What is Social Entrepreneurship? To put it simply, it is the combination of commerce with social issues. Social entrepreneurs aren’t only concerned with profits, however, success is also defined by how their business improves the world. Unlike non-profit organizations, social entrepreneurship still earns profit, however, the focus is placed on the social or environmental changes made. Entrepreneurs are widely known to be those who have an idea, and use that idea to start a company that generates profit. They are the ones who are responsible for writing a business plan and work tirelessly to scale their company and drive profits for themselves and their investors. However, we live in a startup nation in this day and age. Entrepreneurs have different motivations now for starting a business, similar to how consumers have different motivations to buy.
In the age of heightened competition, social responsibility is a differentiating factor that allows many companies to appeal to specific buyer demographics. Employment rates are climbing and employees have a choice in who they work for. For many, they choose to work for companies with strong missions as well as earning potential. Social enterprises have taken off as a new formula for success, combining capitalism with a do-gooder mentality. These self-funding, for-profit businesses also have a mission to tackle global issues such as alleviating hunger, improving education, and combating climate change.
These are the reasons why social entrepreneurship has become the new business model:
- It connects you to your life purpose
It is about connecting your brand with how it can be used authentically to serve the world. It is not a gimmick or a marketing tool as it should be a genuine mechanism to solve social problems while feeling connected to a higher purpose.
- It keeps you motivated
You need to ask yourself, what keeps you going? At the end of the day, giving back is much more rewarding than any business success. Create pillars and values in your company that would make you motivated to work with incredible people, making great products or services, and benefiting an impactful cause.
- It brings you lasting happiness
Working for a purpose that you have created for yourself and actually making it happen will bring you lasting happiness. Being able to fully succeed in what you’re doing whilst making others happy can be a very rewarding thing. No amount of money can be compared to what you are feeling while making you and others happy. At the same time, it can make you feel more responsible for working hard to build the business so that you can contribute even more. It’s a win-win situation.
- It is what today’s consumers want
Consumers have redefined themselves as citizens of the world. More and more people are interested in products and services that align with their values. Businesses are being built on smarter frameworks revolving around ecological, economic and social sustainability. The most fulfilling goods and services are those that connect us in relevant ways to other people and help us live in concert with our values.
Along with social problems, social entrepreneurship also focuses on environmental problems. Child Rights foundations, plants for treatment of waste products and women empowerment foundations are few examples of social ventures. Social entrepreneurs can be those individuals who are associated with non-profit and non-government organizations that raise funds through community events and activities. The field of social entrepreneurship is rapidly growing and attracting the attention of numerous volunteers. It is a field where extraordinary people put their brilliant ideas into work and bring real change in society.