NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Monday, December 16, 2013

A social enterprise focuses on championing a good cause, such as helping the poor or promoting animal welfare. It also aims to be a profitable business, where surplus revenues are ploughed back into growing the company and expanding its activities.

There has been a growing interest surrounding social enterprises – not only in Singapore, but around the world. One reason is because more entrepreneurs wish to pursue a larger meaning in life, beyond just material wealth. Another is due to the need to solve pressing social problems.

If you are looking to make social impact, here are some ways to get started:

Spend time with the target beneficiary

Once you have identified which social problem you want to address, spend as much time possible with the beneficiaries involved. This will provide insights to the problems they face, which will get you thinking of possible solutions. For example, if your social cause is helping autistic children in Singapore, get in touch with relevant schools and associations. Likewise, if your cause is providing electricity to rural villagers in India, you need to travel there and meet the people.