Businesses can be about more than earning a profit. For some modern ventures, success means using their business to make the world a better place.
According to the Social Enterprise Alliance, social enterprises are businesses whose primary purpose is the common good. They use the methods and disciplines of business and the power of the marketplace to advance their social, environmental and human justice agendas.
The concept is not new, however, the model has shifted over the years from non-profits starting businesses to for profit businesses building their outreach from their success.
Organizations such as Goodwill and Habitat for Humanity are among the early pioneers of the social enterprise, launching their thrift and resale stores to support their missions. The newest round of social enterprise spinoffs include businesses that appeal to a new generation. The popular casual café Panera Bread serves as a shining example with their Panera Cares Community Cafes. At these select locations, customers can pay what they can afford. The focus is reaching out to those in need.
The growing idea of social enterprise comes at a time when many are in need due to the economic downturn, providing an optimal setting for entrepreneurship to flourish. Look for the concept of social enterprise spinoffs to increase in coming years.