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Finding where these three circles
meet is the key to success

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of any enterprise.

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Since this is a community
entrepreneurship,

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and we are hoping that you will develop

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and work in businesses,

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not only that are personally satisfying

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and earn a profit and are sustainable,

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but we also hope that you will have

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a broader community impact.

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And that's where the circle
all the way on the right

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fits in, that which the world needs.

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And if you can find where
these four circles meet,

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where that green star is,

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this is what this diagram calls purpose.

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And this is what you, can
be your purpose in life.

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You saw this diagram before.

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Again, this is a basic
overview of the course where,

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and you see in the top left
is the passion and ability.

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And next week,

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we're going to be talking about
the other two boxes on top,

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opportunity and external forces,

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which will help you to
design a marketing plan,

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which will then create value,

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which will help you to achieve the mission

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of your organization.

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This class is called Marketing
for Community Entrepreneurs,

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and I wanted to speak a
little bit about my take

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on what is a community entrepreneurship?

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What does a, what is a
community enterprise?

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And I'm going to quote the
chair of our department,

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Dr. Kolodinsky, who says,

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"Community enterprises are those

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who are woven into the,

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into their communities, rather
than those like spaceships

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that plopped down with
shields and armor raised."

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The idea being that these enterprises

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that you will be developing
and writing marketing plans for

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will be a true asset to your
community and will create value

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and benefit alongside of your communities,

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and will not just exploit
them for your own benefit.

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I also encourage you to read my blog post,

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which you can see the URL here,

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which talks more about my own view

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of community entrepreneurship.

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This is a sustainability class.

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So I want you to think about
the concept of sustainability

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and in many ways,

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the gold standards are
the UN's sustainable

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development goals.

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And I'm just going to have
you take a look at these

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and think about how
these will be achieved,

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the benefits that they might bring,

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that this is a very sort
of specific, mapped out,

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sort of roadmap of what we should be doing

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to have a more sustainable
planet and society and economy.

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And as you do this,

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I want you to think about how
can your business contribute

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and how can contributing
this create opportunity?

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How are needs not being met
and how can your business

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or enterprise meet these needs

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in ways that further these goals?

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One model that has broken down these,

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these goals that we saw earlier

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into a somewhat simpler
model is the so-called

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Three Legged Stool
Model of Sustainability.

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And this is, comes from the
world of sustainable agriculture

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and thinking that a stool needs three legs

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and it needs all three legs to be stable,

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otherwise it isn't a stool.

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And so to have sustainability
that you have to have

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the economy, society, and the environment

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sort of working in a concert.

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This is also known as
the three P's of people,

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planet, and profit.

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We think about what makes it sustainable.

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What are the indicators?

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How do, what do we look
for to think about it?

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What is good for the environment?

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What is economically sound
and what is socially just?

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Thinking about each one, so
we start with the environment.

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What can a business do to be

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more environmentally sustainable?

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What can it do to have a beneficial

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or at least less detrimental
impact on the planet?

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And specifically, what are the indicators?

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What would you look for
if you were going to judge

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whether a business is
environmentally sustainable?

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What would you look for?

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What are those indicators?

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How would you know it when you see it?

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How would you measure it?

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And we're going to
brainstorm these in class.

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In the same way, we can think about

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what makes social sustainability.

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And here are a few that
I have been pondering,

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thinking about the
well-being of your employees,

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making charitable donations,

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promoting diversity in the workplace,

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giving employees time to
serve in organizations,

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things like that are some of
the well-known indicators.

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Another indicator that
I think is important

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is do the people who work at a business,

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would they feel like they
could shop there or eat there

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or buy the product?

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Both, can they afford to

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and would they feel welcome there?

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Do they feel like people
like me would feel welcome

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and belong in a business like that,

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to eat there, to shop there,

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to buy those products.

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That's one indicator of
social sustainability.

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And to what extent are the owners,

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managers, and employees
sort of jointly integrated

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into the community?

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What sort of community ties
do they have outside of work?

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Might be another way of thinking about it.

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And last, what are the indicators

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of economic sustainability?

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What can of firm do to create
wealth and value for itself,

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but do so equitably?

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How can it create a shared
and enduring prosperity

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in its community?

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It's certainly important that
a business earn a fair profit

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and earn a fair return to
the entrepreneur's time

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and effort and investment,

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but it's also important
that broader stakeholders

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benefit, as well.

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A few things that I've thought about

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include paying a living
wage to your employees,

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supporting other local
businesses and others.

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And again, we can discuss
this when we do so in class.

