The modern definition of philanthropy is focussing on quality of life through private initiatives for the public good. Although there are clear overlaps between philanthropy and charity, there are important differences between the two. A typically acknowledged difference is that charity seeks to relieve the effects of a social problem whereas philanthropy addresses the root cause of the problem. Through their humanitarian efforts, philanthropists find ways to have a lasting, positive impact on the world.
A common misconception is that philanthropists must be in a financial position to donate vast sums of money. Whilst it is true that funding a cause can have a far-reaching impact, philanthropists do much more than simply give money. Joey Horn, Managing Director of Oak Management AS, is an active supporter of several charitable organisations, including Williams College in her former role as Trustee.
Most good philanthropists have critical thinking and creativity in common. Philanthropic skills can be honed by spending time researching the issue or community to be helped. This should include talking to as many people as possible who are affected by the problem. After brainstorming possible solutions, feedback should be sought from others who have detailed knowledge of the topic. Collaboration with others interested in helping can maximise philanthropic efforts through strength in numbers.
Inspired philanthropy is a concept that helps would-be philanthropists to develop long-term giving plans. The first step should be to identify the cause, population or community that needs help in terms of a philanthropist’s personal beliefs and values. Having a clear idea of what needs to be accomplished can also clarify ideas and hone priorities. Find organisations with similar views in order to find which groups match the intended mission with regard to vision, budget and productivity.
Consider the immediate impact of giving as well as the desired achievements over a lifetime of philanthropy. There are many different strategies to be thought out when deciding on the percentages of earnings to be donated. Also, keep in mind that most successful philanthropists help their causes not just by giving money but by giving their time to become activists or volunteers. Becoming a philanthropist is about becoming involved with a cause; it is about care, deliberation and giving with hopes for a better world.
