Do you remember the time you started up your company? Who provided the initial capital injection? Who were the people who stood by your leapfrogs and pitfalls? What did they do to uplift your mind, attitude and spirit? If you’re a successful entrepreneur and you’ve heard of the term ‘Free Market Philosophy’, you’re ideally a proponent of giving back to the economy.
Philanthropy isn’t a foreign concept for entrepreneurs; in fact, over 85% of these hustlers monetarily give back to society, while about 70% practice time-and-money philanthropy. Truly industrious entrepreneurs at a point in their odyssey start looking beyond their business and look for avenues to create opportunities for their friends, family and even the business community.
1. Monetary Philanthropy:
Perhaps the most popular form of giving back, cash is a superlative way to change the lives of people. Charities and foundations that help the homeless, the needy, the uneducated, the hungry and the people of determination are strewn all over the world. But impacting local charities creates a long-lasting impression on the domestic market. This could also throw a warmer light on the company’s public image.
2. Mentorship:
A novel way to contribute to the betterment of other’s lives/careers is mentorship. Whether it be signing up to mentorship programs at universities that have a strong entrepreneurship foundation or individually offering guidance through social media, mentoring can really invigorate a rookie entrepreneur’s perspectives. If qualified enough, you could even wear a teacher’s hat to impart what you’ve learned as an entrepreneur
3. Stimulating Small Businesses:
: It’s true that seasoned players in the startup bastion eventually become investors themselves. Do you know how to convince investors, land investment funding, construct and foster industry relationships, market a unique product and keep a business afloat? All this, plus some excess cash can allow you to invest in small businesses that you feel passionate about. Alternatively, franchising – i.e. extending a business arm for like-minded passionate business people could also work wonders
4. Profit-Sharing:
When you strongly believe in a social cause, why not pay forward a portion of your profits towards that cause? Here’s an example: You make Rs. 1000 as profits per sale and you’re an ardent advocate of climate change. You pay Rs. 100 to Climate Care – a non-profit organization that raises awareness about the drastic effects of global warming
5. Donations:
Another classic way of doing your part for the society is by giving donations. These needn’t only include money. Some organizations also accept old clothes, furniture and equipment. Also remember the golden rule: any contribution – little or large, matters
6. Networking:
As industry experts, experienced entrepreneurs have razor-sharp skills at networking. They know exactly who to talk to, how to talk to them, how to get stuff done through people, how to engineer relationships and how to link people up. If you have a strong influenceable network, you could think of syncing two of your contacts so that they could benefit each other’s businesses
7. Volunteer:
Successful entrepreneurs always find time to do a bevy of tasks during a work week. Some even squeeze a portion of their time to spend with youngsters in schools, colleges and even with young industry peers to talk about their own journeys or hear about the issues that youngsters face. This can even be therapeutic sometimes, as you get a good feeling by making people understand that you’re there for them.
Positively impacting people’s lives has become a paradigm in many entrepreneurs’ careers. By paying something forward, they not only boost the economy of their communities but also portray a pleasing image of their own persona.