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Entrepreneurship And Philanthropy: What Are Their Benefits?

Entrepreneurship and philanthropy are two practices that have existed as an inseparable pair for centuries. As Mahatma Gandhi puts it, “The best way to find yourself is by losing yourself in the service of others”. More business owners and entrepreneurs are joining the charitable bandwagon in a bid to help solve problems in society and in turn understand their true purpose in the universe.

Charity is no longer just an option but rather a priority for successful entrepreneurs with the likes of Bill Gates and Warren Buffet signing for The Giving Pledge where they donate half of their net worth. Another example is Jason Sugarman who aids charities by supporting technology in schools and community outreach programs. But, how do philanthropic actions by entrepreneurs influence society and the business itself?

Improving the Living Standards of the Society

The gap between the rich and the poor is at an all-time high, and it only makes sense if successful businesses help raise the social status of the less fortunate in society, or at least make their lives bearable. However, charity is not just about writing checks and donating large sums of money. For avid entrepreneurs, it takes a deeper scrutiny of the problems that affect society and using their expertise and connections to solve them.

Community engagement and donations by these entrepreneurs have greatly improved the whole community with better schools, safer places to play and relax, a cleaner environment and improved living conditions.

Promoting the Business’ Credibility and Respect in the Community

“Philanthropreneurship” as coined by most business people, also earns an entrepreneur respect from employees, which improves the relationship between the employer and employee, therefore promoting motivation and morale to keep working well. The secret formula for peaceful co-existence between an entrepreneur and the community is a relationship based on credibility and respect. By providing helpful services to the community, the entrepreneur gains more respect and trust from the community.

Philanthropy has always been rewarded with loyalty and respect from the community as it shows the entrepreneur’s humane connection with the community. Apparently, there are situations where the community will strongly defend entrepreneurs who express goodwill towards them.

Increasing Networking Prospects for the Entrepreneur

We all know that the best business model is one that promotes networking, which is the best way to attract long-term business opportunities. Having said this, goodwill must, therefore, be a part of any successful business model. By volunteering to charitable missions, you get an opportunity to interact and network with potential customers, employees, community members, investors and people that are passionate about this course.

The best way to network through charity is by offering your skills pro bono, coaching and mentoring others, or signing up as a member of a charity board. In addition to networking and making new business opportunities, volunteering gives you a chance to hone your expertise, understand the specific needs of the community and know how you can help solve them.

Whether newbie or veteran, every entrepreneur should incorporate philanthropy into their business plans and models. Apart from the benefits highlighted here, a good reputation in the society has gotten many entrepreneurs to places they never imagined before. If you still think that your startup is still too small for a charitable action, then you need to deliberate on what skills or expertise you can offer to your community free of charge and start there. After all, you do not need millions of dollars to be benevolent.

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