Building a business from scratch is no mean feat. But, if you can club social entrepreneurship impact into your model. Then you have a purpose in life and goals, that when fulfilled. Will affect the quality of life of thousands of individuals. Most social ventures are therefore built-in and around serving the sections of the society. That needs the upliftment more than the fortunate others. The more you can create goods, products, and services. That will cater to the oppressed, the more value you will add to your life.
This is the sole reason for the younger crowd trying to make a positive impact on the world instead of just making money and accumulating wealth. Social enterprises are all about giving back to society to make a difference. According to a recent statistical survey, over 94% of the youth of the world today want to use their skills to improve the prevailing conditions of society.
Industry insider and leading philanthropist Jonah Engler believes that social entrepreneurship is the latest formula for success, especially in the current scenario. The global COVID-19 pandemic has pushed entire nations to the brink of financial collapse due to the disease’s severeness. Social distancing protocols have led to the complete stop of all business, supply lines, and trading.
This is where social enterprises are leading the charge when it comes to business with a “do-good” mentality. These self-funding and non-profit organizations are all about combating the effects of global warming. Poverty and hunger issues, education, and health improvement of the marginalized sections of the society.
So, why does social entrepreneurship work? There are many factors that make this possible. Let us have a look at some of them
Need to find the right purpose in life, says Jonah Engler
Philanthropy has always been about finding the true calling of life and doing good for society. This is where the importance and the core belief of social entrepreneurship stems from. It is all about the social impact through a business model. Here the goal is not to make profits for wealth accumulation, but using the profits constructively. To invest in schemes and services for the upliftment of the less fortunate ones.
Social businesses and philanthropy can make the world a better place, and there are numerous examples of such partnerships all around us. Having a higher purpose allows you to take charge of your life. While creating a platform without using gimmicks and marketing tools.
The right motivation
To most of the young entrepreneurs working for a social cause is all the motivation ever needed. Keep in mind that the goal here is simple. It is always about working with great people, like-minded, and motivated. Making products that benefit people and still working for an impactful cause.
For example, let us take a social enterprise that works with school supplies to benefit the young kids from getting an education in parts of the world where their primary education standards are low. When you are in charge of donating supplies that include stationary, pens, pencils, coloring books and crayons to disadvantaged neighborhoods, is there any greater motivation than being able to do good for the society?
As stated in the previous section, working for society’s benefit is all the motivation you ever need. Now, let us have a look at the holistic benefit of a social entrepreneurship model. Most of these social enterprises are self-funded, crowd-funded, or funded through loans from government agencies specifically designed to help out philanthropic ventures. Social causes can range from improving sanitation, living quarters to drinking water, and education systems.
Healthcare facilities like emergency services are also a part of social endeavors. You can even develop schools and skill-share institutes to build the communities through skills-building lessons so that sustainable sources of income can be established for every household. This is a win-win situation for every aspiring social entrepreneur, as all the steps are in the right direction in pursuit of true happiness.
More on helping others
In the previous section, we discussed skill-building for communities that can help others discover their real purpose and goal in life. Several social enterprises are actively working to build skills within the members of the local community where they are invested. All the talents required for innovating the product, building, and marketing the product along with the salesforce, are within the same demographic. This is the best advantage of a social enterprise model.
These programs are funding the building of parks and other civic amenities while hiring the workforce from within the community, thereby imparting valuable skill training to the marginalized sections of the society. Such ventures have grown manifold, and even global corporation giants are actively taking part in such social enterprises. Keep in mind that such models free up the taxpayers’ money so that they can be better utilized to tackle other issues. All of this makes a community somewhat equitable, along with much more vibrant and accessible.
Giving consumers what they want
Businesses survive through a loyal consumer base, and they are the heart and soul of any concern. Consumers are hyper-aware these days, and they need eco-friendly products. Created in cost-effective ways that are working within a smarter framework of social, economic, and ecological sustainability. This creates the most fulfilling of goods and products that any business venture can offer. This is what social enterprises take into account while creating products and services. As a social enterprise, it is your job to provide consumers. With what they want, and the better you get at it, the more followers you will gain and be a legitimate source of inspiration for upcoming entrepreneurs.
In all fairness during every crisis, economic, health, wars, and famine philanthropists and entrepreneurs. Stood up to take stock of the situation and social enterprises. Allowed to strengthen the root of humankind firmly in place. The times aren’t bleak, and they are fertile for imagination and innovations to lead the way towards a better future.