Make A Lasting Impact on The World
While the term “making the world a better place” might feel overused and cliche, social entrepreneurs see this mission as the purpose — rather than a convenient side effect — of their business.
Create A More Equitable Working Environment
Social entrepreneurship also lends itself to providing a more diverse, equitable, and inclusive workplace. If a company is devoted to good causes, it is going to attract employees who value diversity and equality.
Motivate Investors to Follow Suit
Investors are increasingly looking at a company's mission and vision, and the world-changing impact it can make, as well as their bottom line. Investors funding purpose-driven social entrepreneurship directly impact the ability to access resources for better problem-solving.
Attract A Broad Audience
Social businesses can have a major impact on a country’s economy, drawing public and political attention to important issues and prompting government policies that open up the gates to general welfare.
Generate Social Value
Social value is the positive impact you see in a society, which can be measured in terms of people and the environment. Socially conscious companies are building their businesses around the problems of marginalized people and finding ways to involve them in the company's success.
How are social entrepreneurs different from non-profit organizations?
Social entrepreneurs are ROI-oriented and stand apart from non-profit organizations. However, the profits funnel back into working towards the social cause.
What are the four types of social entrepreneurship?
The four most common types of social entrepreneurship are:
Community Social Entrepreneurs - deal with the social needs of a community in a small geographical area.
Global Social Entrepreneurs - work to address global social needs. For example, access to education or climate change.
Transformational Social Entrepreneurs - target issues government and traditional businesses are not handling.
Non-profit-Social Entrepreneurs - create problem-solving solutions for society without material benefits.
How can I start my social enterprise?
A clear roadmap to starting your social enterprise is:
Find a cause you’re passionate about
Dig into the cause and create an innovative solution
Devise a solid plan to get funding, build a team, and monetize
Build in public by taking your audience along for the ride as you develop a product or service
Why is social entrepreneurship gaining popularity?
Social entrepreneurship is on the rise because companies want to make a profit while solving social issues. Their goal is to bridge the best of both worlds and create a better reality for us as a collective.
How do social enterprises make money?
Social enterprises make money by selling products or services geared toward an issue they are trying to solve.
How do social entrepreneurs build teams if they don’t have much capital?
Social entrepreneurship gives us the opportunity to make a direct impact on the world. Today, a job is more than the money we make. Social entrepreneurs assure their team can cherish this sense of purpose.