Social enterprises apply business principles and practices to achieve social good. They reinvest their financial returns into the community to further their social purpose, to create employment and/or other economic and social benefits for marginalised communities. Social enterprises are revenue-generating businesses with a twist. Whether operated by a non-profit organization or by a for-profit company, a social enterprise has two goals: to achieve social, cultural, community economic and/or environmental outcomes; and, to earn revenue.
On the surface, many social enterprises look, feel, and even operate like traditional businesses. But looking more deeply, one discovers the defining characteristics of the social enterprise: mission is at the centre of business, with income generation playing an important supporting role.
Modern economic models bring prosperity to emerging market countries, but lead to growing inequalities in the distribution of wealth.
Today, millions of people :
- Are deprived of economic opportunities.
- Lack fair employment and wages.
- Lack access to basic services.
Social enterprises are business created to further a social purpose in a financially sustainable way.
- Provide income generation opportunities that meet the basic needs of people who live in poverty.
- Are sustainable. Earned income from sales is reinvested in their mission. They do not depend on philanthropy and can sustain themselves over the long-term.
- Are scalable. Their models can be expanded or replicated to other communities to generate more impact.
Infi9 Collective takes effort to be part of the Social Enterprise Movement and has started a community based project, THO Enrichment Academy aims to teach English to Vietnamese children and students who could not afford the fees. Read the detailed story HERE