Social Entrepreneurship: Building Compassion and Changing
the World of Retail
Moving towards a more open-solution society are people working
on a global scale, applying their talent and craft through technology and new
innovative means as these entrepreneurs are thinking beyond personal gain,
implementing solutions to environmental, social, and cultural issues. Running
your own retail company is difficult and gratifying work. Every decision and
detail, big or small is important to help turn an idea into success. How can
retail entrepreneurs use social enterprise to benefit a cause and grow as a
profitable business?
As is the world, the answer isn’t simple and is more nuanced
and complicated than a “one-size-fits-all answer. Social enterprises take on
many forms from non-profits that rely on donations and support to for-profit
companies that sell products that have the positive potential for changing the
world. Retailers have impacted social enterprise in a way that have created
deeper purpose and meaning with their products with altruism and thinking
beyond the bottom line.
There are advantages to becoming a social entrepreneur
besides the fulfillment of helping others. Financial opportunities: Fair trade,
social enterprising, and non-profit organizations have an easier time raising
funds for charitable causes. The
government and other organizations offer incentives for social projects.
Marketing and Promotion: Every business has a story, and
every social enterprise has an exceptional one. A story that attracts buyers
wanting to help participate in a worthy cause, effectively supporting
institutions promoting social entrepreneurship. Retail companies can capitalize
on the support and publicity of the community to grow and thrive as a profitable
business.
Supporting Local Businesses: This is the motto of “Think
Globally, Shop Locally.” Not only does this put money back in to the local
economy, but is sustainable and an eco-friendly option. Align your brand with
another local organization, participating in co-marketing or sponsorship.
Social enterprise not only impacts the bottom line, but
helps cement your brand by letting customers know your mission. Being
transparent and authentic about your purpose demonstrates passion giving
customers a sense that they invested in helping support a cause and creating a
solution.