Social Entrepreneurship (#8)
Entrepreneurs have a lot in common, which is why it’s often a great idea to constantly be checking in on other entrepreneurs and trying to learn from their journeys and experiences. And yet, entrepreneurs can differ a lot when it comes to their motivation for starting a business. And so, it's important to remember that the traditional for-profit-only business model is not the only one out there. Not that there is anything wrong with that model, it just might not be what you want. This is where the idea of social entrepreneurship and social enterprises come in.
Social entrepreneurship involves applying regular entrepreneurial processes and operations in order to make a positive change to address a community-based or societal-based problem. Similarly, a social enterprise operates like a conventional for-profit business but with the aim of solving a specific societal issue or creating some type of societal benefit at its core. There are different types of social enterprises, which vary based on the type of objective or societal issue that they are choosing to focus on. And while profit is usually not the primary focus of such an organization, revenue generation remains an extremely important element needed to help the social enterprise survive and fulfill its social objective. This aspect is actually what mainly distinguishes a social enterprise from a charity, which relies on external funding as opposed to sustainable revenue to fulfill its social objective. Recently, social enterprises have become more and more popular with many examples of successful social enterprises around us every day. Doodle Factory, with its wide range of products including laptop sleeves, apparel, and notebooks is a great example of a successful Egyptian socially-driven startup that gives back to children in need.
To sum up, as an entrepreneur you should remember that there is not one strict type of business model that you need to be basing your business on. At the same time, there is not one singular way for you to be an entrepreneur. And so, the aim of this article is to simply draw your attention to this fact and to one type of entrepreneur and business model. Maybe you have always been passionate about a certain issue or cause. If so, social entrepreneurship might just be the path for you.