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TEDC advisors can help you create or expand your social enterprise. This is an emerging field in northeastern Ontario that has potential to make an impact in our quality of life.
A social enterprise:
Social entrepreneurs are increasingly important in Canada because of their growing impact on community social, cultural, environmental and economic progress. In a resource-based economy like ours, it’s important to look at new ways of diversifying and revitalizing local economies.
Social enterprise solutions can address both social and economic problems. Below are some examples of social enterprise:
What is a Social Enterprise?
They are organizations that address a basic unmet need or solve a social or environmental problem using business principles. The organization must be sustainable without donations or funding. It can take on any business form; non-profit, for profit, sole proprietorships to name a few. It carries the dual purpose of generating income from sales or services and achieving a social, cultural or environmental goal.
What is a Social Entrepreneur?
Social Entrepreneurs work to solve critical problems and address basic unmet needs through innovation. Their entrepreneurial endeavors create system change, improving the lives of underserved or marginalized groups.
Why is Social Entrepreneurship important?
It provides a framework for businesses to find their own success in the pursuit of helping others and solving problems. It’s a constant source of motivation because it’s about doing business for good.
What is the role of a Social Enterprise?
A Social enterprise is a business with primarily social or environmental objectives whose profits are reinvested for that purpose, rather than being driven by the need to maximize profit for shareholders and owners.
How are Social Enterprises good for a community?
SE’s can change the way we live and work. If successful, their innovations may improve our standard of living, and in addition to creating wealth with their entrepreneurial ventures, they also create jobs and the conditions for a prosperous society. It can meet a need in the community or the local market not met through traditional business models.
How does a Social Enterprise measure its success?
They use what is known as a triple bottom line of People, Planet, and Profit to measure their success and SROI – Social Return on Investment.
What is the difference between a Social Enterprise and a Socially Responsible Business?
An SE’s primary purpose is its social and/or environmental mission- it tries to maximize the amount of social good it creates balanced against its financial goals. A socially responsible business on the other hand, tries to minimize its negative impact on society or the environment and the owner will pocket the profits.
Where can I find additional resources on Social Enterprise?
Where can I find information about changing my charity into a Social Enterprise?
Speak with one of our experts about what Timmins has to offer:
1-130 Spruce St S
Tel: (705) 360-2656
Toll free: (877) 470-8332
Fax: (705) 360-2679