Giving back as an entrepreneur is a rewarding experience both personally and professionally. The very act of philanthropy is actually at the very heart of the free-market philosophy that has driven the growth and success of many entrepreneurs. Not long ago, you may have needed a little giving yourself.
People may think that entrepreneurs give back to net tax benefits or to flaunt their monetary wins. Truth be told, many practice true philanthropy, selfless giving without the expectation of future financial gain. Many give back through their time rather than with their checkbooks. In fact, 89% of entrepreneurs practice monetary philanthropy, according to a survey by Fidelity Charitable Gift Fund. The same survey found that 70% of entrepreneurs also give time as well as money.
Here are 6 ways entrepreneurs can help others:
Mentor other entrepreneurs.
As a business owner, it’s important to always hone your leadership skills. Even if this mentee isn’t an employee, being their mentor could be a great way to practice your leadership abilities. Due to this, you will find yourself equipped with the necessary skills required to motivate and train your staff. Even though you want to invest in your mentee, you’ll also gain skills from this relationship.
Sponsor local non-profit organizations.
There is no shortage of organizations within your proximity that could use corporate sponsorship. In most cases, they need financial assistance to lessen the burden of hosting an event. Even if they have enough cash to cover the costs of the function and administrative tasks, there’s still a need for people to raise funds and motivate donations. You may even merely opt to spread awareness of the non-profit by promoting the non-profit on your website.
As an added perk, helping other people or businesses gets your business some additional visibility. And, it shows that you want to be an active and supportive member of the community. Again, ask your team if there are any non-profits you could sponsor. Or, check out an organization like Startups Give Back.
Donate to charities.
While not every jet-setting, millionaire or billionaire entrepreneur feels the philanthropic impulse, many do, as reported today by The Chronicle of Philanthropy. The publication released its annual Philanthropy 50 list, which highlights the people who gave the most to charity. Last year, the individuals on their list contributed nearly $8 billion to charities.
Giving to a charity is one of the most common ways that you can help others. For instance, you could donate a portion of your company’s proceeds to a local non-profit that is near-and-dear to your heart. However, there are several other ways that you can donate without breaking the bank or devoting too much of your time.
Share your skills.
There are various opportunities for you to put your talents to good use. For example, if you can code, then you could build a website for a non-profit, educational institution, or startup that has a tight budget.
Even if you aren’t an “expert,” but still possess some expertise in a particular skill set, you can always be of assistance.
Speak or teach.
Entrepreneurs and students are always searching for advice. Some are hoping to learn new skills and information, while others are hoping to sharpen their existing skills. Accommodate them by sharing your knowledge and expertise by speaking on a panel or teaching a class at a local college or university.
Write about your experiences.
A penny for thought is worth a great lot, as writers often proclaim at abundance. And why not, as of late, the written form of expression has gathered a larger storm, especially amongst the business class. This is a very important development as entrepreneurs and leaders who venture into the world of literary greatness, tell their story. Going beyond just the emotional and vulnerable aspect of penning down one’s thought- the trials and tribulations, the strengths and weaknesses, there is a tactical victory in letting words speak volumes.
Regardless if you have your blog or guest write on leading industry publications, sharing your advice and ideas is arguably the best way to help your fellow entrepreneurial community.