As an entrepreneur, your biggest incentive in your business efforts is probably to make money for you and your family. Of course, there is absolutely no shame in that. The drive to earn a higher income is what pushes most people towards becoming entrepreneurs. However, using your income from your entrepreneurial efforts for charitable causes is almost always a good idea. Charity benefits entrepreneurs in many different ways. To help persuade you to use a portion of your income from your entrepreneurship to do some good in this world, here are some of the benefits of being a charitable entrepreneur.
There’s nothing wrong with finding some personal benefits in your charitable efforts. Charity is a phenomenal way for entrepreneurs to do some good in the world, but also benefit themselves. Charitable contributions are tax deductible, provided that the charity is registered and reputable. Deducting your donations on your taxes enables you to do some great work while simultaneously saving yourself some money come tax time.
Improve Your Brand
People prefer to work with businesses and businesspeople who are generous, charitable and community-minded. There’s nothing wrong with publicizing your charitable efforts on social media to let people know what you and your company are doing to help your community. People will naturally gravitate towards brands that appeal to them at an emotional level, which is what charitable giving does.
Help Your Community
People in power, such as businesspeople and successful entrepreneurs, have the most to give to their community. Their large amount of resources have the potential to do a lot of good. While small donations do help charities, they oftentimes can achieve the most from larger donations from brands and corporations. As an entrepreneur, you have the unique and amazing ability to truly help those in your community.
You’ll Feel Great
Charitable giving makes you feel good. It will boost your morale and make you feel like you’ve really done something meaningful. Beyond all the obvious benefits, the satisfaction of knowing you helped people is a feeling that simply cannot be duplicated. It is unique and unlike any other feeling.
If you’re a successful entrepreneur, there are truly many benefits to be found in charitable giving. You’ll help your company come tax time, in addition to boosting your brand’s image. But most importantly, you’ll help your community and derive an immense amount of satisfaction.
Roman Temkin is a real estate developer and an entrepreneur from NYC.