‘Going social’ is probably the biggest buzz-phrase today - social communities, social networks and now even social enterprises, much of which is owed to technology and globalization in action. Infrastructural improvements and advancements in technology have significantly changed how we interact and do business. Email has replaced fax machines and Voice Over Internet Protocol (VOIP) solutions have bridged miles through voice and video conferencing, meaning easier communication and more connectedness.
As a result, the millennial generation or Generation Y is more exposed, aware and able to use available platforms to review, gather and share information at the drop of a hat, resulting in the formation of social clubs or ‘communities’ as we know them today – groups of like minded individuals with common beliefs, issues, goals or aspirations.
Unlike many traditional or non-profit organizations, social businesses or enterprises aim to fulfill a need or engage a community to create social change, appealing to the voices and interests of the millennial.
While these businesses often operate commercially, their main goals are centered on attaining sustainable growth while delivering long-term value to the community.
When setting up a social enterprise, entrepreneurs and corporations should ask themselves – what genuine value can we provide our customers? Sounds like common sense right? Yet, it’s something that very often business owners fail to address.
Enritsch asked the question and realized we could help plug the apparent lack of awareness and access to quality information on mental and physical health that is so urgently required across cultures and national boundaries. Therefore, we created a website where, without going to a doctor, dentist, dietician or psychologist, people can get preventive advice and general knowledge on ways to upkeep their health and wellness, all under one roof.
Much like any business, a social enterprise has to be creative with spreading the cost burden and managing profits, perhaps even more so than the conventional commercial concern.
For social entrepreneurs, the main objective must be to achieve sustainability, which means maintaining a consistent month-on-month, quarter-on-quarter and year-on- year outlook. This enables a company to identify areas to leverage value for the community and opportunities to give back where they can, essentially using profit to fund purpose. A good place to start doing that is on home front i.e. by creating a warm and welcoming work environment, where employees feel rewarded and enjoy their jobs.
In addition, statistics show that the average millennial is a conscious consumer, making them more receptive to purchasing from or working with brands that are recommended by peers, have a greater sense of purpose and/or are extensions of their own personality.
Bearing this in mind, we wanted our platform to marry the interest of both the consumer and businesses that register with us. This is why we have invested in developing a two - way dialogue between both audiences.
For customers, we are comparable to being the TripAdvisor of the Health & Wellness industry, where we hope to become part of people’s daily lives and a trusted information resource from which they can base their decisions. Whereas for businesses – we could be viewed as either a new ‘online shop front’ for those who have no or little online presence; or an additional sales and promotional channel for those who already have an established online sales channel, which creates a win-win situation for all.
Furthermore, our overarching goals also include raising awareness for more obscure causes related to mental health conditions. We believe this issue has long been an overlooked conversation in the Middle East, yet is increasingly relevant with more work related stress, injuries and depression being reported around the world on the back of prevailing market challenges, job insecurity and management pressure. We believe that in addition to addressing the communities’ daily challenges, it is important to equip people with the tools to achieve a positive state of physical, mental and social wellbeing in its entirety.
This is different to an organization introducing a specific Corporate Social Responsibility (CSR) program, which acts as an addition to their existing operations and beliefs, but is rather an embedded part of our core values and business operations. However, through a collaborative effort, Enritsch.com enables businesses with already-established CSR programs to increase their footprint, and for smaller companies, provides them with a starting point to build their programs.
After all, collaboration and community development are the cornerstones to building a successful social business and driving change.
Originally published in Capital Business - http://www.capitalbusiness.me/main/details/business-planet/911#.VnAF6uT4fIU
Stefan Ritsch has more than 15 years’ experience in Finance, Strategy and Project Management. He has been responsible for strategy development and the planning and management of large-scale social infrastructure projects for industry leading companies across the private, government and not-for-profit sectors.
Born in Austria, he has worked in Europe, Australia and the Middle East in an advisory capacity with Ernst & Young, Energex, and Dubai Roads and Transport Authority.
Stefan holds a Masters of Business Administration (MBA), a Masters of Financial Planning, a Masters of Project Management; and a Bachelor of International Business Management with double majors in Marketing and Economics.
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