Philanthropreneurship is the new age philanthropy Welcome to the new age Philanthropy which stands on the footing of entrepreneurship. The term given to this kind of philanthropy is Philanthropreneurship. Aman Mehndiratta’s name is noted as country’s one of the best philanthropist and entrepreneur. He procured the idea of carrying philanthropy merged with entrepreneurship. Philanthropreneurship: The Introduction Philanthropreneurship can be described as the emerging practice of bringing social change in new and creative ways. This practice includes the financial aspect as well as the social aspect. The core idea of philanthropreneurship is about the skills which enable people to make others fortunes by working with startups and giving back. These are often the ones required to solve almost all the intractable problems. The persons who practice philanthropreneurship are called philanthropreneurs. Philanthropreneurs Philanthropreneurs are people who take a creative or entrepreneurial shot to philanthropy. They are interested in leveraging positive changes in the world and alleviating suffering. They are bound to do so in new and creative ways. “Philanthropreneurs are often driven to do good and have their profit too”, as Stephanie Strom wrote in a New York Times article. Aman Mehndiratta, serving the nation as per this new and creative altruism, is working really hard to achieve the goal of sustainable development. He believes this practice can be an easy ad-hoc for changing the society for the better. This kind of dual beneficial practice was not introduced before so it has become contagious for all the other businessmen who want to do good for the society as well as for them. The philanthropreneur applies practical and entrepreneurial approaches to the pursuit of philanthropy in practice. Actually, these entrepreneur philanthropists are often called social entrepreneurs or nonprofit innovators. Basically, they innovate with new ideas and concepts to solve social problems and improve the community, environment, and society. This is what Aman is urging for to root out the core causes of problems not merely solve them on a temporary basis. The philanthropic sector has been emerged as an alternative for-profit business and for the government too. It has become a part of the nonprofit foundation for which organizations view profit as not only economic gain for individuals or countries but as visible improvements in the quality of life for communities and societies. Increased access to economic opportunities is social profits that can be earned through entrepreneurial innovation in the field of philanthropy. As an emerging field, there is no actual operating model or any strategic approach. But still, philanthropreneurship have marked the transitions from a grant-distributing model to a business-based model. This is changed with predefined objectives and constant focus on perceptible results. This can be called as “commercial giving”. It demands measurable returns, which is why opportunities and approaches are assessed and evaluated according to different criteria.
Description Aman Mehndiratta has adopted the new age philanthropy which prevails on the footing of entrepreneurship. This innovative philanthropy is Philanthropreneurship. Advantages of philanthropy in business Philanthropy is no longer a matter of social sector; it has become the beloved of the corporate sector. The corporate sector has started adopting philanthropy on a large scale. Aman Mehndiratta is a successful entrepreneur and investor. He knows how to do a profitable and socially responsible business at the same time. He has prepared a business model which has dual aspects. In the first place, it gives high returns and on the other hand, it manages to give back to the society. Now, curiosity must be prevailing here. Why businessmen like Aman Mehndiratta are adopting such kind of ideas in their business? What are the advantages of philanthropy in business? So, we are here to calm your curiosity. We have to understand, what philanthropy is all about. How it is beneficial for society and business? In the simplest words, we can explain philanthropy as a desire to promote the welfare of others without any selfish thoughts. If carried out in the proper way, philanthropy can do wonders in a society. Aman has a notion for it, ‘Do good and the good will come to you. The meaning is, we should always do good to others without expecting anything from them. The karma will do good to us in return. Approach to the corporate giving Companies are always on the search mode for ideas that make for good business. This is the main reason behind investing millions in advertising, marketing, product innovations, and technology advancements. These investments can help a lot for improving profitability. Some business big guns still think that philanthropy in business is a waste. What is the need to spend hard earned money on something that cannot give profitable returns?? While to some business leaders, corporate giving may seem something extra. This seems like something in which you should be engaged in only if you have spare money, time, and interest to do so. In today’s competitive market, this thought process is an obvious thing but this cannot be denied that companies who have embraced corporate giving as one of their business practices got positive results. They have reaped rewards far beyond what they thought was possible. This has turned philanthropy as an inevitable corporate activity. These should be considered as an essential part of the business.
Merits Of philanthropy in business • Positive emotions: Look, people are not robots. Emotions do affect them. Most customers make decisions based on their state of mind or emotions. Emotions like inspiration, empathy, goodwill, and enthusiasm can make customers connect with your brand. These things drive customers to feel more authentic about the brand. • Adding greater meaning to your business: Everybody knows that every company is in business to make money. So, having a vision and a social duty gives your company a broader sense of purpose. When the company builds itself around doing good, this infuses the passion for its products, services, employees, customers, and shareholders. This manifests the work of employees. This drives innovation and creativity which leads to business growth. • Employee engagement: The engagement of employees in the core mission of the business is a must. Nowadays, employees do not only want to take a paycheck. They want more than that; they want to believe in their company’s initiatives. Engaging themselves in the core of business has now become their need. This can be achieved only when the company has a philanthropic approach towards the community.
Description Aman Mehndiratta is a successful businessperson and philanthropist. He believes philanthropy merged with business gives enormous advantages. Let’s explore it.