There are many types of entrepreneurship and universities offer various research programs which include different entrepreneurship dissertation topics. Among all other entrepreneurship, I am going to write about social entrepreneurship. Most of the time people can not relate the term social with entrepreneurship. However, social entrepreneurship is a unique combination. Those who take risks, do business and earn benefits are called entrepreneurs. They take risks in investing money in a particular project, but with the mindset that it will help in overcoming the challenges the society is facing. On the other hand, earning profit is also a priority of a social entrepreneur.
Social Entrepreneurship
The issues and problems of social life are addressed by a social entrepreneur. He uses the technologies, tools, principles and business theories to achieve his goal. These people are called social entrepreneurs. For instance, someone made a small shelter home to provide food to poor people in the community. Later, he started a restaurant, providing food to needy people and earning profit from the restaurant, running a wide-scale business simultaneously. So we can say that a social entrepreneur wants to solve many social and environmental problems and earn money as well. After reading this article, I assure you that you will not ask for dissertation help services from any online portal for your research work.
Sustainable Business Models
The management and coordination of environmental, social and financial demands and concerns to ensure responsible, ethical and ongoing success is referred to as business sustainability. The sustainable business models aim to produce profit as well as leave a positive impact on the environment and society. The key elements include;
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Environmental Responsibility
Such businesses provide products to consumers by reducing waste and using renewable resources. They do not waste energy and they aim to adopt eco-friendly technologies and earn profit. They use renewable energy resources with less packaging to make designs and carry out such operations and programs to recycle used products.
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Social Impact
Social impact ensures legal and ethical behaviour with the workers. Practising no discrimination and more contributions towards the benefit of mankind. For example, handing over salaries on time and giving benefits to the employees.
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Long Term Focus
It means that such strategies should be made whose priority is to gain long-term benefits rather than short-term benefits.
Sustainable Business Model Implementation
Here are a few measures which can be taken to implement a sustainable business model.
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Assess Impact
Before making a business plan, its environmental, social and economic influence should be assessed.
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Set Goals
Such sustainable goals should be made which are easy to understand and can be easily implemented.
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Involve stakeholders
To make your business model more sustainable it is important to ask for suggestions from employees, and grab the attention of customers and society.
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Innovative Ideas
Try to remain in the continuous struggle of finding new ideas to enhance sustainability in your business using technology and tools.
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Building Trust and Support
Gaining the trust of the stakeholders and the support of the customers and employees will help make your business model more sustainable. So it is better to communicate sustainable achievements and goals with them for the growth of business.
Impact Investing
A type of business in which money is invested to earn profit as well as give benefit to the environment and society. This is referred to as impact investing. These businesses are established to remain eco-friendly. Here are a few points to show the benefits of impact investing.
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Growth of Money
The value of money is increased by investing properly. It means that in the future an entrepreneur will have more value for money, as compared to those who save money instead of investing it.
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Generate Regular Income
Money invested in rental properties, like shops, houses or flats, helps us earn money regularly.
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Achieve Financial Goals
Another impact of investing money is that it helps us to achieve our goals, like purchasing a house, fulfilling fee requirements for kids’ education and saving money for our safe and secure future.
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Risk of Loss
To minimise the chances of loss in business, it is essential to ask for suggestions from the employees and the stakeholders before taking the huge step of investing money in any business or project.
Importance of Impact Investing
Impact investing is important because;
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A positive change is encouraged in society, by promoting ethical and sustainable practices.
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It also helps to solve problems like tackling climate change, poverty, and education.
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While increasing the worth of your money, you can also spend it on a particular purpose to bring a change in society.
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When people see you growing financially, they will also gather the courage to make investments rather than saving money for a long period, which does not give them any benefit in return.
Triple Bottom Line Approaches
The success rate of any company can be evaluated by the three components: people, planet and profit. This is known as the Triple Bottom Line (TBL). The three components are described below.
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People
People mean the social impact of a particular business and what was its influence on people, employees, community and customers.
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Planet
It shows how a business affects the environment. It shows how efforts were made by the company to reduce waste, conserve energy and decrease pollution from the environment. Overall it shows how the project was eco-friendly.
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Profit
Profit measures financial success. It shows how the business was successful in terms of financial performance, profit, revenue growth and economic stability.
Conclusion
To sum up, social entrepreneurship and sustainable business models make the environment eco-friendly and help entrepreneurs earn money simultaneously. The major aim of social entrepreneurship is to make new and innovative strategies to fight the challenges our society is going through. On the other hand, sustainable business models help in implementing business plans which are sustainable and produce large profits side by side. Hopefully, the above topics covered under social entrepreneurship will guide you with your research and writing your dissertation.
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