For entrepreneurs whose end-goals are more encompassing than simply making profits, social entrepreneurship can fill a deep desire to help those in need. Helping others and making a profit need not be mutually exclusive.
Consumers are receptive to companies who practice social responsibility. Social Entrepreneurship combines both making money for your business and giving back to communities. Many new businesses have incorporated a philanthropic approach into their business models and it seems to be working. These companies maximize profits by helping, rather than harming their communities.
While the work involved in running a startup company that gives back to communities may be more work than your traditional startup, consumer trends show that the payoff could be worth it in the end.
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Ganesh Natarajan is the Founder and Chairman of 5FWorld, a new platform for funding and developing start-ups, social enterprises and the skills eco-system in India. In the past two decades, he has built two of India’s high-growth software services companies – Aptech and Zensar – almost from scratch to global success.