A Social Enterprise is defined as an organization that applies business strategies to maximize improvements in social or environmental well-being (source: Wikipedia). The primary purpose of Social Enterprises is to provide practical solutions to help solve, or reduce the effects of, many longstanding social, environmental, conservation, health and physical disability issues. The end result is always the common good for all.
They use business methods or strategies, and the power of the marketplace to create a self-reliant and sustainable business to advance their cause or mission. Social enterprise business models are as diverse as the solutions they offer, including: retail, manufacturing, services, craft, training, and technology.
Instead of wallowing in the realm of afterthoughts, waiting for donations or contributions, they rather execute viable business plans to generate income streams for themselves. The characteristics that distinguish a social enterprise from other mainstream businesses, NGO’s, non-profits or government agencies are:
- The business is set up to directly address the issues it intends to solve or reduce, by implementing a business model that directly or indirectly provides the solutions needed.
- By bringing the business to the local or global marketplace, it also brings awareness of the issues to a wider audience where a greater influence may result in change happening.
- Its commercial activity is the main revenue driver for the business, thereby providing financial sustainability and self-reliance. It may be a stand-alone business, or a part of a wider portfolio of a large corporate CSR program.
Each characteristic supports the next, while the intersection of all three characteristics results in the common good for all.
Every associate with The Genusix Project begins with a common social enterprise that tackles child mortality by helping to break the destructive Poverty Cycle at the Hunger & Nutrition phase. This common Mission helps to gel the project community together into a singular focal point that defines our Vision.