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Fiinovation - Business Model With A Primary Social Purpose
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Organization that have their primary objective of addressing the societal need through their business methods are known as Social enterprises. They are different from that of the organizations doing CSR. Social enterprises directly address social needs through their products and services while organizations doing CSR indirectly. It's an amalgamation of public sector values like responsiveness to community and serving public interest and business sector principles, market characteristics and values. Social enterprises reinvest majority of their profit that they have earned through trade. A social enterprise is different from traditional nonprofits, which rely on government or other organizations for operational funds. Fiinovation, a researched based organization, working with CSOs to address social needs helps in conversion of social models into social-enterprise models.
More often than not people don't realize that they are doing social business. Social enterprises are businesses that are changing the world. When they make profit, society makes profit. Fiinovation believes that it is very important for a social venture should operate in sustainable way. Social enterprises reduce the dependency on charity and grant of many non-profit organizations. Social enterprises solve social problems in a new, more lasting and effective way than conventional methods.
Like other businesses, social enterprises also require some advice and support in the initial days. Relevant advises should be taken from experts like Fiinovation who offer support in overcoming barriers. Social enterprises need to be disciplined, pragmatic, courageous and creative in their business methods to offer solutions in spite of all obstacles.
Things to keep in mind while going for social entrepreneurial venture:
Appropriate knowledge about the sector.
Treating the organization as business.
Setting up measurable and realistic expectations.
Improving on financial literacy.
Clear understanding of financial and social objectives.
Identification of target client-base.
A social enterprise can be integrated with the non-profit organization in one of several ways:
The social programme and business enterprise are one and the same
The business is created to serve clients directly with the social mission
Social programmes overlap with the business activities.
The business is created to provide financial support and to expand/enhance the mission of the organization
Social and business activities are separate and may or may not be related to the mission of the organization
The business is created mainly as a funding mechanism to support social activities
Fiinovation - Innovative financial advisors Pvt. Ltd has sector specific workforce who have professional knowledge of the social development sector. We have a team of experts and specialists for every sector, be it health, education, livelihood, environment etc.
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