As the business climate continues to evolve, so too must the methods and strategies used by business leaders. Social entrepreneurs, who use socially and environmentally responsible business practices in order to achieve positive social and environmental change, have made significant advances in solving long-standing social issues. As a result, business leaders can learn a great deal from social entrepreneurs and their strategies to become better leaders themselves. Here are five valuable lessons business leaders can take away from social entrepreneurs:
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Invest in Your Employees: Social entrepreneurs understand that engaging and sustaining employees is essential to achieving success. It's important for business leaders to invest in their employees by offering benefits and incentives, providing proper training and empowering them to take initiative. Additionally, social entrepreneurship can teach leaders about stakeholder management – focusing on how money can positively impact society and those involved.
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Really Listen to Your Customers: Social entrepreneurs understand that listening to their customers is essential for providing a product or service that meets their needs. Business leaders should use the same approach, listening to understand client needs instead of merely hearing what they say. This can inform decisions on how to create and improve products, services and customer experience.
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Embrace Innovation: Social entrepreneurs are experts at innovating around pressing social problems, finding creative solutions that may not have been considered. Business leaders should emulate this behavior, consistently questioning long-held assumptions, processes and strategies and seeking out creative solutions and opportunities.
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Pursue a Long-Term Vision: Social entrepreneurs have the long-term picture in mind when making decisions. They are focused on creating social change that will last for generations, rather than short-term gains. Business leaders should adopt the same outlook and focus on creating a sustainable business, with goals that benefit all stakeholders in the longer-term.
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Embrace Collaboration: Social entrepreneurs are driven by collaboration, recognizing that teams composed of individuals with different skills, talents and knowledge can achieve great things. Business leaders should look to embrace this view and foster a workplace environment that encourages collaboration and reward individual contribution.
By using these lessons as a foundation, business leaders can become more effective in their roles and lead their companies to success. Social entrepreneurs understand that success requires a holistic approach, with the potential to make a real, tangible difference in the world. By following their footsteps, business leaders can create positive change in their own companies, while still achieving success.