Published On: September 14th, 2020
Bright Indian Future Ahead
The Indian startup scenario is flourishing at a fast pace. Domains such as automobile, artificial intelligence, banking, consumer services, healthcare, e-commerce, information technology, etc are dominating. Budding entrepreneurs and students have excellent, out-of-the-box business ideas for these sectors and more.
Yet, unspoken problems are evolving in society – poverty, discrimination, gender inequality, economic disorganization, etc.
Following which, if you are planning to register for a startup or you already own a brand and trying new verticals, then do consider perspective on Social Entrepreneurship. Beyond the mere idea of a 6-digit income, the result of being a Sociopreneur will change lives and give a better world!
In this post, we will understand the perspective on social entrepreneurship over the Startup Culture in 2020 and in near future.
And for those of you in-dilemma of choosing profit over social ethics, the following characteristics and real-life startup examples can help you get a business vision.
Defining Social Entrepreneurship in the First Place
Altruistic or Social Entrepreneurship solves an issue prevalent in society. Revenue is the standard parameter that businesses conventionally account for evaluating success. But, in the case of social entrepreneurship, the success quotient along with satisfaction is assessed by three factors;
- Planet: Mother earth getting impacted in a positive, sustainable manner.
- People: Developing the life of individuals, enhancing lifestyle, and improving the well-being of a community.
- Profit: Money is needed to pay workers and update existing resources, thus helping more people outside the business.
Note that social entrepreneurship is not limited to supporting people. It can be a regular company with weekly CSR (Corporate Social Responsibility). Or it might be a ‘For-Profit organization’, where the business considers revenue, to make use of the generated income for raising awareness and donating funds. There is also something called ‘social purpose business’, where the mission of the company is towards the rectification or enhancement of one social issue.
For Example, Selco
Started in 1995, Selco, the Social company, aims at giving solar power technology to poor rural communities. Founded by Harish Hande, he identified specific problems linked with poverty. Harish then had the vision to rectify one main issue (electricity) related to poverty, hence commenced Selco. And today, his solar electrification project is a viable, long-term resource for rural households. Harish became a changemaker[efn_note] https://www.ashoka.org/en-in/fellow/harish-hande [/efn_note], with over 95,000 solar systems helping 400,000 individuals directly!
“The World Bank has always said that solar [lighting] does not make sense for the poorest of the poor. But here you can see if the need is matched, it is a productive fit”, says Harish
So, the options to choose inside social entrepreneurship is diverse. Yet, youngsters and growing entrepreneurs hesitate for Sociopreneurship, considering the profit aspect.
Remember that either way, businesses have challenges from finding investors, challenging the status quo, managing financial risks, market competition from business giants, and the list goes on. But, social entrepreneurship has only two main (solvable) reasons for failure – lack of infrastructure, and commitment from founding partners.
“Stay focused on effectively solving customer’s problems. The money will come.” – quoted by Nikesh Arora, CEO of Palo Alto Networks
However, you can pass those hurdles:
- By locating a fundraising platform to get sufficient capital.
- By choosing teammates and partners, who genuinely prioritize altruism over high revenue.
Moreover, try clubbing social causes with generic themes such as musical concerts, dance programs, and even the trending stand-up comedy; this will inspire people to join your mission. And there is already one young Indian boy, who achieved it using entertainment!
For Example, Khoon
A boy lost his beloved teacher, due to insufficiency in blood donors for her medical condition. He later had another experience, where his close friend’s uncle required B- blood for a medical emergency. These incidents made him launch a foundation at the age of 15. Since he lacked proper funding and support, to garner a larger population, he clubbed awareness with on-stage events and comedy gigs. It was a hit, and within 4-years of foundation, he supported 87,000 signatories[efn_note] https://www.thebetterindia.com/208322/bengaluru-teen-teacher-death-blood-donation-community-inspiring-india-say143/ [/efn_note] and welcomed 5000 new members into the community! The foundation is Khoon by Chethan M Gowda.
“I brought in an element of fun. We conducted another donation camp themed around love and we decorated the place with signs and symbols of love and some music and kept the camp lively. We got 238 donors at that camp” –says Chethan
ALSO READ:- Inspirational Success Story of Urban Company
Dreaming for a Better World? Make It from Your Decision
Social entrepreneurship is not a goal; it is a beautiful journey. And this is the time to register for this altruistic path since India’s present social entrepreneurship ecosystem is helping startup founders rise high with resources including:
- Investment: Unitus Seed Fund, Khosla Ventures, Indian Angel Network, etc.
- Acceleration: Co-working space, business mentorship, networking, etc.
- Central Government Policies: 39 laws specifically designed [efn_note] https://www.britishcouncil.org/sites/default/files/bc-report-ch4-india-digital_0.pdf [/efn_note] for social entrepreneurs.
One Last Note
Aspiring to become a social entrepreneur? Pick contemporary pain-points of India, namely Education and Skills Training, Manufacturing, Renewable Energy, Healthcare, and Agriculture. Catering to these five areas of action is a profit for your business and India! Not to worry about the functional aspects since initiatives such as ‘Make In India’ and ‘Startup India’ are employed to ease your business operations.