by Dr. Cindy. Briggs
As a business professor, I am tasked with teaching people about the technical parts of starting and running a business. We discuss state forms, EIN numbers, ROI, and human resources. However, one topic that I have taught for many years is the concept that your business can be for-profit, but you can still run it with a nonprofit heart. You can make a difference.
The term “social entrepreneur” was coined many years ago and the definition means, “Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs.”
I absolutely believe a business can want to make money (that is not a bad thing), but they can implement social entrepreneurial aspects throughout what they do. An article by Adobe gave some great examples of how this can be done:
- Produce environmentally friendly products.
- Serve an underserved community.
- Distribute jobs and profit to communities in the developing world.
- Focus on philanthropic activities.
- Develop technology that supports sustainability, education, or nutrition.
- Preserve important limited natural resources through your practices, inventions, and investments.
These activities can be done as you are starting a business, or if you have already been in business for 20 years. It just takes decision and action to have your business mean more then its ROI or balance sheet. You can have a business that does good and can make a community THRIVE!
I have recorded a podcast episode about this topic and steps to implement it into your business. You can listed to that podcast here: Having a For-Profit Business with Nonprofit Heart Podcast Episode.
Also, I have created a free guide called, 6 Building Blocks to Starting a For-Profit Business with a Nonprofit Heart (click the title to get that download).
If you would like more business and entrepreneurial information, you can visit us at www.cindybriggsphd.com. Our mission is to provide programs dedicated to helping entrepreneurs and communities THRIVE!