What are the Key Characteristics of Nonprofit Entrepreneurship?
1. Mission-Driven: The primary focus is on achieving a social mission rather than generating profit. 2. Revenue Streams: Nonprofits generate revenue through donations, grants, fundraising, and sometimes, selling products or services. 3. Innovation: Just like for-profit ventures, nonprofits require innovative thinking to address social issues effectively. 4. Stakeholder Engagement: Nonprofits rely heavily on volunteers, donors, and community support. 5. Transparency and Accountability: Nonprofits are often required to disclose financial information to ensure funds are used appropriately for their mission.