This is not another article, about entrepreneurship and making lots of money. It’s about social entrepreneurship ideas and social entrepreneurship companies, which create a positive social impact
We know now everyone is responsible for their society than ever before and that’s why you are here!
Right, let’s dive right into our business.
Social entrepreneurship means starting up a business with the main agenda as a positive impact on the world or addressing a relevant social cause.
The role of a social entrepreneur is to find out and develop solutions for social, cultural or environmental issues. They can then work on getting funded and build a team for the proper execution of the project.
For example, if someone starts a restaurant to remove the poverty of a particular tribe, they can be termed as a social entrepreneur. In a regular business, the result is based on the profits they made, but in social entrepreneurship, it is measured by the goal they achieved.
Defining social entrepreneurship in a single sentence is not possible, because there are many types of them like for-profit-businesses, non-profit businesses and hybrid businesses. Some social problems can’t be addressed by the usual market mechanisms, and here the non-profit model will be effective.
The capital for non-profit ventures usually comes from government organisations or foundations. The US government provides tax benefits to companies and individuals who are willing to fund charitable organizations and
A hybrid venture model is more business-like and has more potential for fast growth. This business venture model also serves the underprivileged groups, but sooner or later they will bring the group to the mainstream. In this hybrid model, the venture can cover a certain percentage of the total cost from the business operations.
For-profit social companies focus on social missions for achieving their desired business goals. For some special sectors like eco-friendly and organic products, most of the entrepreneurs prefer for-profit social enterprises. This is because people will be ready to purchase these special products to help a social cause. The chances of these venture types getting funding are very high as investors are more interested in getting a financial as well as social return.
Some of the most renowned social initiatives are Henry Dunant’s Red Cross, Bernard Kouchner’s Medecins sans Frontieres and Joe Madiath’s Gram Vikas. If you are running for a social cause, then it will motivate you for a longer time and sometimes it will also connect you with your life purpose. Another amazing fact is that social businesses won’t have any unique capital structure. It will be based on grants or donations and can be self-earned money from the business.
Let’s now discuss about how to become a social entrepreneur.
You might know the essential qualities one should possess to be a successful entrepreneur, but to start a social initiative your idea should be creative, legal, ethical and positively impactful. The social innovation provided should be sustainable even without the initial entrepreneur.
Elaborate the problem you are going to address
First of all, define the real cause which you are going to address. Talk with the key people and find out the biggest reason for the problem. Figure out the size of the communities which are suffering from the social problem.
Begin with an end result in mind
Visualize the exact result in your mind and connect the dotsbackwards. When you have the desired result in your mind, you will use all your resources to properly address the social problem.
Here are some methods to innovate in this space:
- Empower the community and adopt other business models
Conduct a detailed research about the community and find out the core strength to empower them. Once you find out the community’s core strength, check other suitable business models to implement.
- Look for other social entrepreneurship companies
Visit every possible social entrepreneurship companies and try to study their business models. There is no one-stop solution for every social problem; so figure out the right one by adding or eliminating factors.
Usually creative ideas come fromsharing, caring and pushing boundaries with others in the industry. Try to collaborate with bigger players related to your industry. When collaboration happens across industries & countries, some new and innovative practices might come out for a really difficult social problem.
Some of the most famous social entrepreneurship ideas
United by Blue Company
An outdoor clothing company which cleans one pound of trash from the ocean and waterways for each sale they make. It is one of the great entrepreneurship ideas to watch in 2019. The mission ofBrian Linton CEO and Founder of United by Blue is to impact the world bycleaning the blue parts. They have already removed around one million pounds of trash from the blues.
Finnegan beer brewing company donated hundred per cent of its profits to local growers and also donates it to local food pantries in all the states where the company operates.
The Think Impact Company
Think Impact brings entrepreneurs and students together from universities as well as communities around the world. The company is in its 8th year and it has already created around 100 micro enterprises & 300 job opportunities. The mission statement of think impact is “To start and grow cross-cultural social enterprises built on an asset-based approach and immersive collaboration. ”
We hope that now you know the difference between entrepreneurship and social entrepreneurship. Social entrepreneurs are the people who really make this world more beautiful.
Let us know what you think about these social entrepreneurship ideas.