This is an era of startups and millennials. Today’s millennials are passionate about what they do for a living. What they are also concerned about is making a positive impact on the world while making money. When these two things collide, social entrepreneurship is born. When capitalism and do-gooder mentality shake hands, social entrepreneurship takes place.
Social entrepreneurship goes by the motto of ‘do well by doing good’. Many social enterprises which are self-funded for-profit organizations have sprung up lately to tackle the global issues and challenges like removing hunger and poverty, providing affordable healthcare, or improving education. While these social entrepreneurs have an acumen of business, they are also driven by values, transparency, accountability, and empowerment.
What Does Social Entrepreneurship Mean?
In a simple sense, social entrepreneurship means doing business for a social cause. It is when entrepreneurs take a new approach and form start-ups to eradicate community-based problems that have been existing in society for a long time. Social entrepreneurs combine business practices and principles with compassion and passion for bringing a significant change in society.
Why Do We Need Social Entrepreneurship?
Why social entrepreneurship is important because there are not one but multiple answers to the questions.
To bring change: Social entrepreneurs act as an agent of bringing change in the society. They consider social problems as an opportunity and come up with innovative solutions to run them on a large scale for the betterment of humanity.
Reach more people: Since social entrepreneurship is less about minting profits and more about making this world a better place, social entrepreneurship is aimed at reaching people deprived of basic needs and facilities. Aravind Eye Care Center in India is the largest vision service provider in the country. Similarly, mothers2mothers in South Africa is working to reduce the transmission of HIV from mother to baby during labor.
Sustainability: Their sole purpose is not to make profits but also create a sustainable model that is environmentally and ethically viable. They are fighting social stigmas and supporting the global economy at the same time. This is why social entrepreneurship is important.
Purpose: Most of all, it gives social entrepreneurs a purpose in life. Most businesses are set up to make money. Social entrepreneurship gives you an opportunity to do something meaningful and selfless in life.
How To Start Social Entrepreneurship?
If you too want to become a social entrepreneur and create a profitable business that does good to the society, here’s what you need to do:
#1 Choose a social cause: You may not realize but the idea maybe just lying in front of you in the form of a major or minor social concern. You need to ask yourself what inspires you. Someone who cares about the environment could come up with an idea of a recycling business. You can even choose to work on social stigmas like breastfeeding in public. Momzelle is a start-up that makes nursing fashion apparel for women to breastfeed their babies in public.
#2 Do your research: Once you have finalized your cause, get a full grasp on the nature of your endeavor by doing market research and analysis. Going through case studies, industry analysis, viewpoint forums will surely help.
#3 Get a global point of view: Your cause may just be local, but it won’t hurt to look beyond borders. It will give you a better perspective of the situation and how deep the problem lies. Check international websites, blogs, and interviews from foreign countries.
#4 Sort Legalities: before you begin your social venture, check the government policies regarding for-profit and non-profit organizations in your country and then proceed with everything else.
#5 Create a business plan: Define the vision and mission of your social entrepreneurship. Chalk out every detail of how you are going to run your business. From getting funds to hiring people, plan everything to the T.
#6 Get funds: Any venture needs capital and resources to start. Understand the different kinds of financing options available to you. It could either be a private sector financing or non-governmental organization.
#7 Hire people: It is important that the people you hire share your beliefs and values about the social cause you are. Build a team of practical, entrepreneurial, and business skills to serve your organization well.
All set to become a social entrepreneur? May the force be with you!
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