The difference only in the ethic and the purpose and the degree in frankness and integrity in achieving the targeted goals
Thorsteinn, I agree. When it comes to business, what business really has any sense of social responsibility? What seems to guide our principles in our society is the bottom line,
Right, Bert. In fact I believe all talk about businesses being responsible is meaningless. A business is not a moral person. The people running it are, however, and of course we can require them to behave morally. Still, in the end, survival is always the ultimate end of the organization, thus, the bottom line rules.
Thorstein, Yes business is not a charity. And the movie Wolf on Wall Street was not based on fiction. And CEOs claim that they are legally bound to work for the best interest of the company, not the employees. Bottom line does not only rule, it is King.
In fact I think before people start talking about social responsibilities of businesses they should read Friedman's article "The Social Responsibilty of Business is to Increase Its Profits". They may disagree with him, but this is where the discussion must start.
Let us keep in mind that the movie Wolf on Wall Street was not based on fiction. For too many social responsibility is a practice if it is convenient for them. And when it's inconvenient it is quickly forgotten for the sake of profit and the bottom line.
Thanks every body for contributing! I'll be back to you individually to reply every comment. Meanwhile I'd like to disclose my perception on the issue. I'd appreciate your contribution to correct myself.
I think every legitimate profit making business is a socially responsible business (motivation is profit maximization through efficiency, opportunity and knowledge) and a social business is adding value to society with a certain mission of social well-being. Social business concept of Dr. Yunus is some what illusionary, his concept is converting a social problem into a profitable business! I appreciate. But when he says, 'Don't take any profit from your business, reinvest it to expand' I'm afraid of thinking its succession process and second generation continuity because human being are uniquely sensitive to social causes.
Anjan Kumar Bhattacharjee
The intervening word "Responsible" explains everything. In business, Social Responsibility comes from collective Ethics of the management. It is subjective for an entity, hence not very frequent.
I believe the difference is this: A 'social' business is one that is superficial; whereas, a 'socially responsible' business is one that wants to increase the bottom line, yet it's focus is on the greater good.
Kalyan C Kota
Social business is making money out of economic imbalances in the society and socially responsible business is a claim of adherence to social responsibility by every business.
A socially responsible business is based on the idea that companies should embrace its social responsibilities and not be solely focused on maximizing profits. Social responsibility entails developing businesses with a positive relationship to the society which they operate in.http://www.investopedia.com/terms/s/socialresponsibility.asp
First of all, is there such a thing as social business? There is such a thing as social responsibility in business which should be practiced to a greater extent. But what company is involved in social business? Social workers?
A potential alternative definition that isn't really aligned with the thread, but provides a description. 'Sccial business' is an organization’s use of any or all of the following elements:
Consumer-based social media and networks (for example, blogs, Twitter, Facebook, Google+, YouTube, Slide-Share)
Technology-based, internally developed social networks (such as GE’s Colab or the Cisco Learning Network)
Social software for enterprise use, whether created by third parties (for example, Chatter, Jive or Yammer) or developed in-house
Data derived from social media and technologies (such as crowdsourcing or marketing intelligence).
Paul F. Billington
CRP (Corporate Social Responsibility) is concerning the ( non-financial ) equity that non-financial stakeholders have in relationship to profit making organisations. The idea being that these organisation behave responsibly to these stakeholders, e.g. they avoid highly disruptive closures, pollute the local environment, look at the environmental cost of their products full life-cycle, i.e. up to its disposal.
I always considered "Social Business" as businesses to focus on aiding social issues. For example, micro-lending.
Thanks everybody for your participation and contribution to make this discussion so nice and informative. I'm grateful to all for being with me!