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.
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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).
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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!