Seeking profit whilst caring for people and planet is called social entrepreneurship. Gone are the days when people bought things from any business, these days they buy a concert of values.
The 21st Century customer is educated and aware of the impact industrialisation has had on people and the planet. This customer is concerned beyond the price of your goods and services, he/she wants to know both your economic and social cost of production. Are your products climate friendly? How do you treat your employees? Was there child labour used? Where do you get your raw materials? Is your source of raw materials clean from human rights violations?
The social entrepreneur pursues the welfare of people and the environment with more zeal than for profit. This is why I would want to build a social impact case in my business model.
Pursuing a purpose beyond profit will also keep me motivated because entrepreneurship is arduous.When it gets tough let my purpose keep me going.
An entrepreneur is someone who identifies a commercial opportunity whether a material, product, service, or business and organizes a venture to implement it.Joseph Schumpeter, Austrian economist
If I had the money I would invest in a business that grows the creative economy of my country. I would build a creative hub kind of business. I would buy a building, renovate it into working studios. Talent is in abundance but opportunities are nowhere to be found.
It takes a lot to make a business case out of a creative hub but with enough research, one can build a model that makes ‘money sense’.
According to the Global Entrepreneurship Monitoring reports, Africa has the highest number of people starting businesses but very few are surviving beyond 3 years. What could be the problem? Why do you think there is so much discontinuation?
Photo credits/British council