Starting your own business is an exciting venture. Actually surviving as a small business is monumental – only 10 percent of entrepreneurs can actually say they have done this successfully. One would think that once these two accomplishments have been achieved that an entrepreneur would be satisfied, looking to the future to see the continued growth of their business.
For some entrepreneurs, these feats are simply not enough to keep them satisfied. While they are actively involved in growing their business, anticipating all of the milestones that lie ahead, they want to do more with their business than the typical entrepreneur. The business owners who possess this mentality are responsible for inspiring social entrepreneurship. They believe they have a social responsibility to give back to their community, so they use their business to develop and financially support solutions that address social, cultural, and environmental concerns on both a local and global level.
Social Entrepreneurship In The Workplace
When thinking about social entrepreneurship, you should be able to develop a lengthy mental list of all the businesses who have made it their mission to dedicate their time, energy, and funds to make a difference in the world. The most notorious company in the social entrepreneurial realm is perhaps TOMS shoes, known for their policy of donating one pair of shoes to a person in need for every pair purchased online. Warby Parker follows the exact same mission statement, but instead of shoes, they sell and donate glasses to people in need.
What are the benefits of social entrepreneurship?
The main benefit of social entrepreneurship is to know that you are responsible for bettering the lives of people who are in desperate need of commodities that are so readily available to us. However, in addition to these feelings of good will, there are a few other ways that social entrepreneurship can positively impact your small business:
Social companies often have an easier time acquiring funding for their ventures. Due to the nature of the company, there are also incentives put in place to help support social entrepreneurs through the government and other various organizations.
Marketing products or services.
Being a socially responsible business is extremely valuable in the eyes of consumers. People are more prone to support a company if they know they are also helping to support a meaningful cause.
Not only will your consumers support your efforts, being actively engaged in helping to bring about change, but other companies that fall within this group are more likely to lend their support in advocating for your company’s mission.
If you have ever considered becoming a social entrepreneur or want to incorporate this practice into your current business model, do some research into how you can be an entrepreneur who puts the needs of others at the forefront of their mission.