Entrepreneurs operating small businesses strive to improve the lives of people in the communities they serve. Many of them do succeed in these efforts to a large extent as they succeed in bringing in positive transformation. These business owners take an interest in tackling important social problems and the elimination of these issues from society. These could include upliftment of women, eradicating poverty, providing education opportunities, or reducing the emission of greenhouse gasses. Even companies are taking the initiative to make social responsibility an integral part of their mission and vision statement. They invest funds for projects. They keep track of impact opportunities so that their business makes a positive impression in eradicating social issues that plague society today. Taking such a step helps a business to enhance their credibility in the eyes of the public.
Titlecard capital – How can entrepreneurs create social impact for their businesses?
Titlecard Capital is a prominent Denver-based private equity firm. The fund managers of this firm finances or acquires private companies in certain sectors of the economy. These include technology, healthcare, specialty finance, hospitality, and entertainment. They select profitable businesses with a good growth potential to ensure the investor gets value addition on the returns on the investments made. Members in its Board Of Directors include market specialists, prominent athletes, and executives from the entertainment industry. Its founder, Tyler Tysdal is a master graduate in business administration from Harvard University.
The experts from Titlecard capital state it is important for entrepreneurs to take steps to make their businesses socially responsible. Only then can these business owners become successful in keeping their key stakeholders happy. The proprietors will also be able to attract and retain employees with exceptional talents. This helps them to attain a competitive edge in the marketplace over their rivals. The professionals point out the following four ways entrepreneurs can promote social change in their business activities:
- Providing funds to non-profit organization tackling social issues
Companies often donate money to charities who tackle common social issues like upliftment of the underprivileged sections of society. Taking such a step enables these businesses to claim a tax deduction on such contributions. Moreover, it enhances the brand image of the products the corporate enterprises deal in the marketplace.
- Conventional Non-profit organizations
A growing number of companies are creating non-profit social enterprises. These organizations provide services to various communities for they do not earn any profits. The officials of these enterprises then reinvest the money they generate into their social mission.
- B-Corps
A recent trend among profitable companies to bring about social change is creating B-Corps. Organizations falling under this category of social enterprises must fulfill certain requirements. The officials conducting the activities of such enterprises must be transparent in the social work projects they perform.
- First-Mission businesses
The objective of First-Mission businesses is to earn profits while conducting their social activities. Revenue generation is an integral part of the companies falling under this category. Nevertheless, these businesses aim to bring about a positive transformation in society.
The professionals from TitleCard Capital explain companies have the resources to make positive changes in the society where they conduct their activities. The officials of these businesses can do so by donating money to charities, establishing non-profit social enterprises or B-Crops. Many of these corporate enterprises even convert themselves into First-Mission businesses. Such social impact activities go a long way in enhancing the brand reputation of these companies now and in the future with success!
