Social entrepreneurship, as explained by Bernhard Burgener, is the initiative to create a business that gives back to communities in need. Burgener mentions that social entrepreneurship strikes a unique balance between business necessities to uphold markets while mending problems related to social issues.
Some companies that have demonstrated social entrepreneurship include TOMS, Patagonia, and Warby Parker. All these companies are B Corp certified, meaning they were reviewed as having a “inclusive, equitable, and regenerative” impact on the economy. B Corp is an esteemed pursuit in the business world. It is a non-profit company that devotes much time and many resources to ensure for-profit companies are improving the world around them in holistic ways.
Social entrepreneurship is important to consider when building a company or even buying as a consumer. In a primarily for-profit economy, it is especially important to understand the needs of underserved communities and uplift them, while also contributing to the stabilization of larger financial markets. Many companies do an incredible job of giving back. For example, TOMS gives a pair of shoes to someone in need for every pair bought. They have been one of the most successful social enterprises the world knows today.
How can an entrepreneur give back to communities with such limited resources?
Bernhard Burgener understands the slight irony in a self-starting businessperson keeping others in mind financially. According to the expert, helping communities in need actually boosts new business because of the emotional and impactful draw. Many investors are not only interested in receiving high returns on investment but also improving the lives of others.
With the influx of social media activity and 24/7 interconnectedness, social entrepreneurs are noticing a new trend of human behavior. As communication outlets become more vulnerable and open, business has also evolved into a more caring and empathetic sphere. Many young businesspeople are developing new communication habits while “not dooming [themselves] to a reputation of soullessness.”
The idea of entrepreneurship has become a more communal process. With social media activity at its peak, innovative efforts such as strategic partnerships now have the first seat. In addition, all investor types are looking to support an entrepreneur who is flexible and understands the need to help others, even in business endeavors.
Having limited resources as a social entrepreneur can open more opportunities for change, says Burgener. This will spark better partnerships, more authentic business relationships, and in the end, greater impact on communities in need. This is one of the best times in history to create a social start up due to the globalization of all industries and the fluidity of today’s communication methods.
Becoming a social entrepreneur may be your best option when starting a business
With rising disparities worldwide regarding poverty, economic distress, hunger, houselessness, and more, becoming a social entrepreneur looks more promising on both the financial and social fronts. Companies like Lottie and Helios are notable examples of striking a balance between realistic financial expectations and serving others or the planet.
Lottie is a digital platform founded in 2021 that links elderly folks with the best care at reasonable prices. People can seek personalized help in finding a suitable care home in the UK area. Lottie links the new age of technology with a basic human need of finding hands-on care at the various stages of life.
Bigger companies like Airbnb, SoulCycle, Ben and Jerry’s, and Coca Cola also give back. Although they are for-profit companies, they implement initiatives to enhance communities. SoulCycle, for example, donates “the equivalent of the proceeds from a sold-out class to charitable causes selected by our instructors.” They have specific sessions where this takes place.
There are six types of social entrepreneurship, according to Shopify:
- A tax-exempt, non-business entity that invests excess funds back into the mission.
- Social purpose business.
- Social firm.
- Socially responsible business.
These are all suitable solutions to start the journey in social entrepreneurship. Whether a company is non- or for-profit, there are still creative avenues to help individuals or communities in need of a product or cultural solution.
Fulfilling maximized potential in business through social entrepreneurship
Bernhard Burgener says there are few better ways to fully carry out one’s potential in the business and social realms at the same time. Perhaps becoming a social entrepreneur is the best outlet to maximize a sense of purpose, integrity, and growth.
The upward trend of social entrepreneurship is expected to rise even further. Now is the time to investigate solutions that others can benefit from so the marketplace does not become more difficult to perforate. Burgener says the best way to get started in this realm is by researching other social entrepreneurs and detailing the steps they took to get to where they are today.