Forum Post: Not all MBA’s are evil - please read my attempt at creating the first semi-profit corporation
Posted 2 years ago on Oct. 29, 2011, 7:47 p.m. EST by dopehut
This content is user submitted and not an official statement
My name is Felix Cheung, I am a 25 year old MBA student at San Jose State University. Whether you like it or not, the world will always have businesses and always have corporations. Currently, greed is built into the system. CEOs have a fiduciary duty to make as much money as legally possible. We need to think of a better structure for corporations that doesn’t naturally lead to monopolistic monsters that don’t add anything to society.
I am attempting to create the ideal corporation; a proof of concept. I want this to be a model and possible paradigm shift on the way we think of corporations. This is by no means an answer for the current problems, but I hope my company can push the limits of combining business and philanthropy.
The Business: www.dopehut.com - We sell dope stuff We provide a combined e-commerce and warehousing service for independent clothing brands. Designers send us their products and we store/pack/ship everything. We take a percentage commission off anything sold off our site. This is my 2nd company and a culmination of 4+ years of work http://www.dopehut.com/have-a-brand.html
After some personal life events, I realized I didn’t want to create some corporate monster that taxes designers. It had always been my goal as an entrepreneur to pull a Bill Gates/Buffett; make tons of money and then donate it all towards philantropy. But I realized that this is backwards thinking. If philanthropy is the original purpose of starting a company and making money, why not make it part of the company? The answer is obvious: it isn’t possible.
I am pledging to donate 50% of all annual profits from my company to charity. I am looking to make this permanent and legally binding; even if I am no longer in control of the company. This will require a different structure of corporation not possible in America. The following article suggests a system that gives voting shares to workers.
Giving Board Voting rights to employees may be the best way to structure corporations to have more than a profit incentive. I am looking to the occupy movement to suggests ideas on how I can make my vision possible and ideas to safeguard my company from eventually becoming evil. Please don’t just assume all corporations must be evil and please give practical suggestions on how to create the ideal company. This company is a sole-proprietorship owned by myself, and I am open to trying something crazy.
1) I was doing this before the occupy movement
2) I will continue this project regardless of the occupy movement
3) You might not believe what I am doing is possible, but the beauty of America is that I can try 4) This must not become a method of dodging taxes or proving that the free market solves everything 5) I’m going to need all the help I can get