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As an economist,

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the idea of a trade-off is
very important in my work,

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that it's very rare that some action

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is unambiguously good and
does not create any sort

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of a negative consequences
for anything else.

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Or another way to think
about it in systems thinking

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is that all the dimensions sort of

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create positive feed lacks
and drive each other,

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that it's much more
likely in the real world

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that by promoting one indicator,

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it might make it a little
harder for another indicator

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to be achieved.

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Like for example, if you
pay a very high wage,

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if you support local businesses,

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if you use very highly
environmentally friendly practices,

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it may be that your costs of production

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will be higher than your competitors,

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which mean that you will
likely have to charge

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a higher price for this good.

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And therefore, this good may not be as,

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as affordable to a
broad base of consumers.

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So by sort of pursuing these economic

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and environmental goals,

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you may have to sacrifice
some of the social ones.

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And again, we're going to be discussing

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more examples of this.

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Another indication of community enterprise

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is how much are you
wanted in your community?

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So many of you may have
heard of the term of a NIMBY,

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a not in my backyard,

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something like something
that is polluting,

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or an eyesore, or otherwise
something that community members

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don't want.

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Like, you know,

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they don't want a toxic waste
dump or a trash incinerator

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right next to their house,

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or right next to a park
where they might hang out.

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That this is a, a NIMBY,
something you don't want

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in my backyard.

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My hope is that your businesses
and that your organizations

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will be a YIMBYs.

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That if you hear that this
business is moving in next door,

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if the place where you want to locate,

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the people there think
this is a wonderful idea.

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It's going to really
enhance our community,

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contribute to our wellbeing,
that this would be a YIMBY,

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a yes in my backyard.

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And again, it is my hope
that the organizations

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and businesses that you
work for and develop

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and do your marketing
plans on will be YIMBYs

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instead of NIMBYs.

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An important way that you can codify

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your sustainability
values and all the values

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that your business or
organization hold dear

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is in the mission and vision statements.

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So a mission statement,
it lie, it outlines,

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what are the primary
objectives for an organization?

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Why does it exist?

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It can be important for an
internal audience in that it

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helps to guide what you
do, and in some cases,

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sort of draw, draw a
box around what you do,

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and there may be certain
activities that are a great idea,

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they're needed, they're important,

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they would benefit, but it's just not you,

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it's just not what you do,

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and hopefully, another
organization will do so.

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They tend to be very clear and succinct

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and tell what you do and for whom.

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This is CDAE's mission,

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that CDAE supports local, sustainable,

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regional, and international communities

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through research, education outreach

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that serve the public interests.

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You can see that this
spells out what we do,

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which is we do this research,
big education outreach,

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why we do it,

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it's to serve the public
interest and to advance

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that the wellbeing and for whom?

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The communities,

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both local to international,
in which we work.

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Another way that you
can codify your values

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is with a vision statement.

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And this says, "If I am successful,

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what will the world look like?

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What is my aspiration?

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What do I hope to accomplish?

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What would the world look
like if we are successful?"

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Two very well known ones
that I'm particularly fond of

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is Martin Luther King's, "I Have a Dream,"

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and John Lennon's, "Imagine."

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Now, I don't know if they
were specifically laid out

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as vision statements,

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but I think they both have very powerful,

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draw a very powerful
picture of what the world

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could look like and what
a better world is like.

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And in my opinion, sadly,

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we have not achieved either one.

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A vision statement should be
short, achievable, measurable,

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it should be bold and daring,

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and it should be logically
linked to the mission,

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the values, and the goals
of the organization.

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So again, by creating a
mission and vision statements,

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it goes a long way toward,
with the mission statement,

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what do we do?

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Who do we do it for?

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Why do we exist?

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And the vision statement,
what do we aspire to?

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What do we hope the world will look like

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if we are successful?

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Here are the key takeaways.

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We talked about community
entrepreneurship,

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sustainable businesses,

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and the mission and vision statements.

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So again, here is your
homework assignment.

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Please answer these questions.

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Here are the details on
when it is due and also,

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I want you to sign an
academic integrity contract,

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which we will also find on
Blackboard under homeworks.

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And I would like you to
do this by September 10th,

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and we'll start class with announcements

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00:22:21,570 --> 00:22:24,839
and go through any questions and answers

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00:22:24,839 --> 00:22:29,839
that you might have on this
material and do some discussion

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00:22:30,538 --> 00:22:35,293
of the content to make sure
that you understand it well.

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Thank you and I look forward
to seeing you virtually

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in class the next time.