It’s possible to create a change in the world by running a business as a social entrepreneur. By becoming one, you work to make an impact on our society, and it has many advantages.
But first, let us begin by understanding what exactly social entrepreneurship entails.
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What is Social Entrepreneurship?
The main focus of a social enterprise is social change and solving social or environmental problems by using business and creative skills.
Social entrepreneurs help social causes such as the environment, children’s rights, women’s empowerment, animal welfare, and so on. It can target a specific group with similar characteristics or a geographic area.
Your audience will be people interested in helping that cause or that are part of that vulnerable group. In conclusion, as a social entrepreneur, you will be someone who wants to make the world a better place through the means of your business.
In a Nutshell …
As a social entrepreneur, you will need to strike a balance between changing the world through the social cause you have chosen. So note that in pursuit of that, you don’t have to sacrifice your profits.
Profits are critical for the functioning of any kind of business – be it a traditional or social enterprise. However, the difference between social enterprise and traditional business is that the profits will be used to support the cause and maintain the business.
What Are the Advantages of Becoming a Social Entrepreneur?
Let us break down the advantages into 3 main categories:
- Have a Positive Impact on Society
Besides knowing you are creating value for society and following your passion as a social entrepreneur, there are many advantages to becoming one:
- You will help communities improve their quality of life. When you give solutions to specific problems, you are making a big change. It will bring positive results in the long term.
- You will aid the economy by generating jobs and income. That, by itself, is a positive change for society too.
- Depending on the cause, your business could provide employment opportunities that help meet the needs of people who live in poverty.
- Your product or service will fill a certain need, unlike other businesses that sell luxury goods, so people need your product or service.
- Governmental Incentives
Tax incentives and government support are crucial in the early stages of social enterprises. These incentives depend on the area you are in, as they can take many forms and offer very different things.
Make sure to research the different types of policies your country offers.
Moreover, if people are passionate enough about your cause, they will want to join and help raise funds.
- Even when the company is just starting, and the income is not that high, your employees will be more eager to take part. As such, it is easier to find volunteers who are passionate about your project who can get everything up and running with you.
- Gaining support from your audience and raising capital will be easier too. Going beyond traditional investors and sponsorships, you can use crowdfunding platforms such as Indiegogo, Kickstarter and UpEffect.
- Easier Marketing and Promotions
Talking passionately about a social or environmental cause piques the audience’s interest. It is especially true if it’s something that directly affects or appeals to emotions.
Social media is a great medium to introduce your business and social cause to a global audience. It gives you an audience base who have the same interest in wanting to support you in creating that social change.
Becoming a Successful Social Entrepreneur
There are, of course, several ways to become successful, but when it comes to social entrepreneurship, the essential part is to surround yourself with like-minded people.
- They should be open-minded, passionate, creative, and most importantly, on the same wavelength as you. Create a diverse group of people that are working together for a common goal.
- You can also improve the business by brainstorming innovative ideas on how to further create impact.
- Make a plan of action: Decide what exactly you want to change, or what social cause you are going to promote as a motto for your business. It is essential to know where you are going and what your aims are at an organisational level.
- Identify a business model that incorporates your goals of making progress with your selected cause, while also generating profit. This way, your business is not only meaningful, but also successful long term.
The way to become a social entrepreneur is not much different from that of a traditional entrepreneur. But you need to find out what type of social entrepreneur style and characteristics are most effective for you and your goals.
You need to research your market, have a clear purpose, work on your business plan, choose a business model that suits you, and if you are offering a product or service, you have to make sure it solves a problem or innovatively meets needs.
As a social entrepreneur, you will have many advantages over traditional businesses, especially the support of audiences interested in your chosen case. But perhaps, most importantly, you will be following your passion and creating a positive impact on society.