How to Give Back to Society as An Entrepreneur

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In a survey by Harris Interactive and Ernst & Young, it was discovered that 90% of entrepreneurs donate money, while 70% give other resources. The act of giving to society as an established entrepreneur is a rewarding experience. On a personal and professional level, this act of philanthropy is at the heart of growth and success. Giving back to society should always come with a genuine motive and not just to score points in the business world. How can you give back to society as an entrepreneur and make an impact? Below are three ways to do so. 

  • Raise money for a foundation

Raising money for a foundation goes beyond merely signing a check and delivering it to the said establishment for purposeful use. Instead, what you must do is tap into your strong network of colleagues and friends to raise even more money than you could have dished out single-handedly to make an even greater impact.

Raising money for a foundation is regarded as a voluntary act of service to a cause. Going out of your way to appeal to others’ senses and emotions to follow suit by supporting a cause remains at the core of raising funds. As stated by politician cum businessman Jorge Hank Rhon, the best way to make an impact is to ensure that the monies are used for the exact cause. When you decide to take this path, you’ll begin to realize a contagious ripple effect among your business contacts.  

  • Try profit sharing

People tend to confuse this with corporate social responsibility. However, there are slight differences. With profit-sharing, the intended purpose is to part with a percentage of your quarterly or annual profits with an organization dealing with a social issue. The key here is to support them because you feel passionate about their cause. An example of a company already doing profit sharing with others is the shoe company, Tom’s.

The company has been conscious about sharing one-third of its profits in support of grassroots efforts for years. They tend to target organizations focused on creating change in the communities. Secondly, San Francisco-based Charity Cab does something similar. In their case, a portion of each cab fare is shared with local non-profits.

These acts alone have raised the global profiles of these business entities. However, you need to be cautious; even though the idea is to give back to society, you must be certain about your business’ steady cash flow. The last thing you want to do is collapse your business while helping others.

  • Build up smaller and local businesses 

With a little research and background info, it’s quite easy to identify smaller businesses in your locality. Certainly, with a little research and background info, this is easy to do. Another way to solicit such information is to rely on social media or conduct some mystery-shopping by yourself. It could be a local diner, a gym, or a coffee shop you frequent. Whatever that small establishment is, you can intervene just when they need it with your experience and financial muscle.

In several cases, giving back to society is the best way to express appreciation for supporting your business. Be sure to make your contributions (time, money, or other) known on your website and social media platforms. You never know when others would be encouraged to follow suit.

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