Photo by Kat Yukawa on Unsplash
This is the innovation age. These days, people believe in their own personal potential. What’s more, many entrepreneurs today strive to generate sustainable and systematic solutions to societal problems while finding success in business.
Not too long ago, a large number of people believed strongly that good solutions in every society could be brought about through creating nonprofit organizations. However, entrepreneurship has been shown to be far more powerful in driving positive change than have charities.
Sustainable, economically durable, and systematic solutions come about from profit-generating businesses. The continuous search for aid and donations to solve the issues of the day was never sustainable. That’s because nonprofit programs grind to a halt multiple times every year.
In contrast, ambitious entrepreneurs interested in their own personal potential as well as the betterment of society explore the possibilities. In short, they build businesses that offer solutions. Plenty of entrepreneurs have planned their businesses so as to solve social issues. Let us hereby inspire you with the following examples to explore similar possibilities. You, too, can achieve your personal potential by becoming profit-oriented.
ThinkImpact was initially a nonprofit organization that offered education-related facilities in developing countries. Their work took place mainly in regions where people needed help with education. Their intention was to offer people the best place to consolidate student loans. However, in developing countries student loans are not a good option. A majority of countries do not offer educational aid at all. Although ThinkImpact was eager to help, it experienced multiple problems with fundraising.
Eventually, ThinkImpact found its financial solutions lay not in fundraising at all. Surprisingly, it gained its independence through commercializing its ventures. As a result, the social welfare enterprise was able to operate more effectively in all of its endeavors. ThinkImpact is now aiming to solve even bigger issues. Obviously, educational solutions are not an easy offering. However, the organization’s transformation from a nonprofit organization to a commercial venture made it stronger and healthier—and gave new life to its original mission.
In Kenya, Bridge International offers low-cost, quality educational opportunities to students in Nairobi. Additionally, they have a chain of more than 130 schools all over Kenya. A for-profit organization, Bridge International has no need to beg for donations from fickle donors. Instead, it relies on investments from venture capital firms such as New Enterprise Associates and Omidyar Ventures.
It is true that solving social issues is not easy. It is also true that there have been many ventures during this decade that took responsibility for solving such issues. What’s more, many of them chose to convert from nonprofit status to for-profit organizations in order to achieve their targets and more.
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Now It’s Your Turn!
If you are planning to step into entrepreneurship anytime soon so that you can offer your bright ideas for positive social change, think long and hard about how you will finance your business. Recent studies reveal the risks involved in starting a social venture, whether it’s for profit or as a charity.
However, if the achievement of your personal potential includes working toward the betterment of society, you would do well to consider embarking on a for-profit social venture.