This Insights article was contributed by Katrina M. Harrell, President of KM Harrell Group.
There is no denying that entrepreneurs are change agents in the world.
We are able to identify opportunities amid challenges and are nearly always willing to take the risk of embarking on a journey often unpaved.
Regardless of whether you are interested in solving community, social-level problems or addressing a gap in the marketplace with a product or service, nonprofit leaders and entrepreneurs share the aforementioned traits, though they have a different methods and end goals.
This similarity, however, also brings up an increasingly significant challenge: nonprofits are tasked with finding innovative ways to sustain their organizations while managing board and community expectations, all in an increasingly competitive funding space.
That said, a social enterprise can be either nonprofit or for-profit, as both are simply tax and legal structures. A social enterprise simply denotes that your business - whether it retains a profit or not - offers a solution to a social issue through its products or services.
So, social entrepreneurship is rising as a solution to the challenges nonprofit organizations (NPOs) face, while also inspiring traditional for-profit entrepreneurs to utilize their products and services as a means to both impact community social issues and satisfy profit goals without needing to become a nonprofit organization.
But, how does an entrepreneur decide if their idea should be structured as a nonprofit or as a for-profit with a social enterprise focus?
Here are three important initial questions to ask yourself.
Wilmington Plans To Demolish Longtime Downtown Offices
Emma Dill
-
May 15, 2024
|
|
Olivero's New Menu To Highlight Seasonal Flavors
Katie Schmidt
-
May 15, 2024
|
|
Sale Of The Second Glass To Make Way For New Concept In South Front District
Jessica Maurer
-
May 14, 2024
|
|
Proposed Pod Community Delayed By Building Code Concerns
Emma Dill
-
May 13, 2024
|
|
Truist’s Charlie Mattox Moves To Atlantic Union Bank
Audrey Elsberry
-
May 13, 2024
|
The damage caused by Hurricane Florence in 2018 throughout the region put a bigger spotlight on the need for the construction industry to fa...
Adam Isley, founder of a spatial medtech applications and experiences company Artemis Immersive, shares his top tech and info picks....
Ocean City Beach was established in 1949 and became the first community in the state where Black people could purchase oceanfront property....
The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.