Social Business Models: Creating Sustainable Impact Through Profitable Solutions
DOI:
https://doi.org/10.55908/sdgs.v11i6.1191Keywords:
social business models, sustainable, profitable solutions, iterative design, holistic impactAbstract
Objective: Today's rapidly evolving socioeconomic context makes the concept of social business models an attractive means of tackling serious global concerns without sacrificing profitability. Bringing together for-profit enterprise and social impact projects, social business models provide a novel approach to generating beneficial social and economic change. There are many obstacles that must be overcome to put into action social business models, such as determining the optimal balance between financial viability and social impact, securing initial investment and funding, negotiating regulatory complexities, encouraging stakeholder collaboration, and measuring and effectively communicating impact.
Method: An iterative process involving design thinking, impact assessment frameworks, and stakeholder engagement methodologies has been developed; it is called Triple-Bottom-Iterative Design (TBID) for Holistic Impact Assessment. This method's primary objective is to help start-ups, enterprises, and non-profits design comprehensive models that balance profit with social good and have iterative feedback loops for constant enhancement. The healthcare, agricultural, energy, educational, and technological industries represent some of the many that have found success using social business models.
Result: Optimizing resource allocation, risk management, and impact forecasting with the help of simulation analysis helps social business efforts succeed in the long run.
Conclusion: Stakeholders may improve the design and execution of these models and contribute to a more sustainable and equitable future by comprehending the significance, overcoming challenges, adopting innovative methodologies, investigating applications, and utilizing simulation analyses.
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