5 Tips For Profitable Social Entrepreneurship | SupportBiz

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5 Tips For Profitable Social Entrepreneurship

Generating social value, and not wealth, is the central criterion of a successful social entrepreneur.
A social entrepreneur is the one who identifies the social problems of the society and finds out a solution through a profitable business. Bill Drayton Founder of Ashoka Changemakers and Pioneer of social entrepreneurship once said, “Social entrepreneurs are not content just to give a fish or teach how to fish. They will not rest until they have revolutionized the fishing industry!”
Driven by the mission to change the fate of the underprivileged, social enterprises adopt innovative solutions to address some of the pressing social issues in healthcare, education, water, sanitation renewable energy, agriculture to name a few. Across India there are hundreds of social enterprises who have lit the lamp of hope in the lives of farmers, poor kids, destitute women, homeless citizen, water starved villages etc. Social Entrepreneurs have brought smiles on the face of farmers by bringing them out of the clutches of exploitative middlemen. They provide livelihood to women by training them to start micro enterprises. They have shown the right path of hundreds of children in slum areas by imparting them necessary skills demanded by employers.
After conversation with some experts, we have listed some ways to be a successful social entrepreneur:
1) Fix Business Model
A business model has the potential to have a positive impact on employees, supply chain and end consumers, as well as serving a societal need as per the social entrepreneurship is concerned. Thus the model needs to be designed with multiple, mutually reinforcing impacts in mind from the outset. That will make it more successful and allow business to turn a profit.
2) Create Awareness
For social entrepreneurs it is very crucial to create awareness among people and also investors. By generating much awareness in business and accepting support offers from experts and big business it will definitely boost the business. Most social entrepreneurs see lack of consumer awareness as a significant barrier for scaling the ventures and solutions. Organizations like crowd funding platforms, for example, are excellent resources for helping social entrepreneurs to grow and establish themselves.
3) Network with Good People
According to Prerit Rana, Co-founder and CEO, Agrasar believes that to have good people as employees is a plus point for social entrepreneurs. To runs a good organizing it is very important to have good and skilled employees around to divide work and to boost social enterprises.
4) Be passionate and business savvy
Making the right business decisions will likely translate into positive outcomes for social mission. It is always to remember that business sustainability can lead to the sustainability of the social impact that an entrepreneur leave for the mass. For this to have passion is very important. Sudhir Deshpande, COO, EcoAd believes that Passion for some work is what drives the business. Being a young entrepreneur he has turned his chemical engineering studies into a noble plan of making paper bags through his venture EcoAd to remove plastic bags from the society completely. His dream was to remove the use of plastic bags from the society and he turned his dream into passion.
5) Never be Afraid of Failure
Failure of plan or execution is something which has always demotivated an entrepreneur. But as per Mamta Borgoyary CEO FXB India Suraksha an entrepreneur should never afraid of failure and should transform a business as per the need in business. Last, but not the least, a social entrepreneur should be very strong to transform business model because he or she has the responsibility to empower the society and remove problems.

Picture Courtesy: eliteds3 (freeimages)