Women and Young business owners face quite a number of challenges in their entrepreneurship journey. A number of entrepreneurs lack entrepreneurial skills, inadequate resources and incur huge startup costs which do not favor business success.
Often, entrepreneurs fall out of business not too long after they have started. As an Entrepreneur in Africa, you will have a number of people behind your back celebrating with you when you succeed but when you fail, you become part of the statistics of people who have failed in business. Daunting isn’t it?
Operating a successful for-profit business takes resiliency and diligence yet a few entrepreneurs are patient enough to fail a number of times before they succeed. The truth is, Very many entrepreneurs fail but should that be the end of the entrepreneurship journey? It’s an absolute NO!
Doing business is the new normal, but what is the alternative, “The social enterprise business model”! Wondering what it is?
It’s doing business for social good. Entrepreneurs offer solutions to the economy but encounter so many challenges as they do business. The best and sustainable way of doing business nowadays is contributing to humanity while making money.
These Social enterprises play a significant role in socio-economic growth and development globally through creating employment especially to the vulnerable populations i.e. the Youth and women. We acknowledge that in Uganda, this category of entrepreneurs contributes close to 90% of private sector production and play a crucial role in income generation, especially for the poor and provides employment to over 2.5 million people. We cannot ignore such a strong force of economic contributors.
To generate social entrepreneurship ideas, all you have to do is focus on your community. Start by thinking about the social issues that affect members in your community and possible solutions to the problems without causing more problems.
The social entrepreneurship business model focuses more on impact and sustainability than profit making. Yes, profits are good and its one of the objectives but the big picture is to ensure the community challenge are addressed sustainably. Once Earth and the people in it are impacted and happy, you definitely will be doing business.
However, not so many entrepreneurs understand this business model and yet it’s what has proven to bring about impact and sustainability in very many economies. If You have interest in learning about social entrepreneurship or desire to learn how social enterprises make money and impact communities, then sign up for the Social entrepreneurship Symposium on 3rd November 2021 https://forms.gle/LBN1roYjLywP4tnk6