Social entrepreneurship could be the next big leap for young professionals

Social entrepreneurship is a purpose-driven approach to business that seeks to make a positive societal impact while ensuring that the business idea is sustainable. By integrating the best of corporate learning in the social sector, social enterprises encourage inclusion and stimulate economic growth through job creation and impactful opportunities.

While NGOs have long worked at the grassroots to address socio-economic issues, they often struggle with funding, scalability and a professional workforce to bridge the gap. This is precisely where social entrepreneurship can bridge the gap by combining modernity and sustainability of business, with the heart and purpose of social missions.

I personally feel that the time is ripe for the youth and aspiring professionals to embark on social entrepreneurship to be able to give back to society and yet be able to create scalable business enterprises.

Purpose-driven work: One of the most important reasons to enter social entrepreneurship is the opportunity to work for a purpose or cause. Unlike corporate jobs that are primarily focused on business growth, social enterprises aim to make a long-lasting social impact.

Sustainable and innovative solutions: Solving social issues demands creativity, innovation and critical thinking. Working in villages and with rural communities allows social entrepreneurs to understand basic issues, and come up with solutions that are innovative and yet low-cost. By the use of technology in implementing sustainable development projects, young entrepreneurs can propose and develop solutions that could be scaled across rural and suburban regions.

Networking and leadership skills: Being a social entrepreneur opens the door to several opportunities to work with government agencies, NGOs, communities, philanthropic organisations and policymakers. This helps in the development of key skills like people management and leadership skills that are useful in multiple roles and capacities.

Foster economic growth: Social entrepreneurs can ignite local economies with their innovation and can be job creators for rural youth, thereby ensuring the overall growth of the region. They can help the youth to become self-sufficient and provide employment opportunities closer to their native regions, including for women, leading to their empowerment.

Here are some ways in which our youth can prepare for social entrepreneurship.

Gain practical and hands-on experience: Internships, volunteer positions and Fellowship programs such as the ‘SBI Youth for India Fellowship’ are excellent ways to gain practical experience. These provide hands-on opportunities to understand the workings and roadmap of social ventures, developing relevant skills and build a professional network.

Be finance and tech-savvy: Digital tools, data analytics, and knowledge of digital media can aid in decision-making and can be a problem solver to many issues. Likewise, knowledge of managing financial transactions and basic business compliances is necessary. The SBI Youth for India program provides its Fellows with the requisite enablement and technical support during the 13-month Fellowship. SBI Youth for India also helps promising social enterprises with seed funding through ‘YFI Sahyog- Pitch Fest’. This practical experience gives them the confidence to become future social entrepreneurs.

Build a network: Social entrepreneurship is about being proactive, resilient and open to new ideas. Having a professional network that empowers one with knowledge and insightful experience is a crucial step towards building sustainable enterprises. These stakeholders could be community heads, non-profit organisations, government enterprises, corporate donors of venture capitalists. An immersion into a Fellowship or an internship programme helps build a network that social entrepreneurs can leverage later in their life.

Social entrepreneurship today is a transformative opportunity for young professionals and fresh graduates to build careers that are both impactful and rewarding.

By addressing some of the most pressing issues of our time with innovative solutions, social entrepreneurs are already redefining success and building sustainable enterprises in many parts of the world.

In many ways, the answer to building an equitable, sustainable and compassionate world probably lies in promoting social entrepreneurship.

(The writer is the Managing Director and CEO of SBI Foundation)