Speaking at Sunday's commencement for the all-male school in Atlanta -- whose alumni include civil rights icon Martin Luther King -- Obama said members of the Class of 2013 has an obligation to do what they can to lift the entire black community.
"No one expects you to take a vow of poverty," Obama said. "But I will say it betrays a poverty of ambition if all you think about is what goods you can buy instead of what good you can do."
Obama recalled previous generations' struggles for civil rights and economic advancement, and said there were lingering social problems that need solving.
He called the "Morehouse Men" a special asset.
"Ask yourself what broader purpose your business might serve, in putting people to work, or transforming a neighborhood," said Obama. "The most successful CEOs I know didn't start out intent on making money -- rather, they had a vision of how their product or service would change things, and the money followed."