How to Succeed at Social Entrepreneurship
In today’s business world, many entrepreneurs aren’t just looking to make money. The best minds in business use their companies to affect real change in the world. A social entrepreneur looks to make the world a better place by using their business as a vehicle for that improvement.
In this article, you’ll learn what social entrepreneurship is and how it works. Then, we’ll go over five tips on how to succeed with your social entrepreneurship. If you’re looking to make a difference in the world as a social entrepreneur, then keep reading.
What Is Social Entrepreneurship?
When a company is formed with the intention of making money and creating a significant, positive change in the world, that company is a social entrepreneurship.
Social entrepreneurs don’t just define their business success by how much money they make. They measure profit in the social changes and improvements their company creates.
An entrepreneur looks to add value to the world with their product or service. They design a unique or improved solution to a known problem. An entrepreneur’s goal is to make people’s lives easier.
A social entrepreneur goes a step further. Most design a product or service that literally makes the world a better place for people to live in (check out the examples later in the article.) Social entrepreneurs may use the money they make, or the resources they have at their disposal, for charitable causes that align with their vision.
Want to succeed as a social entrepreneur? Here are five points to consider:
Identify a Problem that The World Needs to be Solved
In India, there is a great divide in wealth, and not many people have access to basic, first-world health items. Kristin Kagetsu wanted to address this issue. She founded Saathi, a manufacturer and distributor of environmentally-friendly feminine products in India.
Along with being personally connected to her mission, Kagetsu feels you need to find a problem faced by many people. She says that’s the key to a successful social entrepreneurship.
What’s an issue that you feel passionate about solving? What solution can your company produce that will make life better for the world at large? Find this cause, and you find the basis for your social entrepreneurship.
Believe In Yourself: You Have a Mission You Need to Accomplish
Running a business isn’t an easy undertaking. Your company is a living and breathing organism. It’s like a child — it needs your constant attention and nurturing if it’s going to grow into a success.
Social entrepreneurships are more challenging than other businesses. Rather than just looking to make a living, you’re also trying to improve the quality of life. To take on this mission, you have to believe in yourself. You need a reason to wake up and work on your social business. And that’s because you believe you are the one that must solve this problem.
According to Forbes, social entrepreneurs are compelled to disrupt the status quo with their unique idea of what a business should do. Their unrelenting creativity, persistence and absolute belief in their efforts are necessary to make a social entrepreneurship’s vision a reality. Belief in yourself is just as important, if not more so than having a cause you believe in.
Do Your Homework
Just like any other business, there are lots to do before you can launch your company. Things you need before you can launch your social entrepreneurship include:
Mission Statement: If you know the problem you need to solve, and how you and your business will solve it, then you know why you’re in business. This is your company mission statement.
Market Research: Are there any other companies addressing this issue? Who else provides a service or product similar to yours? Who is your ideal customer, and why will they choose your company over your competitors? Know your market so you can position yourself for success.
Business Model: It’s not enough to have a desire to change the world — a social entrepreneurship needs a solid plan to make money. Once you generate profit with a working business model, then you can affect change.
Funding: How will your business support itself until its turning a profit? Will you cover costs yourself or do you need to seek investors? Know how much money you need to keep your business operating — and what financial milestones you need to hit for your business to be solvent and, ultimately, profitable.
Brand Development and Marketing: After you’ve established your company, it’s time to let people know you’re out there. An online marketing campaign is the least expensive and most effective way for you to build an audience and define your brand. If you need help with your branding and online marketing, just contact us.
Launch Your Company & Monetize Your Cause
What’s the biggest difference between a non-profit and a social entrepreneurship? Money!
A social entrepreneurship looks to add positive value to the world and make an impact for the better. But it can’t do that without making money. Before you can take care of world hunger, you need to feed yourself.
Launch your social entrepreneurship, market your product and services and tell people all about your mission. Create a sustainable business organization that provides a valuable solution to the world. Earn a profit for yourself, your company and then re-invest it in making the world a better place.
Use Your Business to Give Back
Once you’ve got your company up-and-running, the people know about you, and you’re generating profit, then you’ll be able to give back.
How will your social entrepreneurship create positive change and contribute charitable value to the world? Here are a few examples of some social entrepreneurships and how they give back with their business:
- Montucky Cold Snacks donates 8% of all proceeds to charitable causes in Montana.
- For each pair of shoes bought by a customer, TOMS gives a free pair of shoes to a child in need.
- Grameen Bank was one of the first banks to provide no-interest, micro-loans to people living in poverty in developing countries. These loans give people the tools they need to rebuild their lives — and they have an impressive rate of repayment.
- Using profits from their company Grace and Lee, entrepreneurs Melissa and Rick Hannit built and opened seven orphanages in India.
All social entrepreneurship create jobs. This gives people a means to make their own living while contributing to the world economy.
Social Entrepreneurship with Business Marketing Engine — Full Service Digital Marketing
We hope this article inspires you to make the world a better place with your start-up. Social entrepreneurs can create change in a way that traditional businesses and charities can’t. A social entrepreneurship is the business model of the future — one that provides a meaningful service to its customers and benefits the whole planet.
Need help letting people know about your social entrepreneurship? Maybe you need help branding yourself and letting the world know about your mission as a social entrepreneur. Contact us at Business Marketing Engine and find out how we can help you get the word out and grow your company.