Being an entrepreneur is both exciting and daunting. Instead of being an employee with set expectations, you are now on a constant quest to find ways of improving your business and expanding its brand. While you may be well aware of some of the essential tools for small business owners to utilize in their business practices, you may also be missing the most important one: philanthropy.
Philanthropy—defined broadly as eliminating social problems through projects from which all people can receive benefits—is a critical part of a demographic society and of the business world. By incorporating philanthropic strategies, entrepreneurs can disrupt the status quo and drive social charity efforts on a large scale that will ultimately lead to success and employee satisfaction. After all, what’s better than giving?
Can Giving Really Make You Rich?
Speaking metaphorically, giving is said to make you richer—in the sense that you will feel better about your efforts and the time you spend being charitable. Studies in psychology have revealed that certain parts of your brain, which are associated with basic human needs, are stimulated by philanthropy in a way that make you feel good. This means that being a more philanthropic entrepreneur will in turn give you a richness of spirit, as you will realize how much your business can make a difference in peoples’ lives.
Plus, in logical terms, philanthropy is also said to improve the prosperity of businesses. Lifelong entrepreneurs like Bill Busbice, who is involved in the motor industry, would attest to the success of a business being proportionate to its efforts to eliminate social problems on a wide scale. While making money is important, it is also vital to a company’s overall impact and appeal to be firmly invested in giving back to the respective community.
Giving Will Make Your Employees Happy
In addition to the way that philanthropy will reflect good business practices and make you feel as the owner, it is also crucial to your employees’ happiness. Encouraging your employees to take part in an activity like community service can lead to thoughtful collaboration and team building. In our world, many young professionals want to make an impact on bettering the world, and giving them the opportunity to do so will lead to their satisfaction while working for you. Philanthropy is therefore a great way to grow your company culture, as your employees will foster a sense of team spirit and devotion to the community.
Thus, adopting more philanthropic strategies for your company will lead to your own personal success, in terms of the way that you leave an impact on society, and to the success of your employees and their ability to work together for the greater good.