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Social entrepreneurs are individuals who seek to bring about innovative changes in society through new business opportunities. Usually, they work to eliminate societal problems to meet their enterprise goals. While traditional entrepreneurs might only be interested in profits, social enterprises work as non-profit organizations. However, profits might also be one of the key goals for social entrepreneurs. The key difference is the emphasis on doing something good for society. In this post, we will learn how social entrepreneurs can start their own social enterprises.
Social Entrepreneurs Impact
Social entrepreneurs can work towards different goals to bring about positive changes in the society. From philanthropy and social activism to environmentalism, social entrepreneurs can assume different roles. For example, some social entrepreneurs work with deprived communities around the world, to make it a happier place. When individuals implement innovative strategies to serve their purpose for society, they are also called social innovators. Social entrepreneurs put the most emphasis on optimizing the use of social capital. Although, profit gains are only a means for social impact.
For entrepreneurs looking to do something good for the society, social entrepreneurship could be the right path for you. Even though the United States economy is well developed, there will always be financial and social disequilibrium at home or around the world. Social entrepreneurs can work towards bridging this gap while earning profits. Not only is this business structure viable, but also highly personally rewarding.
Know Your Specialization
If you want to become a social entrepreneur, you need to know what issue you care about the most. Do this the same way you would identify a specialization for starting your own for-profit business. Only this time, focus on the issue that you believe to be of the utmost priority for improving society at large. You need to believe in the importance of your own cause. Otherwise, how will you get others to see the importance of that issue if you yourself cannot communicate it to them? This will be the defining element when starting a career as a social entrepreneur.
Social Entrepreneurship Business
To be a successful social entrepreneur, there are many aspects of running the business. Social entrepreneurship is much like any other businesses, at least as far as the operations are concerned. You may not be interested in the latest in predictive analytics, but in order to start with a good business model, it is important to consider a strong purpose. Social causes can solve a variety of problems. From poverty and hunger, to environmental damages and financial instability, the world could use help in many different ways. For a successful social enterprise, entrepreneurs should consider the one that excites them most. This would help in keeping the business going and motivate others to get involved.
Financing Issue
Of course, for any business to run smoothly, financing is required. Since these social enterprises are mostly non profit, financing can be a major issue. To secure funding for the social start up, entrepreneurs often develop partnerships with corporate firms. However, the partnership should be done tactically because the partner should align with the values of the social enterprise. For example, it would not be advisable to partner with a leather company if you are starting an animal rights social enterprise. It is also important to learn the art of negotiation, to secure as much funding possible for your organization. In contrast, social entrepreneurs who find the right partners can fund an inspiring business.
Leading A Great Team
Additionally, a great team is the backbone of a successful business. Certainly, for social enterprises, strong willed and motivated team members would be instrumental to make the most change. However, it is up to the social entrepreneur to keep them inspired and make them believe in the long term vision for the social company. This leadership can lift morale of the team and encourage them to work passionately. By getting everyone on the same page, the organization can work towards achieving something meaningful.
Social entrepreneurs have unique challenges between running the business and fulfilling a social purpose. Especially in tough economic situations, it can be rewarding but financially challenging to maintain profits with purpose. Lastly, social entrepreneurs have to be extremely dedicated to their purpose, looking beyond monetary gains and thinking about humane changes to make the world a better place through their online business.
Top Social Entrepreneurs
Who are some of these individuals that have successfully become recognized social entrepreneurs? One such person is Maggie Doyne. Doyne is the founder of the not-for-profit organization Kopila Valley Children’s Home and School who has plenty of project management tips to go around. At the young age of 18 Doyne trekked through the Himalayas, meeting many Nepalese orphans along the way. This journey inspired her to create the organization. She raised the funds and is now able to provide education and care for over 300 children. What an inspirational success story of social entrepreneurship.
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