Entrepreneurs and founders are often driven by fresh ideas, tough challenges and the promise of financial gain. But the most lasting ventures usually begin with something deeper: a vision to make a meaningful difference.
If you’re starting a business or considering one, it helps to be clear about the mission and vision behind it. So, what’s your ‘why’? Where does your inspiration come from? Maybe you grew up in foster care and want to give back to group homes through your work. Or maybe you’re building a company that integrates sustainability into its model, ensuring growth while reducing environmental impact.
Defining the “why” behind your business shapes decision‑making and helps you prioritize how to give back to your community or weave responsibility into your model from the very start.
Understanding Your Why
Understanding your “why” is extremely important for an entrepreneur. You have a story to tell, and everyone deserves to hear it. Your “why” might run deep and have roots in your lineage. Your “why” may not be initially clear to you. It’s important to become vulnerable so you can clearly articulate what you want your business to do.
Here are some prompts to help you get started with your “why”:
- Has someone close to you ever struggled with something that could’ve been easier if a better solution existed?
- If you had to tell your story onstage tomorrow, what part of your journey would you start with?
- What social inequality do you see or have experienced that makes you feel uniquely positioned to change?
- What impact could your business have on the planet if sustainability was built into your model from day one?
Why It’s Matters
Some of you may be thinking, “What does my ‘why’ have to do with me being an entrepreneur?” Your “why” is your passion—what gives you the motivation to do what you do. Your business idea may not incorporate your “why,” but you can still add value to your business and make a difference by understanding your “why.” You never know where digging deep into your “why” can lead you. It could inspire a social venture, a nonprofit or even position your company to drive broader industry change and shape a future where business and responsibility grow hand in hand.
Social Business Structure Options
Through your business, you can incorporate giving back in ways that resonate with you personally.
You can make donations to nonprofits that align with your business. There are many small businesses that donate to local tee ball leagues for children who can not afford it, or donate to send your community’s local high school students to summer camp with Rotary Youth Leadership Awards.
Maybe you want to do more than a sponsorship and include giving into your business structure. When your business takes off, you can include a foundation in your business structure. This nonprofit structure allows your business to do good and effect change. You can give in a massive way with your business foundation and evoke change through initiatives, grants and partnerships.
Another alternative is a social venture. This business structure allows you to use your business’s profits to give back. For example, maybe you want to sell a product, and the proceeds go to sending a minority student to college.
Lastly, there is always the nonprofit structure. Running a nonprofit has a deep tie to a “why” with a mission and vision explaining your purpose. This business structure is not to gain profit, and the funds produced by the nonprofit are reinvested into the organization and its programs for social good.
Embedding Social Responsibility
As a community, as students and as forever learners, we owe it to ourselves to be involved. Remember what it felt like to be experiencing your “why”. Consider others who are going through your “why” right now. What support could have been helpful to you? Who or what do you wish you had during that time? You can make a difference in someone’s life, and you can make an impact by sharing who you are. The world needs your ideas and your venture, and the world needs to know your “why”. The world needs you here to make it all happen.
Even if you haven’t built a socially responsible venture yet, you’re in a good position to define your vision. Responsibility doesn’t have to be a separate initiative, it can be woven directly into your business model, shaping how you grow, lead and create impact from the start. Remember your “why” when considering the impact you want to make. Here are a few great opportunities to explore to help you start building the social aspect of your business:
Training and Development Resources
We offer a number of Training and Development Resources (TDRs) on various entrepreneurial topics. All of these are free and available on demand for anyone to explore. Here is a great one on social enterprises.
ASU Blackstone LaunchPad
Thanks to support from the Blackstone Charitable Foundation, ASU and MCCCD students have opportunities to connect through the ASU Blackstone LaunchPad. This program equips emerging entrepreneurs with tools, mentorship and experiences to build lasting careers. Find details about this program, including events, mentorship and networking can be found on the website..
Venture Devils
The Venture Devils program is an opportunity for ASU and MCCCD students to bring an idea to life! Venture Devils provides a robust suite of resources, programming, mentorship and funding opportunities to help you develop your idea. This is a great place to build a team for your next venture. Join Venture Devils at any time by filling out the Venture Devils registration.
Entrepreneurial Student Organizations
You can find a variety of entrepreneurial clubs on campus. Explore various student organizations and their upcoming events on Sun Devil Central.
A Welcoming Community
Thinking about social responsibility as an entrepreneur is inspiring and and it’s the mindset that drives stronger, more resilient communities. If you’re ready to connect with an ecosystem that supports entrepreneurs and innovators from idea to growth, join us at one of our events. You’ll discover the power of building alongside an impactful network.
