If you want to create a profitable business and make money in the long term, don’t forget to give back to the community you have taken from. Billionaires like Bill Gates and Warren Buffet mark themselves as Entrepreneurs and Philanthropist because they understand the value of giving back. Founder of Moon Express, Naveen Jain, clearly mentions in his recent article: “It’s really easy to create a $1 billion company-you just have to solve a $10 billion problem. Most of these large $10 to $100 billion problems happen to be social problems”.
As businesses we are selling products or services to those who need it to make their lives comfortable, easy, enjoyable or simply we can just say businesses are solving customer problems and getting paid for it. It’s a great pleasure and sense of satisfaction for the customers to deal with us if they know their buying will support some disadvantaged people or help the community. If you are not giving back to charity then you should provide your service from different angle which benefit peoples like Excelsia College (Excelsia College is an innovative, academic and professional college with a focus on spirituality. Established in 1983 as Wesley Institute, our students and alumni embark on a journey of lifelong learning.) There are many benefits of having a business model of a social enterprise for a company.
Using certain profit percentage of our businesses and team involvement to solve a social problem of local communities or of the world is social enterprise. This helps to build trust in products which will increases the revenues and in return we change the society in a positive way.
Devin Thorpe wrote an article on Forbes about this topic: “Three young entrepreneurs fighting poverty have big impact “ which is a perfect examples of social enterprise.
A socially responsible person has more values than the person having lots of money. There is not much difference between earning and losing wealth. They go hand in hand. A successful business depends largely on networking, marketing, personal relations and other key factors. If our company is benefiting local communities, it’s easier for customers to recommend our products or to buy from us again. According to a study by Cone Communications/ Echo Global CSR as cited in the Cause Marketing Forum, “91 percent of global consumers are likely to switch brands to one associated with a good cause, given comparable price and quality.” Social enterprise models are very good to make public relationships which directly benefit our networking and marketing. We spend time out of our office with locals and connect which increases our influence on them. Doing good and making money can be tricky and might not always sound good to some people. But just giving without having a sustainable income generating model is very hard to imagine.
Social Entrepreneurship is the future of business.
Most of the problems in the world are related to communities, poverty, illiteracy, women discrimination, child labor and more. What if you can solve these problems? Being a social entrepreneur should not mean we are working only to make money, but we should be passionate about the cause we are supporting and to continue this humanitarian work our business is making money. People want to do good but due to lack of time and unfavorable situations they are not able to. If our business proposition serves customers and gives back to the society they care about, then our buyers are also willing to pay more. A Social enterprise could be easy to promote and can generate the right business prospects and marketing opportunities through social media. Like every other business, social entrepreneurship is tough work and we need to find a way to self care.
If you are planning to do a great business in 2018, then it’s totally worth to add a social value. Before starting up your company, read books related to your business and keep reading even if you are at the pick of success.