Jul 29, 2016 09:29 AM EDT
Social Entrepreneurship: Why You Should Consider It
What would you say if you can find the perfect balance between making money and giving back to your community? If you want something more than merely being a business owner, then social entrepreneurship may be for you.
According to Jobs&Hire, social entrepreneurship is proof that it is possible to earn and, at the same time, make the world a better place. While being a social entrepreneur would need more work, the rewards are definitely worth it.
Inc. noted that a 2013 study revealed that customers placed a high level of importance on social responsibility. 90 percent of respondents admitted that they would rather buy from a brand that has some form of social responsibility into their products or services. Moreover, almost half of the participants revealed that they expect to "advance greater altruistic goals" when they shop.
Social entrepreneurship has become quite popular in the startup world. Many of these young businesses begin by noticing a gap in the way things ought to be.
"With time we noticed a great need for [this type of clothing] that was simply unavailable to those who needed it," Sharon Rosenger, founder and CEO of CBO Baby, said. "We were in a position to be able to fill this need, and without hesitation jumped at the opportunity."
Rosenger created a line of larger onesies and body suits made for children with special needs. Her clothes include extra room for kids who need breathing tubes and other apparatus.
Another social entrepreneur, Toms founder Blake Mycoskie, created his shoe company with the mission of donating a pair of shoes for every pair purchased. His business model was copied by other companies such as Warby Parker.
Social entrepreneurship is not easier than running a strictly-for-profit business. Inventory, risk management, and funding are also concerns for social entrepreneurs.
"My advice for young social entrepreneurs is never to lose sight of the reason you started in the first place," Rosenger added. "The world needs more good, so why not be one of the ones who makes a difference?"
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