Social entrepreneurship combines startup business models with philanthropy and community development. They drive innovation and transformation in various fields such as education, environment, and health. Their goals are to alleviate poverty and build strong and sustainable business that continue to improve society overall.
Social Entrepreneurship Business Models
- Social Business Ventures – The main goal of this business model is not to maximize profits but rather grow the business to reach the most people in need it can. The entrepreneur sets up a for-profit entity or business to create a product or service and uses the profits from this to reinvest in expansion.
- Leveraged Non-Profit Ventures – A non-profit is setup to drive the interest in an innovation that addresses a government or market failure. Mostly relying on outside philanthropic funding, the business is sustainable because the partners are invested in the continuation of the business and the innovation.
Building a Brand You Feel Good About
Social entrepreneurship allows you to build a brand that you feel great about and leave a social impact on your community and the world. Everyday you feel motivated to get up and get out there because you are not only creating a business, but you are helping a need, whether it be providing access to clean water to other countries or helping the local schools in the community. At the end of the day you can see your business transforming lives, no matter how big the reach and that is very rewarding.
It Is What Your Target Audience is Looking For
Today’s consumers are becoming more and more conscious of where the products they are buying are coming from and what the companies are representing. Products that are environmentally friendly, supporting local business, helping poverty, etc., are all things consumers are gravitating towards buying and products and services that align with their values are being sought after over traditional products.