Giving Back: How To Help Your Community As An Entrepreneur
by Abdul Aziz Mondal Community and Social Services 13 June 2023
Some may think of entrepreneurs as self-serving. It does take plenty of focus, drive, and self-confidence to launch your own business, but if you’re like many entrepreneurs, leadership within your community is important to you.
You can be a great role model for younger people and can help shape the future of the world around you with your influence. As an entrepreneur, offering something back to the community is rewarding both professionally and personally.
So, are you ready to offer something to your community in return? Below are several ways you can give back.
Helping With College Costs
Occasionally you might hear a news story about a celebrity who has promised to pay the college tuition of an entire class of students or something similar. Most people can’t do this, but you don’t have to help someone go to college. You could establish a scholarship in your hometown or at your alma mater.
Another option might be cosigning on someone’s student loans. This can make all the difference between getting approval or not or whether they are offered affordable interest rates. But although you may feel tempted to jump into this without asking any questions, it’s important to consider things such as “How does cosigning a student loan affect my credit?”
You should find out the answer to these and other questions before you proceed to help someone you care about afford college and get their degree.
Sponsoring An Event
A great way to make an impact in your community, encourage something that you love and promote your company with positive associations is by sponsoring an event or something similar, such as a local sports league.
Your support might mean that the organization, event, or team is able to carry on, and many people will benefit from the existence of the team or event beyond those directly involved. This is also a great way to build community ties and network with other local leaders.
Becoming A Mentor
You yourself probably already understand the importance of an experienced business mentor and mentoring a high school or college student can affect the trajectory of that person’s life. If the student is interested in your industry, the opportunity for them to spend time with you and ask questions can be invaluable to them.
As a mentor, your focus should be on sharing information but trying not to push the student into any set of actions. What you can do is share your own experience, which can help illuminate the difficulty or decision that they’re currently facing.
Start A Foundation
If you’re particularly financially successful, this can be an excellent way to establish a legacy and support the work of various organizations or individuals that you think are important. Your first step should be to think about your goals. This will help you determine what kinds of individuals or foundations you want to give grants to.
You can create either a nonprofit corporation or a charitable trust. There are advantages and disadvantages to each of these, and while you don’t have to consult an attorney to set up your foundation, it might be helpful to make sure you thoroughly understand your options.
You’ll need to apply for an employer identification number with the IRS and file for tax-exempt status on a federal and state level.
What Does Giving Bring To Your Table?
Being a philanthropic businessman requires a lot of motivation because the path is not easy. Given below are some benefits of giving back to the community:
Business is all about knowing like-minded people, what they think, and what made them successful in the field. Very few people know this, but giving back to the community actually helps you in networking with the most efficient people. Even assisting in small tasks can make a real-time difference in people’s lives.
Moreover, volunteering is a both-way street. As much as it impacts the lives of individuals, it brings benefits for your family as well. Dedicating your time to giving back to the community helps you to make new friends and acquaintances and enhance your social skills.
Peace Of Mind
Volunteering enables you to counteract the impacts of anger, anxiety, and stress. The social contact aspect of giving back has a profound impact on your overall physical and mental well-being. It feels better when you succeed in life along with the success of others.
Doing good for others, particularly for strangers, offer you a natural sense of achievement. Your designation as a volunteer might give you confidence and a sense of pride. The better you think of yourself, the more positive you will be about your future.
Drives Growth To Your Career
Are you considering a new career path? Volunteering might help you gain experience in your desired area of interest. Meeting new and like-minded people will bring a lot of exposure to your startup. On the other hand, volunteering is also helpful for those who aren’t swapping their careers.
Volunteering is unpaid, but it is not necessarily a waste. It teaches you a lot of valuable job skills and offers extensive training. Giving back to the community takes you to a place where you get acquainted with internships and organizations benefitting your career.
Adds Fulfillment To Your Life
A lesser-known fact is that volunteering brings fun as well as fulfillment to your life. It is an easy way of exploring your passions and interests. You get to discover meaningful activities that bring something worthy to your business.
There are a lot of people who find it difficult to make new friends and socialize. For such businessmen, volunteering is a form of escape. Because this is their only way of making new social contacts.
The Bottom Line
A little good for others never harms anyone. When you carry the power, time, and finances to give something back to the community you live in, you should definitely pursue it. These are the ways in which you can make philanthropy a priority.
Does that ring a bell? Comment below and let us know the ways in which you give back to your community.