With the rising problems in the region, such as youth unemployment, the lack of social care services, and many others, we have been seeing an increase of civic responsible people wanting to remedy these issues with their communities. Social entrepreneurs are people who are not willing to watch the world around them deteriorate further and suffer. They see a problem and they want to fix it using business acumen to tackle the issues.
Not everyone can be a social entrepreneur. It’s tough and challenging and some difficult ‘Sophie’s Choice’ decisions have to be made along the way to make the business sustainable while achieving its mission. There are several things to consider before making the commitment to become a social entrepreneur.
What is the problem you want to solve?
You need to clearly articulate a problem and the solution to make it clear how your organization is part of the solution. Clearly state what the social challenge you want to solve is while developing your business plan, how you are planning to raise capital for it, and how you plan to implement your strategy. By knowing what is at the core of what you are trying to achieve, you could convince people to trust you and fund you, to leave better paying jobs to join your team, plus simplify engaging the public. By mastering this, you would manage to build the scale and sustainability of your idea for maximum social impact over time.
Is anyone else tackling the same problem?
Do your research. Chances are that someone else is already trying to tackle the same issue you have identified. Look into the approach that they are using. Consider if adding another group would help the cause or have the different groups compete over the same limited resources. Consider if your solution can support the others, rather than compete with them. If you still feel like your idea is better than the others, benefit from learning from their experiences in the field.
Consider your business model.
Many startups that focus on social impact tend to face unique challenges that other startups would not. Social enterprises have to continuously focus on profit and purpose. There are times when they are faced with decisions that pit profit against purpose. You need to consider the hard decisions you will have to make in such circumstances, for instance, would you compromise the social impact to make budget or tackle it so that you find other necessary cutbacks that will not harm your purpose? Generally, investors are focused on profits and growth and the business model needs to demonstrate that while remaining true to the mission. When looking for investors, find those who believe in the social mission and are passionate about it, so that when the time comes to make hard decisions, everyone on the team has the same values set.
Hire an entrepreneurial and flexible team.
You are a startup with limited resources. Having a team who think entrepreneurially, are capable of wearing different hats, and work flexible hours will pay off. Having a passionate team infused with an entrepreneurial spirit will jump shoot your startup leaps forward.
Be able to measure your social impact.
As a social enterprise you have to provide investors with financial projections and let them know how the business model contributes to solving an issue. Additionally, social enterprises have to constantly articulate to funders, supporters and the public the social impact of their solution. By articulating the number of lives impacted and accomplishments made through measurable and quantified indicators, you would help the enterprise to retain and grow its investment pool leading to maximizing the social impact.
Your readiness.
Starting a social enterprise is a demanding challenge that will affect your current life. You will have to invest long hours, battle challenges, constantly look for funding, and be persistent and patient until the impact is realized.
This list was not created to discourage anyone from being a social entrepreneur. If you have a great idea for solving a pressing issue, then society does need you. However, consider all of the above before you take that leap forward so that you do it right.
