So you have an entrepreneurial spirit and want to make some positive changes to the world. The problem is you can’t quite figure out a way to combine those two interests into one initiative. Well, it sounds like you are a social entrepreneur, and you’re in need of some ideas.
You may not have ever heard the term “social entrepreneur,” but I’d be willing to bet you’re familiar with the idea.
While there’s no one universally agreed upon definition for social entrepreneurship, you can think of it as any business that is committed to creating social change for the better.
This is obviously a broad definition, and you might imagine how an unscrupulous company might capitalize on the title of social entrepreneurship while doing the absolute minimum to fit into the category.
Like so many things in life, you know social entrepreneurship when you see it. If affecting social change is truly at the core of a business, and that business earnestly pursues affecting that change, well, that’s good enough for me.
You might be thinking that social entrepreneurship is reserved for non-profit businesses. It’s true that there are certainly quite a few that are non-profits, that is by no means a requirement.
TOMS is probably the most well-known example of social entrepreneurship. Founded by Blake Mycoskie in 2006, it’s business model is simple. For every pair of shoes TOMS sells, it provides one free pair to an impoverished child.
TOMS is an example of a for-profit business founded by a social entrepreneur.
So while TOMS is certainly helping those in need, it’s still managing to turn a pretty penny. In fact, in 2014, Mycosckie sold half his company for $625 million, and his personal wealth is reported to be in the realm of $300 million.
After spending most of his 20’s living a vapid lifestyle as a club promoter in Manhattan, Scott Harrison had a “crisis of conscience” and decided he needed to do something more meaningful with his life.
After spending some time volunteering and soul searching, Harrison founded Charity: Water in 2006. The non-profit raises money that it then uses to build wells and create sustainable water sources in areas where clean water is lacking.
Jacqueline Novogratz is a former Wall Street bigwig who left her job in 1986 to co-found a microfinance institution in Rwanda. Since then she’s been involved in a number of social entrepreneurial endeavors and is most well-known for being the co-founder of Acumen.
Acumen is a non-profit that serves as an engine for other social entrepreneurs. The organization raises money that it then reinvests in companies that focus on serving low-income customers. It has supported companies in Nairobi, Mumbai, San Francisco, and several other places around the globe.
There are countless other examples of social entrepreneurs, and if you’re looking for more inspiration, a simple Google search should do the trick. But now let’s focus on how you can develop social entrepreneurship ideas of your own.
Coming up with social entrepreneurship ideas
First, let’s go through a few examples of some notable social entrepreneurs to get the creative juices flowing.Blake Mycoskie
TOMS is probably the most well-known example of social entrepreneurship. Founded by Blake Mycoskie in 2006, it’s business model is simple. For every pair of shoes TOMS sells, it provides one free pair to an impoverished child.
TOMS is an example of a for-profit business founded by a social entrepreneur.
So while TOMS is certainly helping those in need, it’s still managing to turn a pretty penny. In fact, in 2014, Mycosckie sold half his company for $625 million, and his personal wealth is reported to be in the realm of $300 million.
Scott Harrison
After spending most of his 20’s living a vapid lifestyle as a club promoter in Manhattan, Scott Harrison had a “crisis of conscience” and decided he needed to do something more meaningful with his life.
After spending some time volunteering and soul searching, Harrison founded Charity: Water in 2006. The non-profit raises money that it then uses to build wells and create sustainable water sources in areas where clean water is lacking.
Jacqueline Novogratz
Jacqueline Novogratz is a former Wall Street bigwig who left her job in 1986 to co-found a microfinance institution in Rwanda. Since then she’s been involved in a number of social entrepreneurial endeavors and is most well-known for being the co-founder of Acumen.
Acumen is a non-profit that serves as an engine for other social entrepreneurs. The organization raises money that it then reinvests in companies that focus on serving low-income customers. It has supported companies in Nairobi, Mumbai, San Francisco, and several other places around the globe.
There are countless other examples of social entrepreneurs, and if you’re looking for more inspiration, a simple Google search should do the trick. But now let’s focus on how you can develop social entrepreneurship ideas of your own.
