MANY socio-economic advancements seek to resolve social issues such as poverty or climate change. For many people like myself, the act of selflessness is often associated with social justice movements. Most people volunteer in groups or on projects that aid in community development and social change. These days, however, I see many young people turning their passion for community change into a business. This is not to be mistaken for a non-governmental organisation. These are actual businesses making a profit.

Innovation is highly valued in the world of business. While most businesses twenty years ago operated solely for profit-making, there is an emerging business model known as a social enterprise. Social enterprises seek to merge profit-making with addressing social or environmental issues.
It is not a ‘black and white’ approach to creating solutions. There are many ways to do this while employing business techniques. Take, for instance, the clothing industry, where some consumers would rather purchase ethically sourced clothes instead of mass-produced clothes made in ‘sweat factories’ that underpay and mistreat workers. A local clothing brand that strives to be a social enterprise can also employ its staff from underprivileged communities.

A social enterprise focuses on addressing the root causes of a social issue, provides a business product or service that integrates a solution into the model, and then sells it for a profit. A strong mission or vision of social or environmental change often drives a social enterprise. Their model of business includes the reinvestment of profits into their social causes through a medium of their choice. This should not be confused with a standard business occasionally giving sponsorship or funds to a social cause.
The model of a social enterprise creates an existing platform to enact community change—whether it is giving a product to someone in need after you’ve made a purchase or a business that uses only recycled materials in its products.

Unfortunately, in this part of the world, there is little to no policy that protects a social entrepreneur. It can also be very challenging to convince investors, such as loan agencies, to invest in social enterprises due to the lack of awareness surrounding the concept.
Social enterprises are the future of charitable work. Instead of relying on donors and sponsors, like a non-governmental organisation or charity group would, social enterprises remain sustainable by reinvesting their funds into both social causes and the business itself.

An example of a social enterprise is Warby Parker, an American eyeglass vendor. At Warby Parker, for every pair of eyeglasses sold, they donate a pair to someone in need.
If you would like to start a similar venture, ensure you first understand the important challenges or social issues in your community. Once you identify the issue that interests you, conduct thorough research to better understand the causes and effects of the problem as well as potential solutions.

As you brainstorm ideas on how to solve the issue through innovative means, consider collaborating with other local groups. However, identifying the social issue and crafting a solution is only half the work. You will still need a solid business plan. Ensure that as you launch and conduct business, you evaluate the venture to understand its outcomes and any shortcomings.
Instead of returning profits to shareholders, a social enterprise invests its returns into a social programme, such as Warby Parker’s initiative.

This concept is crucial for young people whose passion lies in social or environmental change. Social enterprises create an innovative approach to solving problems worldwide, showing us that social or environmental projects and profit-making ventures can be integrated rather than mutually exclusive.
Over time, consumers are becoming more conscious of the products they purchase and the businesses they support. This trend can be leveraged in the start-up of social enterprises. I hope the small communities of the Caribbean and Guyana also allow social enterprises to flourish rather than relying on monopolisation to foster sustainable development.
If you’re considering starting a business, I hope you also consider starting a social enterprise, especially if you’re passionate about social and environmental change. Together, we can advocate across Guyana for the concept of social enterprises and the importance of their role in combatting social issues in our country.