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.