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Social Entrepreneurs: It’s All About the Community

Social entrepreneurship is a major part of Detroit’s innovative spirit and was on full display at the Conference. In a session centered around the idea of purpose-driven business, three Detroit-based business owners discussed their professional journeys, challenges and how their businesses have made a difference in the community.

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On the topic of social entrepreneurship, five major takeaways prevailed:

  • Social entrepreneurship is the intersection of working for a great cause and working to earn profit.
  • Rather than maximize profits, social entrepreneurs must balance profits with their social missions.
  • When an entrepreneur decides whether to launch a limited liability corporation or nonprofit, he or she should consider why the company was started.
  • There is uncertainty with regards to the future of social entrepreneurship – people want data to measure the good that is being done in the community and want to see if it is a sustainable model.
  • Social entrepreneurs should consider partnerships to attain their community and business goals.

All three panelists mentioned that they were exploring new ways to scale their businesses beyond the city of Detroit. Moderated by WWJ Newsradio 950 anchor Vickie Thomas, the panel comprised of Jason Hall, co-founder of Slow Roll Detroit; Amy Peterson, co-founder and CEO of Rebel Nell; and Marlowe Stoudamire, owner of Butterfly Effect Detroit and founder of Mash Detroit.

Read more from the 2017 Detroit Policy Conference:

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