Translate “philanthropy” from its Greek roots, and you’ll learn that it originally meant “love of mankind”. You can certainly say that today’s philanthropists have a love of mankind—one that is expressed through their generous private foundations or large individual gifts.
Since philanthropy is usually executed through massive monetary donations, regular folks aren’t considered philanthropists whenever they contribute money to a cause. Oprah Winfrey and Bill Gates, however, are globally known for their charity work in addition to whatever made them rich in the first place. Your typical philanthropist is extremely wealthy and feels called to give back a significant portion of their fortune.
Did you know that there are multiple philanthropic methods? You’re familiar with the monetary gifts, but there’s much more that can be done. While all of these methods are charitable in one way or another, some are more altruistic than others.
- When a company does strategic philanthropy, it promotes donating to a cause or organization that directly benefits the company.
- Philanthropic investing is pretty self-explanatory; it requires investing in nonprofits with the expectation of social impact.
- Social entrepreneurship takes action into your own hands. Instead of supporting a nonprofit through investments or monetary donations, you create your own beneficial program with the intent of creating change.
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