One of the great things about entrepreneurship is that you help stimulate the economy, provide goods and services at competitive prices and you help provide jobs for others. There’s service already in entrepreneurship as a result of the value you provide through social responsibility.
Social entrepreneurship takes it a step further – and that’s what excites me even more!
It allows you to be innovative and value-driven like traditional businesses. But you also provide social contribution to your community.
Social Entrepreneurship – Doing Good and Doing Well
Rhonda Abrams has written a really engaging and easy-to-read post about the features and benefits of social entrepreneurship. Check out her article here.
There’s alot of gems in her post, as she wraps up the major features of social businesses – and how you yourself can add greater social value in your own business.
Through her experience in consulting several businesses, she has come up with an insightful conclusion:
The more I studied what makes businesses successful, the more I realized that those companies that embody a larger purpose and not just a focus on profits are the ones that thrive and survive over time. Their employees are more motivated. They adapt better to change. Morale is higher.
I certainly agree with her.
5 Ways That Companies Can Be Socially Responsible
What’s fantastic about her article is that she distinguishes between “social enterprises” which are primarily driven by a social mission, as opposed to “socially responsible companies” which are traditional businesses but still want to help make a difference.
Even socially responsible companies can help achieve social goals – and change the world for the better – even in their own sphere of influence.
Rhonda points out 5 ways in which socially responsible companies can do this:
If you do want to create a social venture or social enterprise, you have a number of strategies for achieving social goals. I’ve categorized five major ones for social entrepreneurs:
- Invent something. Create something new, that has not yet been developed, to meet a social goal.
- Bring something to market. Take a new product that has been developed by someone else and create a distribution, retail or sales company to market that product.
- Create new services. Develop new services to meet a social goal that haven’t been offered before.
- Provide services. Offer established services that meet a social goal.
- Adapt an existing product. Take an existing product but slightly change its properties or use so that it can achieve social goals.
Rhonda’s article is so useful that I’d even recommend her website at The Planning Shop, if you’re keen to gain more insights from her on social responsibility. That’s how impressed I was with her article, as it can be helpful to any of us as social entrepreneurs.