How to become a change maker through business?
India’s entrepreneurial economy is scaling new heights, kudos to the budding entrepreneurs of our country who are not only concerned about improving their quality of life but are working day and night to resolve the social inequities gripping in our country. This is called social entrepreneurship. The desire to use business as a means of creating positive change ignites the entrepreneurial spirit in these people. This new breed of socio entrepreneurs is the need of our country today, they are persuading more people to ask themselves, “what can I do to make this world a better place.”
Being an entrepreneur in itself is challenging, and addressing a social cause through it is undoubtedly going to make the journey more difficult. As social entrepreneurs in India, you are on a mission to generate business for a social cause. But the fruits of this work is indeed appreciable. If your work is compelling even 10 other people to stand up and contribute their bit for the world, then the entire pain is worth it. The work of social entrepreneurs is to develop a low cost business solution that could be utilized by the people fully while also dealing with the shortage of funds, resources, and manpower. The hurdles in the way are endless but the idea to transform lives for collective good is the driving force that helps such social entrepreneurs in India to navigate the turbulent waters of social entrepreneurship. This kind of entrepreneurship is generally driven by 3 P’s:
- People: The major impact of businesses is on the people that use the products or the services. Your ability to affect a social change or improve the lives of the people in a sustainable way plays a very major role in entrepreneurship.
- Planet: In these prevailing times of Covid gripping the entire world in a spree, we all have realized how important it is to assess the impact of our deeds on our environment. It is necessary to contribute to a sustainable planet where we help in reducing the carbon footprints and make the world a better place.
- Profit: Like any other businesses, profits are largely important to check the health of a startup. In order to grow as a company, pay for their manpower and gather resources, even the social entrepreneurs need funds. Thankfully, many people extend their hands to help such startups which actually work to make a difference.
Social entrepreneurship, as the word may sound, is not just for the sake of charity. There a lot of other benefits that these startups enjoy:
- Press Coverage: Running a business for profits is very usual, hence you have to be peculiar in order to be covered by the media. Publications and blogs love to cover social innovation and change makers and their impact, helping social enterprises evangelise their efforts and share their impact.
- Branding: Startups usually spend lacs in their branding so as to reach out to as many people as possible. On the other hand, startups which have a mission to fulfil do not have to make a lot of effort in branding. Their purpose becomes their pay cheque. If your company has a cause to serve, the customers would eventually take pride in making a purchase.
- Strategic Partnerships: A social enterprise, because of its mission-based motivations, can partner with other non-profit organizations and for-profit companies to leverage existing audiences and established reputations to create a presence in their market. “In kind” resources and discounts are not uncommon for social enterprises.
If we look at this ecosystem broadly, there are a lacs of companies which have been operating for a specific cause and have reached to the zenith of success. Major ones include: Helpsy which aims at reducing, reusing, and recycling the clothes and giving them a second life, Mi Terro that creates protein fiber from milk waste and has the potential to revolutionize two of the largest industries in the world, Aether Beauty that brings organic alternatives for cosmetics and reduce the pollution content.
These are our new age heroes that are going beyond profits or brand image, yes money might be important to them but it isn’t the only priority. There is a lot more passion towards bringing a sustainable change in the world.