Red Goat Records and Passion

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From the course by University of Virginia

New Models of Business in Society

547 ratings

University of Virginia

New Models of Business in Society

547 ratings

In this course we will be discussing the emergence of a new story about business. This new story locates business within a societal framework. Almost every business creates or destroys value for customers, suppliers, employees, communities and society, in addition to shareholders and other financiers. A number of new models of business can be built on this idea such as corporate responsibility, philanthropy, shared value and sustainability. Profits and stakeholder value go together, and this course explains how. The final session explores the idea of how to become a stakeholder entrepreneur and create a business that makes money and makes the world a better place.

From the lesson

Becoming a Stakeholder Entrepreneur

We close the course by learning how to become a stakeholder entrepreneur by discussing specific examples. This module concludes with an opportunity for what your next steps might be as a stakeholder entrepreneur.

Social Entrepreneurship to Stakeholder Entrepreneurship 6:01

Husk Power 2:01

Maggie's Ethical Auto Repair 5:28

Red Goat Records and Passion 4:41

Can One Person Make a Difference? 5:54

Summary and Next Steps 3:41

Meet the Instructors

R. Edward Freeman
University Professor; Elis and Signe Olsson Professor of Business Administration
Darden School of Business

One of the things it takes to be a

stakeholder entrepreneur isn't just a life of pain points.

The second thing you can do is think not only

about your pain, but think about the pain of other people.

Go to the web sometime and find some

websites that depict a sort of human misery.

Think through what are the kinds of businesses that might

be available to be started to alleviate some of that suffering.

That's the idea behind stakeholder entrepreneurship, but it isn't just pain.

As you listen to John Mackey and talk about Whole Foods, and

Kip talk about The Container Store, and Blake

Mycoskie talk about Tom's Shoes, and the folks at

Husk Power, one of the things you realize

is that being a stakeholder entrepreneur also requires passion.

You can't solve all those pain points.

And, if you think about it as pain points

in human misery, of course you can't solve them.

But you can find something, that you're passionate about.

It might seem small

on the scale of world hunger, but it's something that you can do.

If you ask most students, do you want to be an entrepreneur?

Do you want to start your own business?

in my experience, 70 to 80% of them raise their hand, yes.

If you ask them, while you're in school, when you

get out of school, are you going to do it?

Most of the hands go down.

You know, maybe they have loans. There are lots of good reasons for people

not to start a business at a particular time,

but sometimes, you know you have to just do it.

There's never going to be a good time.

There's never going to be a time when you've got

too much money, when you have too much capital.

you know, and so sometimes you have to literally just say,

I'm passionate about this, I need to get some experience doing it.

And so I'm

going to let it rip. I'm going to tell you a personal story.

I'm an academic. I never started much in my life.

My son's a musician. And, we had a dream.

We both love rhythm and blues music.

We love the old school music of Motown and Stax Records of the last

[INAUDIBLE]

century.

And we wanted to bring this back to the way people listen to music today.

We've never going to be a good time to do that.

We're both always going to have plenty of other projects to do.

But we decided to do something now to get our boots on the ground, is the

way I like to see, to say it, and figure out how to make this happen.

So we started a company called Red Goat Records.

The point of Red Goat Records, start with purpose, is to bring the creativity and

inspiration of old school rhythm and blues music into the twenty first century.

We have a couple of artist and we're close to having some records done.

But, one of the things we found, is that our

business model, with boots on the ground, had to evolve.

So, over the last two years, we've only started this

for for the last two years, we've added a songwriting

[INAUDIBLE]

business.

None of this matters though, without great music and great songs.

We started yet some external validation, a song writing contest, demo

projects, early releases of some music, but we know it's going to succeed.

We know it's going to succeed, even though

we don't know what form it's going to take.

If you want some time,

go to redgoatrecords.com, you can listen to some of our music.

What's important here is that we just try to do something.

We didn't wait until it all fell into place.

People have said Dr.

Martin Luther King said I had a dream, not I had a plan.

So it's, you don't have to have everything sort of locked up and nailed down before

you start something.

You have a dream, you have an idea and you

go out in the world and you make it happen.

Whether it's a small thing about music or whether it's

a big thing, like giving shoes to poor, to poor people.

What I want you to talk about on the discussion forums.

How do you want to change the world?

What can you do to make it better?

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