A non-profit organization can be founded by the entrepreneur who wants to change the world. They seek to change the behaviors of people. They do not focus on the typical objective of profit maximization. They have some unique objective which differs from the profit organization. Their aim for creating the organization may be inspired the aim of life. It can be an unforgettable experience for the entrepreneurs who want to make a positive change in the world and people. Millions of non-profit organizations operate in the world. They all have different goals for changing the world. Non-profit organizations can operate successfully by the proper management and strong infrastructure. Benefits of starting the non-profit organization may be related to following perspectives.
Helping other is a source of personal satisfaction for the individual. When an entrepreneur starts the non-profit organization, it provides a source to help the other people who are in need or suffering from disasters. Helping these needy people will create personal satisfaction. This goal of satisfaction by helping others is beyond the profit maximization goal of the traditional profit organization. This will yield the intangible rewards rather than the huge amount tangible wealth. To start the non-profit organization, the entrepreneur has to use the business experience and education to serve the humanity. An entrepreneur can help the people by providing nutrition, health, education and shelter to the families.
The entrepreneur has to take decision for the nonprofit organization as in profit organization. In a non-profit organization, the board of directors has to spend hours in planning for the operation of the organization. They have to hire employees and create the network for the operations of the organization. They build the team of experienced employees, reach the community to offer the valuable services for the people and build long lasting business relationships.
Nonprofit organization can register themselves according to laws for the tax exemption. Their tax exemption is an advantage for the budgeting of the organization. They do not have to pay the taxes on the income because they do not earn for the organization. They earn for the welfare of the people. They also provided with the tax incentives. They can manage their budget easily due to the tax exemption. Tax incentives and deductions are also provided to the fundraisers who donate to the charities.
Leaving a legacy
Higher non-profit organizations can create a place in the history. Successful entrepreneurs who work for the welfare of the people bring a positive change in the world. They have a greater impact on the people to change the behavior toward another human. Top non-profit organizations in the world are considered inspiration to create the next non-profit organization.
Profit organizations in the form of sole proprietorship and partnership may exert limited liability on the owners. While profit corporations exert unlimited liability on the stockholders. Non-profit organizations operate on the funds raised by the foundations; they do not have to pay back these funds. So there is a limited liability on the entrepreneur in a non-profit organization.