How Entrepreneurship and Philanthropy Go Hand-in-hand
When we think of entrepreneurs, we think: innovation. If you are an entrepreneur, you recognize your role to find new solutions that lead to better outcomes. And finding the roadmaps to better outcomes means that you will hopefully make an impact, both economically and socially, that will leave the world a better place than when you first found it.
This is why entrepreneurship and philanthropy are two harmonious business techniques that can work together for the greater good. If you are an entrepreneur, there are many ways to improve your philanthropic strategies right now that can provide the building blocks for more giveback in the future. This will in turn make your business more successful and appealing to clients if known for your dedication to charity and positive social footprint.
How Giving Makes You Rich
As the saying goes, nothing makes you richer than giving. This may startle the economist in you-how can you give away money or time to other people without collecting it in the first place? But recent economic research on philanthropic efforts actually gives evidence to the fact that giving stimulates prosperity. Based on the Social Capital Community Benchmark Survey, people who give end up having a higher income than those who do not.
Furthermore in this research, psychologists and neurologists have identified that giving also makes us feel more effective and successful. The University of Oregon found that philanthropy stimulates parts of the brain associated with basic needs that tells our bodies that giving is good for us. Just ask philanthropist and financial leader Jason A Sugarman, who utilizes his position to raise money and awareness for under-funded schools. By giving back to people and places that need help, entrepreneurs will become exemplary in the eyes of the public and recognize how good it makes us feel.
What Philanthropy Can Do For Your Employees
Besides the ways in which philanthropy will lead to a range of benefits for you as an entrepreneur, charity can also enhance the success and well-being of your employees. Nowadays, people are especially devoted to finding career paths that make an impact. If your business focuses on charitable initiatives, it will likely lead to greater job fulfillment for your employees.
Additionally, philanthropy will also give your employees the opportunity to bond as a team. Encouraging your employees to work together towards a positive end goal will have a ripple effect on your company culture. Your employees will witness firsthand how they can actually change other people’s lives, which will in turn make them motivated to work harder and find other ways to personally give back.
By giving special attention to philanthropic efforts at your business, entrepreneurs can transform their company and its culture to reflect positive ambitions and charitable practices.