The world got familiar with the term “Social Enterprise” during 1980s with the establishments of “Ashoka” of the United States, by Bill Drayton, world’s first ever Social Entrepreneur and the “Grameen Bank” of Bangladesh, by Muhammad Yunus. Over these 4 decades, with rapid establishments of different types of Social Enterprises this particular business discipline has travelled through almost all nations across the globe manifesting a new and positive orientation for the world of business.
Let us discuss the factors due to which the idea of Social Enterprise could establish itself prominently as one of the best business ways among young and experienced entrepreneurs in the world.
Factor 1: A Social Enterprise Gives You Purpose & Aim
The idea behind a Social Enterprise gives the business and its founders a definite purpose and aim to bring a positive change to the society or the world other than just earning profits. Not only the founder, but also all the employees who work for a social enterprise know that their work along with generating revenue is creating a positive impact on the society they live in, no matter how small or big the contribution is. With the increasing awareness about Social Betterment in general people, the approach of Social Businesses towards Environment, Society and Economy makes its employees put their best efforts to the work.
Know more about Social Enterprises – What are Social Enterprises and How they Benefit Students
Factor 2: Social Enterprises Create Employment Opportunities
Successful Social Enterprises create employment opportunities for the communities they work for, sustainably impacting the economic growth of the same. Services and products of these companies are provided and manufactured by local vendors because of which the economic status of the community gets a hike in the presence of a Social Enterprise working with and for them.
Factor 3: Community Upliftment through Social Enterprises
Different social enterprises work for different less-privileged sections and social causes, resulting in community improvement in social, financial, domestic and all other aspects. The support from Social Entrepreneurs in terms of Enterprises working for communities is giving individuals of those communities the sense of importance of their existence and the much desired rights to exist as an inevitable part of the society as any other human.
Factor 4: Easier Business Funding & Investments
Business investors of modern age are looking for investing in businesses with clear strategies for handling sustainability challenges, environmental and social factors. Businesses with a strong social objective get more attention from the investors minimizing the funding troubles. Besides, these types of business concerns get grants from different government and non-government organization that help them keep up with their social purpose without any hindrance.
Factors 5: Social Enterprises access to Better Engagement
Working for a particular social purpose attaches a Social Enterprise with greater number of people supporting and working for the same cause. This in turn creates better business opportunities and wider network. Also, support from a large number of people help the business establish itself and its objectives more productively.
Factor 6: Work Atmosphere in Social Enterprises
In addition to creating changes in the society, Social Enterprises are bringing better changes in Work Culture, Working Environment, and Employees’ Wellbeing as well. These concerns involve their employees with the type of work they love to do. These features are creating more interest among people to work for such kind of organizations to get the feel of freedom and willingness while they are working.
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