Recently me and my colleagues at Sourcing OK came to talk about socially responsible enterprises and their place in business. In itself, social enterprise has become a popular buzzword throughout the business world. But what is it actually about? Here are four things you need to know about it!
Many people (even those in business) confuse social enterprise with charity. But although social enterprise has similar features to charities, for example their goals, it still focuses on generating profit while serving social purposes.
Compared to regular businesses the goals of a Social enterprise are innately social. Meaning they serve the purpose of bringing change to social or environmental issues rather than amassing large profits.
Measure of success
Even though they bring in profit, they do not measure their success through money but through the social impact they create. For example, a company employing and training people without a high school diploma will measure their success in the people they have helped.
Famous Social Enterprises
There are many social enterprises, which have had great success with their concept! One of the best examples is the restaurant KOTO. It opened in Hanoi. And It teaches At-risk and disadvantaged youth hospitality skills, the English Language, and essential life skills. Through that it became a huge tourist attraction and with the money that comes in they can help even more people. Check out their website here.