Jumping into entrepreneurship at a young age is an exhilarating experience. You feel as though you can achieve anything you set your mind to. And for many determined young entrepreneurs, that’s precisely the case. However, is building a successful business enough?
If you want to make a difference in the world, consider pursuing social entrepreneurship. How is this different from standard business, you might be wondering? And what kind of change can you bring to the world through business innovation? Keep reading to find out how you can take your first steps into social entrepreneurship and effect real-life change in your community.
What Is Social Entrepreneurship?
Social entrepreneurship shares many characteristics with regular entrepreneurship. After all, it incorporates all of the standard business practices. However, it’s the reasons behind why one enters into business where the real differences can be drawn. It is the practice of applying fundamental business ideas to the task of improving the world around you in some essential way. It’s about social responsibility and community service.
Taking Money Out of the Equation
Unlike standard entrepreneurship, social entrepreneurship does not focus on building monetary gain. Of course, income must be generated, but that money is typically cycled right back into the business to serve the greater good. Personal profit or wealth creation is not a part of this practice. All profit is used to generate social programs and enrichment for people in your local or global community.
The World Needs More Social Entrepreneurs
Many people around the world are suffering now more than ever. With economic issues come bigger challenges, like poverty, unemployment, lack of access to healthcare and proper education, and more. If there was ever a time to invest in a socially conscious business venture, it would be now. Truly, the world needs social entrepreneurs to fill the gap between federal social safety nets and the experience of the average person down on his luck.
Why Should I Invest?
As a young entrepreneur, you’re probably wondering how you can make a difference. After all, isn’t it enough that you’ve built a business from the ground up? Do you really have to serve your community, too?
Of course you don’t have to do anything. But a part of being a responsible business owner is being a responsible member of your community. And being a responsible member of your community means recognizing when you’re at a unique advantage to lend a hand to those who are less fortunate than you. It also means knowing there is more to life than just making a profit. If you know you can make a difference in the world, why not take that opportunity? Use your business savvy to identify and solve a problem in your community. It could be something as simple as hosting a beach cleanup to as complex as funding a family shelter. Move on an issue that means something to you and that you know could use assistance.
Doesn’t knowing you can do something to affect change on people’s lives make you want to act?
Matthew Toren is an Award Winning Author, Serial Entrepreneur, and Investor. He Co-Founded YoungEntrepreneur.com along with his brother Adam. Matthew is co-author of the newly released book: Small Business, Big Vision: “Lessons on How to Dominate Your Market from Self-Made Entrepreneurs Who Did it Right” and also co-author of Kidpreneurs.