Social Entrepreneurship and retail business

Entrepreneurs used to be defined as those who had a concept, created a business, and earned money. They created a business plan, submitted it to a bank for funding, and worked relentlessly to develop their firm and generate gains for themselves and their stakeholders. In reality, we live in a startup environment. Entrepreneurs have diverse reasons for beginning a business, just as consumers have varied reasons for purchasing.

There’s been a tremendous increase in interest in firms that have a fundamental alignment in social and environmental issues, which means the aim is to do good in the universe rather than merely develop and earn money. And that initiative is known as social entrepreneurship.

A socialpreneur is someone who embarks on an entrepreneurial endeavour to tackle social concerns and promote the greater good. These companies might be for-profit, non-profit, or hybrid in nature, but money is often utilised to support administrative costs and develop programs to help reach out to their customers.

While social entrepreneurship is normally a stand-alone enterprise, entrepreneurs can launch for-profit firms that fund social problem projects. For many entrepreneurs, the satisfaction of founding and operating their own business is sufficient. After all, it is a significant achievement. Running a retail business and controlling every choice, no matter how big or little, is a difficult undertaking. Years of study, dedication, and sheer resolve — not to mention funding — are required to convert a fantastic concept into a profitable business.

Social enterprises can take many different shapes. There are enormous non-profit organisations that depend on generous contributions and government backing, as well as for-profit enterprises that create and sell goods that have the potential to improve the world. Tesla, an electric car manufacturer and energy storage firm, is an excellent illustration of the latter. Their solutions emphasise the use of sustainable energy, and the company’s creator, Elon Musk, has been vocal about the need to tackle climate change.

Some business owners, on the other hand, want more than simply a solid bottom line. According to the Stanford Social Innovation Review, social entrepreneurship is the application of a business to assist discovery, funding, and executing answers to social, cultural, and ecological concerns. It frequently generates greater meaning and purpose, allowing entrepreneurs to look beyond their own advantage.

Benefits of social entrepreneurs:

Entrepreneurs gain from establishing a social venture in addition to helping their selected cause.

Funding: It is frequently simpler to raise funds for social enterprises. Not only is it simpler to acquire finance at lower-than-market rates, but the government and other organisations provide major incentives and subsidies to developing social entrepreneurship enterprises.

Easy marketing: An organic advertising and marketing hook. Because you’ve linked your company to a great cause, you’ve created a compelling tale for clients and the media. And the more original your solution for your problem, the more probable it is that you will acquire exposure.

Social cooperation: As it is simpler to collect cash for social entrepreneurship enterprises, it is also easier to gather support. Members of the social enterprise company community are often appreciative of one another, so you may obtain the cooperation of like-minded people for your business concept.

Ways retail businesses are creating sustainable social enterprises:

• Buy one give one
• Supporting Local
• Donating to the community

Social entrepreneurs in India:

1) Urvashi Sahni: When it comes to the finest social entrepreneurs in India, Urvashi Sahni is unquestionably at the top of the list. She is the founder and CEO of SHEF (Study Hall Education Foundation), an organisation that provides education to India’s most impoverished girls. With her initiative, Urvashi Sahni has worked with over 900 schools and transformed the lives of 150,000 girls (directly) and 270,000 girls (indirectly). In 2017, she was appropriately honoured with the ‘Social Entrepreneur Of The Year’ award for her unselfish gesture of commitment and enthusiasm.

2) Harish Hande: Harish Hande is another trailblazing social entrepreneur in India, as well as a very dedicated one. He is the CEO and Founder of Selco, a firm that provides renewable power to rural areas of the country. This was India’s first rural solar finance scheme. Selco has provided over 120,000 installations to date and has over 25 service and retail facilities in Karnataka alone.

3) Jiroo Billmoria: Jeroo Billmoria is a well-known social entrepreneur in India who oversees various international non-governmental organisations (NGOs) working for the development of society. She founded the ‘Childline,’ which strives to give support in the form of medical and legal assistance, particularly to street children. She had a goal of providing to the needy in society since she was a youngster. She also believed in women’s emancipation in India. Jeroo Billmoria received the Skoll Award for Social Entrepreneurship and is also a Schwab and Ashoka Fellow.

4) Anshu Gupta: Born into a middle-class family in Uttar Pradesh, he pursued a career in journalism and experienced the need for adequate clothing for the impoverished in rural India while interning. Anshu then started Goonj, a social company that gathers worn clothes from the urban population, sorts them, repairs them, and distributes them to the underprivileged. Goonj’s rescue efforts after natural disasters in Gujarat, Tamil Nadu, and Kerala have been well recognised.

Passion is unquestionably the fundamental attribute of all social entrepreneurs. Believing in your ability to “change the world” necessitates a tremendous amount of ambition. Simultaneously, social enterprises may be more gratifying since they are about more than simply the financial line. And it’s often because their passion is infectious that they achieve success. Transparency shows your enthusiasm to current and prospective customers, making them feel faithful and involved in your brand and quest.