How and why to build a ‘meaningful’ business as an entrepreneur

Entrepreneurs aim to solve a problem they are passionate about; be independent and work for themselves, and innovate. Starting a business from the ground up is a tough job. If you are trying to solve a problem that is considered a ‘social one’, it requires an innovative approach and a can-do mindset to deliver a scalable business. The chances of failure is high, but as an entrepreneur, one should worry about the opportunity you might miss rather than fathom the thought of failure.

When you set out to build a for-profit social enterprise, it’s important to combine proven practices along with technology to address complex social problems. For example, while building a business that provides financing solutions to largely excluded communities in the lower socio-economic strata of society, combining established microfinance principles along with innovative technology can ensure successful lending to this demographic. An approach that combines these two aspects results in a highly scalable and profitable business model with social impact.

According to one of the world’s most successful start-up accelerators TechStars, 10 percent of their companies fail in their journey. This figure is even higher when entrepreneurs try to create a “meaningful” business. But challenging the status quo would result in greater satisfaction, and the potential to create social impact at scale is in itself a noble mission.