Topic 3 Types of Social businesses

A social business is a type of business where the bottom line and success metrics are measured in more than just profits. Rather social business typically determines success contingent on a triple bottom line:

  • People: the human effect of your business, and your capacity to impact social change, enhance lives, and sustainably develop a community.
  • Planet: Your environmental influence – how you donate to a sustainable planet or decrease the carbon footprint (CO2 emissions) of your business and consumers.
  • Profit: Like conventional businesses, social businesses must earn money to support themselves, pay employees, and develop as an enterprise.

There are different types of social business, namely:

  • Non-profit
  • Co-operative
  • Social purpose business
  • Social firm
  • Socially responsible business
  • For-profit

The next table exemplifies the most common types of social business.

Group Work