Category: Supporting Social Entrepreneurship

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Casino Entertainment that Utilises Social Enterprises

Casino gaming and sports betting are among the most popular gambling events in the world. Enthusiasts love them both for the thrill and the chance to earn money. Still, sections of society frown at these businesses because of some individuals who cannot gamble responsibly.

Rather than shy away and recoil from the criticism, these outfits need to come out and show society that there is a good side to them. Social entrepreneurship is the perfect way to do this.

How to Get Involved

The model is already tested and working in many areas. The world over, sports teams are sponsored by casino enterprises and betting companies. Many of these would have run aground without such support, especially when the pandemic hit.

Online casinos like mFortune can get involved in projects like building stadiums for the community. When such grounds are built so that teams can charge entrance fees, they eventually become profit-making ventures. The community benefits, and the casino creates a positive image.

Casinos do not have to initiate these projects by themselves. Instead, they can call for social entrepreneurs to make competitive bids then partner with them based on merit. They may even engage an external consultant to evaluate the bids and forward the winners for collaboration.

Social enterprises require different forms of support. The most viable option for casinos to come in is the financial support aspect. This way, they won’t need to be involved in the day to day running of the enterprise. They can pull out when the project is up and running, and their financial muscle is no longer required.

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How to Support Social Entrepreneurs

It is important to be understanding and supportive of the social entrepreneurs around you. Even if you do not understand their passion, remember that they play a huge role in making the world more liveable. Also, your response to them always has an effect.

It is, therefore, nice to take it as a responsibility to have a positive effect on any social entrepreneur you meet. Your support, no matter how seemingly remote, always goes a long way. Here are a few ways you can support social entrepreneurs near you.

Speak Encouragement

Social entrepreneurship is a difficult job. Social entrepreneurs are vested both personally and professionally in their daily work. With a constant decrease in emotional support the world over, these people need regular motivation to keep up their good work.

You do not require any knowledge about a Social Enterprise business to remind them that they are loved, valued, and are trying their best. Such words can help them forge ahead with the business even at their lowest point.

Ask Questions

Social entrepreneurs are passionate people. Their work is what captivates their minds every day. Allowing them to share their dreams makes them feel supported and relevant. Make sure you ask them about their organisation, their progress, or any social problem they might be tackling. This will help them to keep moving.

Do Not Ask About the Money

Most social entrepreneur organisations have no profits, especially in their early stages. You may not understand why one would quit a high paying job to help people. You should understand that social entrepreneurs are not in business only for the money.

They desire to bring a positive change. It is also important to know that growing a new business to maturity requires one to take risks and sacrifice. Therefore, do not make money the axis of your conversations about their work.

Give Donations

It is important to help social entrepreneurs in their fundraising campaigns. Giving donations enables them to learn about your support in their course. Any amount of money you donate will create a difference whenever you can support them financially.

Life of Entrepreneur

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Where can Social Enterprises Get Support?

Social entrepreneurs require motivation to keep marching towards their goals. Often, they suffer a lot during the start and need support to stay focused. They require financial support, exposure, technical support, and solidarity to remain operational. These forms of support can be sought in different places.

Getting Funding

Funding is one of the most important factors in running any business. There are grants that are offered by philanthropic bodies, government bodies, and charitable organisations. These bodies invest in the social outcome of the business and do not require any financial return. Social entrepreneurs need to stay on the lookout and approach these bodies to seek funding.

Investment Funding

Some social business models can generate profits and sustain themselves. This helps them to get the attention of debt investment funding and traditional equity. There are many businesses that invest in social enterprises. Some of these include establishments like Angel Investors, seed funding firms, and venture capital funds

Social Media

Social entrepreneurs need to expose their business to people to get customers. What better way than using the most populated platforms in the world? The majority of the people in the world now have smartphones and are often on the internet.

Social enterprises should do self-promotion regularly to let people in on what they offer. This will lead to an increase in customers and profits. Social Media can also expose an organisation to helping hands who are willing to pump in funds.

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Understanding Social Entrepreneurship- What it is, How it Works

Social entrepreneurship is the process applied by individuals, enterprises, groups, and organisations to create solutions to social, environmental, and cultural problems. Profit-making enterprises come up with strategies that improve social impact in society—for instance, building schools or health centres in rural areas.

Characteristics

Creativity entails setting the goal and analysing the current problem-solving skills needed. Social entrepreneurs must create a vision and ways of accomplishing it.

Secondly, entrepreneurs need to remain focused and realistic on the vision. Therefore, they should not quit until society benefits from the project. The social impact evaluates if the project will remain sustainable after the sponsors are gone.

Ethical fibre remains important because leaders hoping to change the world need to be trustworthy. A good leader aims at solving the problem rather than making a profit.

Examples

Drilling and construction of freshwater wells in remote and drought-stricken regions is a classic example of social entrepreneurship. In this case, the entrepreneur or organisation identifies vulnerable communities and embarks on the project.

A modern example is providing computers and Internet connections to ensure that young people can access information and learning resources.

Eligibility

Any individual, business, organisation, or governmental authority can participate in social entrepreneurship. This is done by creating solutions to community-specific problems.

You can learn more about social entrepreneurship by attending virtual forums such as ChangeNow and the GSG Impact Summit.