Social entrepreneurs refer to a business that has definite social objectives and social entrepreneurship concerns for maximizing profit while maximum benefiting society and the environment.
Elon Musk is one of the big examples of a social entrepreneur because of his innovation and vision to make people’s life happy, and prosperous.
Tesla electric is a sustainable and eco-friendly innovation that shifted the automobile industry a decade ahead.
SpaceX and Solar city are other examples of sustainable and eco-friendly engineering and commitment toward society and the planet.
social entrepreneurs are business people who use their businesses to create social value and transform people’s life.
These social entrepreneurs or do-gooders are not funneled into the public sector, but in fact, make up an increasing portion of the private sector, The Goodfellows.
Social entrepreneurs earn a profit, and equally if not more importantly, their businesses respond to social issues or social needs they see in the world around them.
“As Goodfellows, our hope is to serve as a constant reminder of the joys that true companionship can bring and do our best to make our elderlies, whom we fondly call Grandpals, feel listened to, cared for, cherished, and above all, have fun along the way”.The Goodfellows team
The Goodfellows is a social startup by Santanu Naidu, under the guidance of Ratan Tata.
Ratan Tata’s, General Manager Shantanu Naidu is 28 years old and the founder of stray dog startup Motopaws.
Building social business concept developed by Bangladeshi economist Muhammad Yusuf through providing essential facilities to the people of Bangladesh.
His vision of microcredit and rural bank facilities to the people of Bangladesh, for the practices and revolutionary concept for supporting the needy he won the Nobel peace prize in 2006.
6 Startup ideas for social entrepreneurs
1. Mirco finance business
Microfinance businesses offer financial support to the tinny businesses or individuals who lack access to conventional banking and related services.
Self-help groups and micro-financial institution startups can be started and the government supporting these types of startups to boost the tinny business.
Microfinance ( NEDFL Scheme, Startup India )
Through this scheme NGOs and voluntary agencies which good track records for on-lending to the needy for taking up any income-generating activities in rural areas.
2. Food waste solution
As per Earth.org, around one-third of the food production for human consumption is either wasted or lost worldwide. It amounts to 1.3 billion tonnes, which would be enough to feed 3 billion people. And yet, 1 in 9 people go hungry or are malnourished.
- Food management wastage blog
- Food Bank business
- Jam making startup
- Organic fertilizer
- Vermicompost farm
3. Online Courses
Physicswallah startup can be a good example of social entrepreneurship because it offers affordable learning.
You can start your own business with low-cost investment, serve society and make it profitable.
Crowdfunding is a form of crowdsourcing and alternative finance and crowdfunding is a method of funding a venture via a large number of people, mostly through the internet.
Best Crowdfunding Platforms
- Best Overall: Indiegogo
- Best for Startups: SeedInvest Technology
- Best for Nonprofits: Mightycause
- Best for Investing: StartEngine
- Best for Individuals: GoFundMe
- Best for Creative Professionals: Patreon
You can practice it by funding a startup and taking equity in business, debts, rewards, and other ways.
In other, you can help startups by connecting investors and earning rewards, and contributing to the national economy.
5. Charity app
The charity app is a unique social startup that can serve the needy and potentially generate profit through ads and donations.
Apps that collaborate with society and work for the needy in case of food, clothes, education, sanitation, and blood bank.
You do more research about charity apps and try to work engaged with charity apps are learn how these apps generate profits.
These apps accept donations to facilitate essential commodities to the needy and try to make people’s life happy.
6. Clean energy
Clean energy works by producing power without having negative environmental impacts, such as the release of greenhouse gases like carbon dioxide.
Clean-energy startups like electric vehicles, solar lights, and many more.
Benefits of social entrepreneurship
1) Sustainable development
2) Social finacial stability
3) Local funds to local people
4) Innovation, creativity, and satisfaction
5) Change in culture
8) Power to employee
9) Improve process workflow
10) Better decision-making in less time period
Social businesses like microfinance institutions help and support people to grow and financial strength.
Some of the social businesses help to transform the lives of others and reduce equality in society and eco-friendly innovation.
What are examples of social entrepreneurship?
The Goodfellows, Grameen bank, electric vehicles, solar energy, and other examples include educational programs, providing banking services in underserved areas, and helping children orphaned by epidemic disease.
Basically, the aim of building a social business concept is to provide essential facilities to underprivileged people and sustainable innovation.
Social business has the power to empower society to live a joyful, engaging life and help to make their dream come true.
Why social entrepreneur?
Create social changes through products and services and help the needy to achieve their goals by generating enough revenue.
Social entrepreneurs inspire other people who may be searching for purpose and meaning in the work they do and create differences in work.
Combining capitalism with a do-gooder mentality can be a good method to succeed in an entrepreneurial journey.