The academic knowledge, lessons learned, and skill set gained as an MBA student still apply to everyday operations at a social venture. Even if you aren’t working at a for-profit organization, the basic business management principles in finance, marketing, and accounting will come in handy on a daily basis. These non-profit groups still create budgets and raise capital. They create marketing materials to grow their client base. They assess opportunities based on financial fit and viability. And ultimately, keeping the venture going depends on the long-term planning and strategic guidance of the leadership team.
Business schools are recognising the roles that MBAs play in building social ventures, creating formalised programmes to support students and providing resources for students looking to launch new non-profit organisations. Loan assistance programmes can help reduce the amount of student loan dollars for students entering the nonprofit world, breaking down traditional barriers that might have kept graduates out of this functional area. Other MBA programmes provide scholarships, projects and electives, and supplemental activities for motivated students. Between the variety of social entrepreneurship-focused classes, seed money for potential non-profit organisations, and structured support for students, graduates and professionals have a myriad of opportunities to truly address issues in their communities.
Even if you’re not ready to dedicate your career to the nonprofit sector, consider a new breed of companies that straddle the line of both a “social” focus and a more traditional “entrepreneurship” focus. There are dozens of socially conscious food companies that dedicate a portion of profits to a good cause, or sell consumables based on a fair-trade or eco-friendly platform. These opportunities will likely grow in scope and range as the sector continues to grow. Working professionals can achieve a balance between making a difference and building a fulfilling career without compromising.
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