Many entrepreneurs understand and know the benefits of giving back to the community. Doing good by doing well has been known to benefit a lot of established institutions to form a tight bond with the surrounding community and in return, growing the company. A good number of global consumers do consider social responsibilities when contemplating the products to purchase.
Many companies have targeted to sort out substantial global issues affecting the communities such as eradicating poverty, bringing gender equality and climate change. However, it is evident that some institutions have not yet entirely understood the connection between global impacts and local efforts.
Companies can make a significant impact and change the world by starting locally. There are some ways in which companies can accomplish global good by working with the local community. Investing in the local people can be a start. This involves giving adequate jobs with a good income to the people coming from the local communities.
When the company is involved in tackling social issues faced by the locals, it does not go unnoticed. Socially-conscious institutions have gained a lot of recognition globally especially when they address things that matter to the community members. Working with the local people is better to find out paramount issues that they face and get involved.
Entrepreneurs would be better off when being personally involved with the local communities. Being involved in social endeavors helps build stronger relationships with clients. In return, it leads to creating broader networks. In addition to personal involvement, it also helps promote the global vision of the company.
Thinking globally and acting locally can also be implemented by entrepreneurs. Getting involved in handling social issues such as financial literacy, mental health, homelessness among others will give a company the opportunity to make a more significant impact globally and locally.
Companies should invest in social responsibilities because a huge number of millennials are willing to spend and pay more for products that will later make an impact on social issues that they care. Presently in the US, over 53 million youths are working and apparently, this generation hold a different view from their elders.
The youth tend to seek a lot of meaning and understanding and prefer getting involved in important causes. Organizations that have noted this and practice it can attest to having a considerable number of millennial consumers. According to a study from Stanford Graduate school of Business, it showed that 90% of MBAs from business schools in North America and Europe have a preference in working for organizations that are socially responsible.
The fact that social awareness is a subject matter that they youths are well conversant with especially with their exposure to news globally; companies need to adapt to this and keep up with the trend. Millennials have a strong dislike for companies that concentrate on making profits than having a purpose.
Already some companies are up and running on social responsibilities, an Australian company known as Bottle 4 Bottle whereby each time the company sells a product, they donate a bottle of premium formula to children in need. Thirty-One Bits is also a company that works with 100% recycled materials to make accessories. Women in Uganda make these accessories, and the company provides social support such as health care, financial advice and assist other women on how they can start their own business.
Many small businesses are moving toward supporting various causes globally. With the addition of a strong media presence and a brilliant marketing strategy, these companies can get more appreciation.
Entrepreneurship is a common word and all people are venturing in it. However, social entrepreneurship is not common. In the current society, many are the social problems that need to be solved socially. Social entrepreneurs have therefore come to settle this challenges. It is however very challenging for those social entrepreneurs who have an aim of helping the community and need to make a little profit for their operations as well.
The first and greatest travail social entrepreneurs are exposed to is lack of enthusiasm from potential investors. Most investors would like to invest in businesses in which they are capable of receiving back seven and even eight times of the investments within a specified period of time. This, therefore, works to the advantage of commercial entrepreneurs, which makes these investors to food there, leaving their counterparts, socials entrepreneurs without any ready investor.
According to Nalini Shekar, co-founder of Hasiru Dala, a Bengaluru-based waste management enterprise that is aimed at bettering the lives of people who pick wastes, it is very hard for social entrepreneurs to find an investor who is very patient with them to wait until the enterprise becomes financially stable or healthy.
The second greatest challenge that social entrepreneurs encounter is with the communities that they are trying to help. These communities tend to behave like they do not comprehend what is being done by the social entrepreneur and many times distance themselves from it. For this very reason, the social entrepreneurs are having a hell of a time trying to penetrate into these communities to deliver what they have to prepare.
Therefore, it is very important for every social entrepreneur to note that when he or she starts a project in such a place, they should not view the beneficiary communities as customers. They rather need to be passionate and have the drive to help the focus to do what they have to do.
Nzambi Matee is a social entrepreneur from Nairobi Kenya, who found her way to Boulders Watson Institute. she discovered a lot of solid wastes in the estate where she lived and in Nairobi on general and thought of how she would help reduce it. She began to organize volunteers who would turn up to do cleanups, not knowing that this would bring her a fortune.
After having conducted several cleanups, she thought of how she could not just concentrate on cleanups but come up with a way she would help to reduce the wastes. By this, she was able to learn on the internet how a certain company would develop bricks out of waste products. This raised her urge to do the same. The zeal led her to enroll as an undergraduate at Jomo Kenyatta University of Science and Technology to study this science.
