When I first heard about the idea of “social entrepreneurship”, I couldn’t believe that something so awesome could have possibly existed. To me, social entrepreneurship is the perfect way to do it all- creatively solving existing problems, passionately nurturing one’s own ideas, committing and persevering despite all challenges, and most importantly, positively impacting the lives of others. What makes social entrepreneurship so unique is that in its fundamental definition, social entrepreneurship sees human lives saved and impacted as an essential part of a business’s value.
Specifically, the implementation of the “triple bottom line” has resulted in a powerful shift in an entrepreneur’s philosophy of business development and provided structure to the social entrepreneurship model. The three pillars of the triple bottom line are people, planet, and profit. The “people” pillar refers to the positive impact an enterprise has on its own employees and the community. The “planet” pillar refers to the minimization of environmental impact by an enterprise. The last pillar, “profit”, refers to the economic value an enterprise brings to itself as well as its surrounding community.
Specifically, the implementation of the “triple bottom line” has resulted in a powerful shift in an entrepreneur’s philosophy of business development and provided structure to the social entrepreneurship model. The three pillars of the triple bottom line are people, planet, and profit. The “people” pillar refers to the positive impact an enterprise has on its own employees and the community. The “planet” pillar refers to the minimization of environmental impact by an enterprise. The last pillar, “profit”, refers to the economic value an enterprise brings to itself as well as its surrounding community.
A perfect example of a social enterprise that demonstrates the “triple bottom line” is one of TechTown’s very own clients, RecoveryPark Farms. The startup has the mission of rebuilding on vacant land, creating jobs, and revitalizing the Detroit neighborhood. RecoveryPark Farms is able to achieve its mission by specifically employing veterans, disabled citizens, and ex-inmates to grow local, fresh, and organic specialty produce for Detroit restaurants. If not for RecoveryPark Farms, many of these returning citizens would not have been able to find employment, thus increasing their chances of committing more crimes. Not only is the enterprise socially responsible and helping these returning citizens get back on their feet and restore their personal dignity, but RecoveryPark Farms is also implementing innovative technology to ensure environmentally friendly farming practices. RecoveryPark Farms is just one of many TechTown clients that is dedicated to improving the lives of Detroit citizens. It is through this community mentality of doing good and giving back that makes Detroit such an extraordinary place to live in.
Being an entrepreneur alone is already admirable enough. But as a social entrepreneur, you not only have answer to investors and customers, make monetary profit, but also have to consider the surrounding social communities, the environment, as well as social beneficiaries. Thus, social entrepreneurship isn’t simply something that is cool, smart, or even respectable. Social entrepreneurship is an impactful business model that is truly inspiring.
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