Social entrepreneurship is a purpose-driven approach to business that aims to create a positive social impact while ensuring the sustainability of your business idea. By integrating the best of corporate learning in the social sector, social enterprises promote inclusion and stimulate economic growth through job creation and impactful opportunities.
NGOs have been addressing socio-economic issues at the grassroots level for years but often struggle to secure funding, scalability and the specialized workforce to fill the gaps. This is precisely where social entrepreneurship can fill the gap by combining the modernity and sustainability of business with the spirit and purpose of a social mission.
Personally, I feel that the time has come for young people and aspiring professionals to venture into social entrepreneurship and create scalable business enterprises that will contribute to society.
Purpose-driven work: One of the most important reasons to start a social entrepreneurship is the opportunity to work for a purpose or cause. Unlike corporate jobs that are primarily focused on business growth, social enterprises aim to create long-term social impact.
Sustainable and Innovative Solutions: Solving social problems requires creativity, innovation and critical thinking. Working in villages and rural communities allows social entrepreneurs to understand the underlying issues and come up with innovative, yet low-cost solutions. The use of technology in implementing sustainable development projects allows young entrepreneurs to propose and develop solutions that can be scaled across rural and exurban areas.
Networking and leadership skills: Becoming a social entrepreneur opens up a wide range of opportunities to work with government agencies, NGOs, communities, charities and policy makers. This equips you with key skills such as people management and leadership skills that are useful for a range of roles and capacities.
Boosting economic growth: Social entrepreneurs can boost local economies through innovation, become job creators for rural youth, and ensure growth across the region. They empower young people by helping them become self-reliant and providing employment opportunities closer to their hometowns, including for women.
Here are some ways young people can prepare for social entrepreneurship.
Gain practical experience: Internships, volunteering, and fellowship programs like the “SBI Youth for India Fellowship” are great ways to gain practical experience. These programs provide you with a hands-on opportunity to understand the workings and roadmap of social ventures, pick up relevant skills, and build your professional network.
Be financially and tech savvy: Knowledge of digital tools, data analytics and digital media helps in decision making and helps in solving many problems. Similarly, knowledge of managing financial transactions and basic business compliance is also required. The SBI Youth for India programme will provide the necessary assistance and technical support to the fellows throughout the 13-month fellowship period. SBI Youth for India will provide seed funding to promising social enterprises through the “YFI Sahyog- Pitch Fest”. This hands-on experience will give them the confidence to become future social entrepreneurs.
Build a network: Social entrepreneurship is about being proactive, resilient and open to new ideas. Having a network of experts who can empower you with their knowledge and insightful experience is a key step in building a sustainable enterprise. These stakeholders could be community leaders, non-profits, government entities, venture capitalists corporate donors and more. Actively participating in fellowship and internship programs can help build a network that social entrepreneurs can leverage in the future.
Social entrepreneurship today is a transformative opportunity for young professionals and recent graduates to build impactful and rewarding careers.
By tackling some of the most pressing problems of our time with innovative solutions, social entrepreneurs are already redefining success and building sustainable enterprises around the world.
In many ways, the answer to building a fair, sustainable and compassionate world perhaps lies in fostering social entrepreneurship.
(The writer is President and CEO of SBI Foundation)
