Entrepreneurs Impact on Local Communities:
Entrepreneurship, in its natural habitat, that is, small business is a great leveler. You may see from table on marginalized groups. That small-scale entrepreneurship enables such marginalized groups as women, SC, ST and OBC to pursue their economic dreams. As there are no entry barriers in terms of educational qualifications, entrepreneurship is an even more attractive career option for such marginalized groups. Agro-based rural industries and craft based cottage industries can really catapult local communities to socio-economic success stories. Local governments do their bit in developing these entrepreneurship clusters with a view to encouraging inter-firm collaboration and development of common facilities.
Here are some of the most impactful ways to stay engaged with the local community and enhance the community as a whole.
Sponsor non-profit organizations in the community.
Whether you are affiliated with a non-profit organization through your own personal efforts as an entrepreneur, or are simply looking for new ways to give back, consider sponsoring a worthy organization as a company.
Incorporate volunteering in the company mission.
Make a passion for social good part of your company’s mission so you and your employees can give back to the community together.
Design a business model that gives back.
If you are in retail or any other type of product sales business, consider donating a portion of the profits of each sale automatically.
Contribute to the local economy.
Make a commitment to buy supplies and raw materials from local vendors and partner with local businesses for any services and other business-related purchases.
Promote local businesses.
In addition to being an active participant of the local economy’s ecosystem, you can take the lead on promoting other local businesses through co-marketing efforts or simply through referrals.