Philanthropy and Business: Do Good While Turning a Profit

The concept of the "fat cat" corrupt business owner is practically a cultural stereotype, but not every successful entrepreneur needed to crush those beneath him or her to succeed. In fact, a relatively new breed of entrepreneurs is set to revolutionize the business world: philanthropreneurs. These business owners are determined to do more than just earn money with their business, so they align their core values around making the world a better place while building their business.

If you want to start your own business and do some good for the world, becoming a philanthropreneur can lead you to great monetary and moral success. 

Set Your Intention

Running a business is never easy. Over 60% of businesses fail within their first 10 years, and each one of them was started by a person with a dream and a plan. While no one can guarantee their future success, anyone can guarantee that they will do good while chasing their dreams.

To start a business you can feel proud of no matter what the future holds, set your philanthropic intentions from the start. Do you want to donate extra merchandise to people in need? Do you want to support certain charities with extra profits you don't need? Do you want the good you do to show in your local community or in an impoverished part of the world?

Your business should reflect your values, so make this choice about the needs you want to meet and the people you think need your help the most. When you set a clear charitable intention from the start, you make your philanthropic goals the center of your business, so they are virtually guaranteed to last as long as your business does.

Market Your Truth

Part of being a philanthropreneur is turning a profit. As you and your business grow together, you can do more and more for the world around you. Your growing business can be a positive feedback loop of giving to yourself and those you support.

Don't shy away from marketing your business as exactly what it is: a charitable enterprise. Make sure your potential customers know how some of their money will support a good cause. By marketing the philanthropic aspects of your business, you help your customers make a choice to spend their money on goods or services that can change the world for the better.

To learn more about philanthropic business models, contact a business consultant in your area like Michael Sobota.