Everyone has a role to play in improving the society that nurtures us. When it comes to making an impact, social entrepreneurship is something that allows stakeholders to contribute to the overall change in their community.
The concept involves entrepreneurs who focus their efforts on benefiting certain social groups. These business owners also opt for creating positive social change over maximizing their profits.
In this article, we will talk about social entrepreneurship in the Philippines. Learn how students like yourself can help weave a better future through its practice.
What Makes Social Entrepreneurship Relevant Today?
It’s no secret that society has gone through a lot of dips in recent years. Even the economy has been largely affected as the pandemic brought new challenges to the global business world that most aren’t quite prepared for.
If big businesses themselves have sustained damages from the economic trials of today, imagine how much worse the situation is for lower-income communities with very limited access to opportunities.
This is usually where social entrepreneurs come in. They stand as the initiators who can help improve these challenges for communities that need the most support. Specifically, social enterprises help by creating direct economic growth in the country. After all, higher economic growth can generate more jobs. This, then, improves the living standards of citizens, especially when the economy is down.
3 Points to Keep in Mind When Practicing Social Entrepreneurship in the Philippines
You do not need to be a successful Filipino entrepreneur to participate in ventures like social entrepreneurship. Even as a student, you can readily develop skills for this industry.
Thinking of how to start a social enterprise by yourself? The following tips can help you get a headstart.
1. Identify a social problem and offer a solution.
To foster change, you need to have a specific focus. What is the social problem that you want to solve? Is it hunger? Poverty? Lack of job opportunities? How are you planning to make an impact in the area? Depending on your resources, you need to be realistic in the type of effort that you can start.
One good example of a successful social enterprise is A Liter of Light, which was designed and developed by students from the Massachusetts Institute of Technology. The project seeks to address the devastating effects of energy poverty. It does so by creating solar bottle bulbs from liters of used plastic carbonated drink bottles, effectively tackling concerns on plastic waste as well.
Through this, families gain access to affordable and sustainable resources for electricity. To date, the organization has managed to light up homes in the Philippines, Indonesia, India, and even Switzerland.
2. Talk to the experts.
Doing proper research is a huge part of creating a sustainable and well-organized enterprise. So, it’s vital to consult academics or industry experts to ensure the quality of your product or service.
Other than talking to experts, the best people to talk to are those whose lives you want to make an impact on. This gives you a deeper understanding of the problem and lets you know if you’re providing the right solutions. Thus, reaching out to the members of the grassroots communities that will be involved in your project is a must before you start your social enterprise.
3. Measure your impact.
What is the point of social entrepreneurship if you can’t gauge the changes that you’ve made? Impact measurement comes in.
Impact measurement allows social entrepreneurs to assess the effects of their efforts. It asks these three important questions:
- Do your direct beneficiaries and customers feel that your work is benefiting them?
- Do your secondary stakeholders feel that you are using the correct steps to ensure the long-term impact of your initiative?
- Do all of your stakeholders know that the work you are doing is creating a lasting impact?
In a nutshell, impact assessment enables social entrepreneurs to evaluate the progress made of their proposed solution. This involves assessing their processes, programs, and long-term outcomes.
Explore Social Entrepreneurship in the Philippines With the Right Skills You Can Learn at CIIT
Are you someone who wants to impact people’s lives through social entrepreneurship? If you’re interested in doing business for the greater good, our Bachelor of Science in Entrepreneurship program at CIIT Philippines can help you achieve this goal.
CIIT takes pride in honing the skills of numerous creators and innovators who have a thirst for making a difference in the world. Through their expertise in art, tech, creativity, and business, our graduates actively support advocacy-driven enterprises and organizations or create one on their own.
Our Bachelor of Science in Entrepreneurship program combines classroom concepts and traditional business models with industry-standard tools, modern digital platforms, and real-life training that turn your ideas into trailblazing startups. Some examples of the subjects that the program offers include entrepreneurial behavior, market research and consumer behavior, and entrepreneurial marketing strategy. Students also get to interact with our close-knit community of creatives, designers, and developers who can help turn business concepts into reality.Start your journey of becoming a changemaker with us. Learn more about how you can apply.