After four years of study at the university, she had trained how to make the brick but she had no good idea of how she would make several of them for sustainability of her business. She did not have a very clear business idea of how she would manufacture bricks and sell. She could not approximate the operational costs of the business. Nevertheless, she started lobbying for funding in order to actualize her project. Locally, she was not able to secure any funding.
As she sat in a coffee room one day, she went on YouTube and searched how a startup company could find funding. This was the beginning of her rise. The institute, Boulder’s Watson Institute popped up and this was her miracle. At the institute, she has received mentorship from experts that have helped her expand her business. She is running a very big company which is recycling waste products into bricks. At Watson Institute she has received huge funding that will enable her to serve her community.
Research has revealed that the greatest question social entrepreneurs are asking is not whether to work with the government, but is how one can work with the government. This is because the government has got the frameworks and most importantly the resources required to achieve various projects. They can make a product to reach citizens in a region or even nationwide through economies of scale. Social entrepreneurs, on the other hand, will provide innovative ideas that the government had not seen. Social entrepreneurs can also de-risk new approaches, expand capacity for implementation and provide consultancy services and expertise. This, therefore, looks like a win-win for both the parties though it has its own difficulties.
Some social entrepreneurs who have scaled through to higher levels in business through government partnerships have stated some wise guidelines for the funders and investors who which to support these partnerships.
First and foremost, find the right partner. You need to attract the right partner especially because not just any partner could fund your project. It’s thus important to make transparent whatever you are offering and how it can be provided. By so doing, the funders will get interested into what you are offering. It is possible to have more than one funders.
Secondly, ensure that the partner does not buy what you are offering. A true and ideal partnership has an objective to achieve impact together. Based on the capabilities of each partner, the partners contribute together towards the achievement of the goal.
Finally, it’s important to find the middle ground, where both of you meet on a common goal. This is because the government sometimes could be very complicated such that if you two cannot find a middle ground then it is very hard to partner and you risk losing the funding for what you are offering.
Social entrepreneurship is one of the very important difference-causing ventures that is making the world a better place to live in. BQ is, therefore, interested in rewarding some of the very passionate, visionary, self-driven and the most innovative social entrepreneurs who have done socially aimed businesses in the United Kingdom.
As part of the focus above, BQ is launching the UK Social Entrepreneur Index that is going to feature some of the most influential social entrepreneurs that have started their social businesses and have done it in a different way. This campaign is going to focus on the specific people behind the social business sharing their stories with the public and in the long run motivating thousands of the people who are going to read these stories.
Throughout the campaign season, there are a few ambassadors, that are going to work with BQ in promoting social entrepreneurship, with an aim of encouraging social entrepreneurs and also coming up with role models to be emulated and celebrated, basing on the work they have done in social entrepreneurship. According to one of the ambassadors, by showcasing stories and achievements of successful social entrepreneurs, UK Social Entrepreneur Index continues to act as a source of inspiration to the younger generation who seeks to be successful in doing great things that will change the world.
In partnership with BQ is the UBS Global Wealth Management which is playing a key role in supporting the Social Entrepreneur Index campaign throughout the UK. UBS being interested in the management of wealth and the creation of it, assert that it is important for these social entrepreneurs to see their efforts and skills recognized and appreciated, they are, therefore, very delighted to be part of the inaugural launch of the Social Entrepreneur Index in the UK.
People often console themselves that they will use leftover paint after they finish a paint job. They stash the color in the store for future use. However, most of these paints end up getting mould from years of storage and end up as wastes. An estimate of 50 million litres of colours gets wasted in the United Kingdom yearly.
The good news is that a network of 74 projects name Community RePaint aims to tackle the issue of paint wastage. The foundation which began in Leeds has the vision to reduce household hazardous waste. Another goal for the start-up is to ensure community groups, low-income home, and charities get a cheaper alternative should they need to brighten their walls.
ReciproCity is one of the biggest repaint schemes in the peninsula of Northwest England. The social enterprise evolved from a building material store into a decorator’s paradise. The paint then gets sold at an affordable price. The leading suppliers of the colours are trade wholesalers, manufacturers, and public donators. In 2017 the company received around 81,000 litres of paint.
The reused paints have the same price among all products and companies. However, before a resale, the company’s eight-member team rein checks the color. It ensures that it contains no mould and that the contents of the inside match the written description of the tin or label.
The movement is beneficial to the environment in that it minimises wastage of paints. Most of the colours get thrown out to the environment after the years of it in storage amount to nothing.