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The Awe-Inspiring Stories of Entrepreneur Philanthropists

Doing social good isn't just for the NGOs, Non-Profits, Social Activists or CSR bodies. It's something that needs to come as a part of the package of the top-notch leadership of an organisation. It's better if it comes with the entrepreneur himself. Here's a sneak peak into the impact of this. Read ON!
As India has developed into the global economy it is today, so has it constructed a formidable culture of giving. Throughout 2017, there were nearly Rs 90,000 crore charitable donations from non-governmental individuals, according to the Times of India Bengaluru edition. This demonstrates the clear commitment entrepreneurs and business leaders are making to helping those less fortunate.

India has a rich history of charitable giving in public life. Educators, public servants, everyday men and women; India’s citizens take on the responsibility to help their peers in time of need. Big business, with their influence, power and reach, are diving into the charity pool to help provide inspiration, and for good reason - it can be a huge boost to your business. 

Raising awareness of social issues

Entrepreneurial Philanthrophy The challenge posed by India’s huge 1.3 billion person population manifests in a range of social issues. According to a study by Bain & Company, 2004-2015 saw 1.04m infant deaths in India, a metric strongly indicative of social and public health problems - though that figure has improved. How does big business help to tackle this?
One of the major ways that philanthropic giving from entrepreneurs can help to improve these issues is through raising awareness. American investor Elliott Broidy has spoken about this method throughout his career. Broidy’s social media page details how business can fund awareness ventures, such as film, to help give underrepresented communities a voice and force policy change in local government.

Driving connections and business

Indians are typically not swayed by brand loyalty, with The Hindu suggesting that, historically, 70% of Indians ignore differences in brands. However, the emerging workforce of 16-24 year olds are increasingly using mobile digital technology, and have been identified by business as accessible to brand preference. Where does philanthropy come into this? Inspiration charity stories have a habit of producing good press for a business and encouraging brand loyalty. A landmark study by US consultants Fidelum looked at US chocolate and confectionery company Hershey’s. By focusing a marketing strategy strongly on Inspirational stories of philanthropy in the country’s long history, they found that 80% of customers preferred their products owing to that charity. The study found that, out of 10, brand loyalty increased by 0.5 after learning of the philanthropic history - a 5% increase.

Benefiting the populace

The biggest benefit of charitable giving is, of course, the rewards the beneficiary receives. For relatively small outlays, businesses can provide life-changing investment to lives that would otherwise be challenged by their circumstances. However, even this has a positive feedback effect for businesses. By upskilling people, lifting them out of poverty and giving a sense of direction, you ultimately produce the next generator of workers that will both benefit the general populace and, potentially, your business, as people positively minded to your brand think about develop their enthusiasm for it in the future.

Philanthropy is a great way to grow your business reputation. For more than just helping out those less fortunate, philanthropy is a wonderful business strategy to boost your entrepreneurial venture even further. Everyone can be a winner, with workers inspired, the public positively minded towards your brand and sales boosted. Organizations at large can also be philanthropic as a whole to empower and inspire more entrepreneurs. Is yours doing such a job? What measures does your organisation take to impact the society? What angles of your business are doing good for society? Share it with us here in the comments below.

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Any facts, figures or references stated here are made by the author & don't reflect the endorsement of iU at all times unless otherwise drafted by official staff at iU. This article was first published here on 26th April 2018.

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