Why You Should Approach Philanthropy Like A Business Exec
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The document discusses the importance of approaching philanthropy with a business mindset, emphasizing scalable systems, team quality, organizational efficiency, problem-solving, and strategic planning. It highlights that successful philanthropic efforts require a focus on long-term goals and efficient operations similar to a business. By employing these principles, philanthropists can maximize their impact and effectiveness in addressing social issues.
Why You Should Approach Philanthropy Like A Business Exec
- 2. Many successful philanthropies operate very much like a business enterprise with an organizational structure, core values and mission, and short-term and long-term goals.
- 3. Here are key reasons why you should approach philanthropy like a business executive 5
- 5. Retaining the option to expand is a common practice for business executives.
- 6. Retaining the option to expand is a common practice for business executives. Starting small and testing different initiatives is prudent in the short-term but there should be a constant focus on how the operations can scale to achieve greater impact once the model is proven.
- 7. WORK WITH THE RIGHT PEOPLE 02
- 8. The success of a business is directly linked to the quality and talent of their team and the culture they operate within. Attrac the r o Encou menta and em solid f
- 9. Attracting, engaging and retaining the right people is critical in any organization, business or philanthropic. Encouraging a collaborative team mentality between board member and employees can help to create a solid foundation for the charitable organization to grow. ess is uality and the within.
- 11. Philanthropic organizations should be treated like a business in that the basics of efficient operations are critical to long term stability and future growth.
- 12. Consider how the organization is managing its money so you aren’t donating to a cause that may not end up using the money wisely. Examine how much of the actual capital donated ultimately makes it to the underlying beneficiaries
- 13. FOCUS ON CREATING SOLUTIONS 04
- 14. Throwing money at a problem is a short-term solution
- 15. You’ll need an entrepreneurial spirit to identify the root causes of the targeted problems the philanthropy is addressing in order to come up with effective long-term solutions. Throwing money at a problem is a short-term solution
- 16. BUILD AND EXECUTE A PLAN 05
- 17. Every successful business executive appreciates the value in developing a strategic and tactical plan and then relentlessly focusing on it.
- 18. Approaching philanthropy like a business executive can help you make choices that will have the most impact in the community, and possibly beyond.