As you pursue your MBA degree online and consider your future career, entrepreneurship may be at the top of your list. Though it is certainly not the easiest path to take, it is one that many students are attracted to.
There is no denying that entrepreneurs are driven individuals. What they are driven by, however, varies from business owner to business owner. Some entrepreneurs want to grow financially, while others want to grow socially. Some want to do both, while also doing some good in the world.
What is a Social Entrepreneur?
A social entrepreneur is one who is inspired to take on certain challenges in modern society. 5.75% of people in the U.S. are establishing social ventures, combining business acumen with a desire to give back. These individuals are often found to be:
- Socially motivated
- Business savvy
Unique Benefits of Social Entrepreneurship
Your business career will likely be composed of a wide variety of experiences, and making the most of it can look different from person to person. If you choose to do so through the establishment of a social venture, you could experience unique perks:
- • More business: 56% of consumers no longer buy from companies they see as unethical.
- • Local impact: Social ventures tend to have an immediate impact on the local economy through job creation.
- • Attractive culture: Social ventures tend to provide a positive work environment that helps recruit and retain good employees.
- • Positive PR: 34% of consumers talk about brands they perceive as honest, fair and ethical.
Modern Examples and Best Practices
Involving customers, ensuring your mission statement is clear, leveraging grants and subsidies and telling your story are all important best practices for social entrepreneurs. Using the knowledge you developed in your MBA degree program and combining it with your real world understanding of social issues can lead to enormous strides forward and business success. Just ask these successful individuals:
- Nokwethu Khojane, co-founder of Lakheni
- Sanjit “Bunker” Roy, founder of Barefoot College
- Scott Harrison., founder of Charity: Water
- Bill Drayton, founder of Ashoka: Innovators for the Public
Read more about these social entrepreneurs and the ever-growing industry they represent in the below infographic: