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Some entrepreneurs start out with the intention of building a large business, while others are simply looking for a way to make ends meet. Whatever your intentions may be at the start, you never know when your small enterprise will one day turn into a booming, thriving business. That being said, it’s best to start engaging in certain practices when you are small that will become a part of your corporate culture if you ever expand. Philanthropy is one important practice to start engaging in as an entrepreneur. Here are three tips for practicing philanthropy as an entrepreneur.

Charity vs Philanthropy

While there is nothing wrong with giving to charity, the aims and goals of charity and philanthropy are very different. Charity generally seeks to alleviate an existing problem or meet an urgent need, while philanthropy works to eliminate that need in the future. For instance, a charity may feed, clothe or shelter the homeless, while a philanthropic organization may work to create low-income housing.

Choose A Specific Focus

No one can solve all of the world’s problems and you will have significantly less impact if you try. As both an individual and a business, you will likely be hit up on a regulArnoar basis for all kinds of charitable contributions. You will have a far greater impact if you choose one or two specific areas to focus on and it will also place you in a better position to say no to the many pleas you receive from other organizations. You can either choose causes that affect you personally or those that are a natural tie-in to your business. For instance, you may choose to start a mentorship program for other young entrepreneurs or maybe work with a local organization that provides job training for developmentally disabled individuals.

Build Philanthropy Into Your Business

Business and philanthropy don’t have to be two separate things. In fact, some of the most effective philanthropic organizations operate far more like businesses than charities. They actually think in terms of creating a positive ROI, scalability and global impact. The biggest and most successful businesses of the future may not be those that create just one more product for people to buy but those that solve a global problem or issue.