In the business world, it’s normal for most entrepreneurs to go after huge sales and financial freedom. After all, they build their businesses to earn money, don’t they? However, there’s a growing minority of business people out there who are pursuing their passion while trying to make a positive social impact on the world. They are social entrepreneurs, or sometimes called visionaries by some.
Driven by the mission to create a positive change in society, people who venture social entrepreneurship help resolve issues such as environmental threats, unemployment, declining political systems, and inadequate health facilities. Resolving these issues is done through changing people’s mindsets and working systems. Instead of measuring their success by profits made, social enterprises are motivated by the impact made. Read on to learn more about social entrepreneurship and why you should go for this business paradigm.
Respond to customers’ needs
There’s no question that most people are only focused on getting quality services. They want the best wellness spa service for their relaxation, quality window tinting for their new car, the fastest apps for their phone—all kinds of things. But some also take sustainability awareness seriously. A part of the market today is spending money on ethical products or services on top of their personal purchases. This trend for ethical and eco-friendly products eliminates the uncertainty regarding the lack of opportunities in social entrepreneurship.
Get more attention from investors
In the past, non-profit organizations are the only enterprises that create a positive change in society. Today, even for-profit businesses are doing the same, and they are garnering investors into their companies too. A traditional portfolio does not appeal to investors anymore. Many of them are focused on investing in sustainable projects that aim to create a lasting and great impact on society and the government.
In fact, many economies today are promoting the importance of sustainable investing through cultural shirts and adapting new regulations like the Energy Transition Act. While sustainable investing is still in the development stage, it is expected to continue growing as more individuals become aware of the issues around the globe.
Create relationships beyond the economic purpose
Exploiting new market opportunities becomes more convenient with social entrepreneurship. But the best thing that comes with that is you get to build strong relationships between people in economic and social networks along the way. Compared to traditional business connections and opportunities, social entrepreneurship advocates emotional support to both entrepreneurs and other individuals. Most social enterprises provide valuable resources and information to their community to help in its economic and social growth. Others go for fair trades and different humanitarian initiatives to help build more networking opportunities.
Connects you to a better purpose and passion
Many believe that creating a positive social impact and pursuing an entrepreneurial passion cannot work together. But this is made possible by social entrepreneurship. In this business model, entrepreneurs can run their for-profit businesses and help create a better society and more sustainable environment. Working with a purpose and desire makes social enterprises thrive in this modern industry.
On the side of the workers, this provides them with a better sense of priority. Or, in other words, allow them to work with purpose too. Today, you can tackle a social problem while surviving economically. Social enterprises are dedicated to creating world-changing solutions whenever needed. It’s more than just an economic responsibility. By using your entrepreneurial passion for a social mission, you are pretty much helping to make the world a better place to live in.
Establish a satisfying work environment
One of the best things about social entrepreneurship is that you are functioning for a social purpose. For instance, you can opt for an organization model that promotes self-management for the workers. This social entrepreneurship venture is attractive for many young people who love the kind of practices that many teal organizations promote. In specific, these include encouraging employees to work more flexibly and actively contribute to decision-making. Basically, incorporating participatory management in your social enterprise can help you create a satisfying workplace for employees who avoid top-down and hierarchical structures.
It’s a pleasure to see an increasing number of organizations becoming more conscious about their social and environmental impact. With a revolution like social entrepreneurship, businesses are no longer evaluated for the quality of products they offer or their financial performance. Instead, they are assessed by their social impact. It’s necessary to note that there’s also a growing number of conscious consumers. And if you want to appeal to this new market, going for social entrepreneurship is a great way to scale your business.