Untitled Flashcards Set

Social Enterprises

• Social enterprises are businesses that trade to intentionally tackle social problems, improve communities, provide people with access to employment and training, or help the environment.

• The 3ps of business are Profit (creating financial value) + People (making life better for all people) + Planet (caring for the environment) = Social enterprise.  

• Buy on ~ give one. A profit share social enterprise, where every time a product is bought, another is given out to someone in need

• Supply chain. Making ethical choice on where everything is supplied from and how everyone in the supply chain is treated.

Corporate Social Responsibility

• A management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. 

• The core principles are, Beyond Profit, Stakeholder Focus, Ethical and Sustainable Practices, Accountability. 

Enterprise Skills

• Critical thinking : The evaluation of an issue in oder to come up with a solution.

• Creativity and innovation : New ideas, imagination and possibilities 

• Problem solving : The process of finding solutions to difficult or complex issues

• Communication : The importing or exchanging of information by speaking, writing or using other material

• Teamwork : Working collaboratively with others

• Global citizenship : Social, economic, and environmental awareness, acting in favour of the world 

• Intercultural understanding - open and ethical minds to different cultures 

Sustainable business initiatives

• Being energy efficient by using renewable energy sources, HVAC systems

• Reducing waste by minimising packing materials, recycling and using biodegradable products

• Sustainable sourcing by making sure that the suppliers are environmentally friendly and sourced responsibly, usually locally  

Profit distribution

• The process of allocating a company's profits to various stakeholders, such as owners, shareholders, or beneficiaries

• In a social enterprise, profits are generally reinvested back into the mission of the enterprise rather than distributed to shareholders or owners. This means the profits are used to further the social or environmental cause the enterprise is working towards, rather than being distributed as dividends or compensation.

HOMIE

• HoMie is an Australian fashion brand based in Melbourne, founded in 2016.

• It is a social enterprise focused on ending youth homelessness.

• 100% of profits go toward supporting young people in need.

• Their upcycled clothing line ‘Reborn’ helps reduce textile waste.

• Prioritizes ethical and sustainable practices, including ethical clothing certifications.

• Once a month, they close the store to offer free clothes, haircuts, and services to young people.

• Provide job opportunities and training programs to help youth gain experience and find work.

• Have supported over 3,600 young people; 84% have gone on to gain employment.

• Use enterprise skills like: Problem solving, Creativity and innovation, Teamwork, Global citizenship, Intercultural competency

• Show global citizenship by: Helping anyone in need, Being eco-friendly, Supporting the right to live comfortably

• Show problem solving by addressing youth homelessness through practical solutions.