Social entrepreneurship is on the rise, and it’s time to join the movement. The more people who join, the better for all it becomes. Here’s everything you need to know.
A new breed of entrepreneur is emerging – the social entrepreneur.
These changemakers are using business acumen and innovation to solve some of the world’s most pressing issues, from environmental sustainability to poverty alleviation. Some act on a global scale, while some are working hard to improve their local areas.
Many are even set up to help people adopt the service themselves in their own communities or workplaces, taking the benefits to a global level.
And perfect timing too. As the problems faced by society become more complex and entrenched, the role of social entrepreneurs will only become more important.
So why should everyone get involved in social entrepreneurship?
Let’s deep dive into this and see what it’s all about with seven reasons why you should focus on the growing importance of this modern approach to business.
With unemployment being such a pressing issue, social entrepreneurship is an important way to address this challenge and stimulate economic development.
It provides opportunities for individuals to create jobs and build businesses with positive social impact, with sustainable returns.
In fact, statistics show that 78% of social enterprises actually start with the aim of creating more jobs, compared to 27% of traditional ‘profit-first’ businesses. The same report from the British Council shows that 73% of these businesses deliberately employ people from poor communities to ensure this is the case.
This also applies in the US. From 2000 to 2019, small social enterprises generated around 10.5 million jobs, double that of larger businesses.
These are statistics that can’t be ignored.
By encouraging social entrepreneurs and providing resources for them through mentorship or financial support, we can create an enabling environment where they can tackle issues like poverty, inequality, and hunger.
This empowering effect of social entrepreneurship has the potential to transform communities by addressing multiple issues while also contributing to job growth and economic revitalization.
Social entrepreneurship is a powerful way to make meaningful changes in the world. When social enterprises are set up, they typically have a social problem in mind that they want to solve.
Take TOMS. Set up by Blake Mycoskie, the social company aimed to donate one pair of shoes for every shoe bought using a “one-to-one” scheme. It was so successful that it set up programs to help support water, health, and bullying programs.
As of 2022, the company has donated over 75 million pairs of shoes, provided more than 450,000 weeks of safe drinking water to places that need it, and helped restore the sight of over 780,000 people.
What about the ME to WE program?
Dealing with Fairtrade, ME to WE was launched by two brothers in 2006 and now serves millions of customers worldwide. The aim was to use the Track Your Impact technology, where you can see where your money is going, who it’s helping, and how.
By leveraging the power of business to drive social impact, entrepreneurs can create solutions for some of society’s most pressing issues.
Social entrepreneurship enables people to focus on social problems such as poverty, inequality, and access to education, health care, and clean water – issues that traditional aid and development can often overlook.
By addressing these problems locally, entrepreneurs have an enormous potential to improve the lives of their communities and build more just and equitable societies.
Social entrepreneurship is a fantastic way for people to use their imagination and create something unique and helpful. This kind of creativity encourages innovation by inspiring individuals to look outside the box and come up with creative solutions to make the world a better place.
It promotes well-being in many ways, whether as part of small local projects or ambitious global objectives. Social entrepreneurship is beneficial to society and offers entrepreneurs greater flexibility and increased autonomy than wealthy corporations can enjoy.
And it really doesn’t matter what you’re striving for. Whether you’re looking to change the world and have an impact in countries around the world, or you’re just interested in helping out in your local area, even among friends, any degree of difference can lead to a substantial positive change in the lives of others.
Take GoHardcover as an example.
It’s a simple premise of being able to share books with your friends and community, a personal library project for others to enjoy. Sure, you could trade books with your friends anyway, but it makes a huge difference when there’s a proper system in place.
Not only do you get to share books, reduce waste, and save money, but you can expand your system as much or as little as you like. Say there are people in your neighborhood that can’t afford study books. Using your GoHardcover network, they can find what they’re looking for and get the education they need.
It’s a small impact, but it’s an impact nonetheless that can ripple out and make a huge change in the world.
And the more people who get involved in such a program, the more of a positive effect it can have.
Social entrepreneurship can be a powerful tool to promote environmental sustainability, and it’s one of the key factors many new social enterprises will consider. Not only do they want to help with whatever cause they’re focusing on, but they want to do so in a way that’s sustainable and good for the planet and the people in it.
Take the UK-based Belu.
Another simple concept that sells water bottles in hotels and restaurants but aims to reduce the carbon footprint of its customers as much as possible. The enterprise also helps to invest over $5 million in clean water and hygiene programs in partnership with Water Aid.
By engaging directly with local businesses, communities, and stakeholders, social entrepreneurs seek to create solutions to some of the most pressing environmental challenges we face today.
They act as agents of change, inspiring new ideas and leveraging the collective power of many stakeholders to enact transformational change in the environment.
Community is everything these days, and there’s a lack in many areas of society. Fortunately, community spirit has a place to thrive when people get on the same page and have a common goal to work towards.
This is precisely the kind of opportunities social entrepreneurship can create.
Social entrepreneurship enables individuals to recognize our communities’ issues and challenges and take steps to maximize positive change through creative problem-solving.
In so many cases, social entrepreneurs often offer much-needed resources that stimulate economies and provide innovative approaches to tackling challenging situations, such as poverty and inequality.
Furthermore, social enterprises connect individuals with similar values and support their growth through networks and collaborations.
Together, these people become a foundation for a greater sense of community spirit, allowing them to share ideas, develop projects together, and help one another to achieve the common objective of making a difference in the world.
Social entrepreneurship has really taken off as a way to create a better world for everyone.
By focusing on making a positive impact on society, businesses and organizations have the opportunity to contribute something meaningful to their communities.
Through projects such as building housing for the homeless (such as Habitat for Humanity), providing job placement training (The Bike Project), or offering support services like mental health counseling (Oak Leaf Enterprise), social entrepreneurs are putting their effort towards creating a better environment for all.
This is inspiring work that has the potential to dramatically shift entire regions by changing lives one person at a time. By supporting these businesses, you support the people helped by them.
When we see people’s lives improve and their communities strengthen because of these initiatives, we’re reminded that change can happen when we come together with real solutions.
Bringing everything together, businesses run by social entrepreneurship programs are just plain exciting. Not only do they provide innovative solutions to global problems, but they also create new opportunities for entrepreneurs.
With their focus on creating change and making the world a better place, social businesses inspire new generations of innovators to take risks and make a real difference in their communities.
Their passion and commitment to making the world a better place are contagious, providing a platform for others to follow in their footsteps. So if you’re looking for an exciting way to make a difference, look no further than social entrepreneurship.
With a dynamic mix of creativity and passion, it’s sure to provide the perfect platform for making real change.
To recap, social entrepreneurship is an excellent way to make that happen if you’re passionate about making a positive difference in the world.
What’s more, the success of one business can have ripple effects and help improve conditions for those who need it most. There are countless opportunities out there right now to get involved and strengthen the collective power of global communities.
GoHardcover is undoubtedly one of those opportunities, providing startups with much-needed capital and libraries with books they genuinely need. This initiative shows us how sustainable business models can drive positive change into motion—so why not join in?
Check out GoHardcover today and see what kind of impact you can make by investing in social entrepreneurship!