Good Business - What is a social enterprise?
Being a #GirlFounder can be a great way to combine your passions with work. You never have to complain about the boss, because you ARE THE BOSS. And that means creating a company based on your values and what you care about most.
Today there are so many options on how to run your business so now’s a good time to think about what you care about.
Do you want a sustainable business, one that treats people with respect and/or gives back to your community? Or perhaps you’d like to maximise your money and retire before you're 40? Both are totally cool as you chart your own course in business.
What is the difference between a commercial business and a social enterprise?
Well, a commercial business is where revenue and profit is maximised for the owners and shareholders.
A social enterprise is a commercial organisation that has specific social objectives as its primary purpose and they maximise profits to fund social programs aligned to their mission.
Make sense? Here are some examples...
The Social Outfit
The Social Outfit is a fashion label with a difference. Based in Sydney, they are a social enterprise that provides employment and training in the fashion industry to people from refugee and new migrant communities in clothing production, retail, design and marketing. They work with many refugee and migrant charity groups to employee people newly arrived to Australia. The mission of The Social Outfit is to tap into the creativity of refugee communities with the goal of empowering those communities and creating social inclusion. For most Social Outfit employees it's their first job in Australia giving them valuable paid work experience, new skills and community connections. Plus their clothes are awesome - check them out.
You've probably seen thankyou products in the supermarket. And you might even have some in your home. Thankyou are a social enterprise who use 100% of their profits to end extreme poverty. They started selling water and now have hand wash, shampoos and nappies and a stack of other products. Thankyou have helped over 857,000 people by distributing more than $6.2 million to fund water access, sanitation and hygiene projects across the globe.
This article is just a teaser of the great things you can learn by enrolling in our free online Academy Campus. Get started on creating your very own business idea and learn more about design thinking. Not to mention, you can learn from some pretty great Girl Founders, along the way.
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