Beyond Profit: The Rise of Social Entrepreneurship
For too long, businesses have been judged on a singular metric: profit. But increasingly, organisations are proving that social impact can be compatible with organisational life and a driver to even more success. What is this driver? Enter social entrepreneurship. This movement is where businesses tackle social issues while generating revenue for a good cause.
The path Access has taken in the UK
Since 2021, Access has been championing good causes globally, and we now support ten charities worldwide. In the UK, our colleagues voted to partner with Magic Breakfast in 2023-24. Together, we’ve raised an incredible £933,000 to provide healthy breakfasts for children in need. From epic abseils to conquering the Yorkshire Three Peaks, our employees have gone above and beyond to make a difference. This isn’t just about food; it’s about building brighter futures. Access Group employees also gave their skills to support a project to enable the Magic Breakfast team to use social platforms such as Linked In more effectively as a tool to communicate with potential supporters from the business community.
Be resilient
However, the path for social entrepreneurs isn't always smooth. Measuring impact alongside profit can be complex. Additionally, attracting investors who value both metrics requires a clear vision and effective communication. While challenges exist, Magic Breakfast serves as a shining example.
By choosing Magic Breakfast-supported products, we – and others - contribute directly to a better future for children. This empowers customers and fosters a sense of community.
Social entrepreneurship isn’t a new term
Social entrepreneurship boasts a rich history, constantly adapting to meet social needs. Today, companies of all sizes are embracing this approach, recognising it as a path to success built on a strong social purpose.
Steve Jobs and Nelson Mandela are both great examples of being early adopters. They weren’t driven by an agenda – they just wanted to see change. Arguably they achieved, too.
Getting involved in a purpose-driven mission
There are many paths into social entrepreneurship. These tips will help you get started on a journey that combines your desire to do good with the power of business to make a real difference.
Find your cause: What social issues are you and your colleagues most fired up about?
Build your skills: While passion is key, social ventures still need strong business foundations. Consider brushing up on marketing, finance, or project management. There are also many online courses and resources on social entrepreneurship specifically.
Connect with others: The social entrepreneurship community is full of passionate and experienced individuals. Start networking and spawn ideas from them.
Be flexible: Be prepared to adapt your approach based on what you learn. Pilot your idea on a small scale, gather feedback, and refine your approach before diving headfirst.
Impact matters: Social entrepreneurship is about creating positive change. Keep your social mission at the forefront of everything you do.
In summary
Social entrepreneurship isn't just about doing good but redefining success. By focusing on both profit and social impact, these ventures create a win-win for businesses, society, and even the customers who choose to support them. With innovation and a commitment to both metrics, social entrepreneurs like Magic Breakfast prove that businesses can be a powerful force for positive change.
Ready to join the movement? If you or your organisation are interested in partnering with Magic Breakfast, get started by contacting their corporate partnerships team at [email protected]