Nowadays, business models evolve as business goals do. Social enterprise has been prominent because it focuses to positively impact societies through its business operations. If you are planning to do a start-up business, learn the advantages of social enterprises.
Advantages of Social Enterprises
- Attracts long-term investors
In today’s business world, investors do not only look at one’s bottom line. What matters to them is how you achieve business success. Increasing the value of your company interest them. Thus, impacting community problem through your business can pool long-term investors.
2. Attracts top talents
Even in job recruitment, workers are attracted to companies’ vision and mission rather than its pay. Values and goals stated by social enterprises captivate employees. For them, their contribution generates a sense of fulfillment. That’s why Millenials seek to work at a purpose-driven company while making money because, for them, they aim to make a difference.
3. Motivates employees
One of the advantages of social enterprises is that they motivate employees. When the employee appreciates the goal of the business, they are highly motivated to work smartly.
Keep in mind if you want to start your own business, it is important to employ people that truly believe in your business goal.
“When you have a whole workforce that’s energized by a company’s mission, the results can be off the charts,” Forbes report stated.
4. Generates positive impact
As a business owner, it is more fulfilling to be profitable and at the same time impactful to society. Social entrepreneurs spur positive change not just in the business world but also on their people and the society where they belong.
“When you’re making a difference, you naturally find ways to succeed,” Kristin Groos Richmond, the founder of Revolution foods, imparted.
5. Better brand advantage
Social enterprise has an edge in brand advocacy, refers to the ability of customers to organically promote products, services, and the company. Consumers nowadays patronize brands that attain social advocacies.
Finding your business advocacy
Emerging start-up businesses at present aim to provide purpose rather than merely focusing on maximizing profits. Do not be worry if your business is away from the competition just because you are being impactful. For social entrepreneurs, a mission-driven business does not only give personal fulfillment but also to its stakeholders.