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Social Enterprise = A Powerful Partnership!

Social enterprise is a venture that combines that passion of a social mission with the discipline, innovation and determination commonly associated with for profit business…

Social entrepreneurship provides a number of organizations with a creative, innovative and important way of thinking about building long-term sustainability combining the power of successful enterprise with philanthropic pursuits. The best of both worlds are successfully integrated to produce a sustainable organization aiming to balance its triple bottom line: environment, society and profit.

Given the impact of the current economic crisis, building sustainability is taking on a growing relevance as social entrepreneurship and social enterprise are pursued. Social sectors as well as for profit businesses must move beyond a “business as usual” approach as financial resources lessen. For many organizations, this will require adopting innovative ways of thinking and working that are bold, creative, entrepreneurial and mission-focused.

Motives, methods, goals and income/profit: Social enterprise is a shared middle ground between for profit business and the nonprofit sector. It shares motives centered between pure self-interest and community goodwill, it combines mission and market driven strategies, it combines values in its goals that include social as well as economic goals, and the income it derives is reinvested in mission-based efforts.

The best of both worlds: Nonprofits need to adopt self-sustaining practices to ensure their sustainability while the lure of philanthropic endeavors are recognized in the for-profit business world as adding mission-based values to balance societal pressures to care for our environment. Nonprofit organizations adopt entrepreneurial, market-based strategies in order to earn income in support of their missions, while the business world is gaining competitive advantage by incorporating the values into their own structure.

The creation of social enterprises is a longstanding tradition. A great example: Girl Scouts have sold cookies in order to fund its programs. The nonprofit world meets corporate business - - what a great partnership!

 

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