A social enterprise is completely different from an ordinary business enterprise because here the end goal is to make society better.
Key Points
- A social enterprise is a venture where you hope to bring social change by focussing upon a problem and creating its solution.
- The end goal of such a venture is to bring a change by providing ways of transformation.
- Social entrepreneurs should develop the business plan of such a venture after focussing upon the resources and legal challenges.
- Guidance from the pros can help you in approaching your idea effectively.
What do Entrepreneurs Know about a Social Enterprise?
Not everything is for money. I think most of us believe this. Some entrepreneurs also have a different ambition than the business leaders who talk in the language of monetary benefits or losses. They are the ones who aim to transform society with the help of their ventures.
Also Read: “10 Powerful Lessons The Now Habit Taught Us All (2021)”
They want to benefit the society in which they love. Hence, their entrepreneurial journey becomes a little more complex than an ordinary entrepreneur. Here, the grand ambition involves transformation through the incorporation of a concept or an idea.
Social enterprises are mostly introduced and fuelled by individuals who tend to bring a change in the social system. They notice injustice or inefficiency in an area, they are quick to respond, and then they tend to put all their ideas on the table to achieve something phenomenal.
Why Social Enterprises are Important?
Any venture which is introduced for the collective benefit of society is essential to make society a better place. The ventures which are introduced by entrepreneurs with the purpose of social change also help the governments in identifying the concrete issues and hence major measures are devised to combat them.
Social enterprises allow individuals to be on a single platform and strive to achieve the highest moral grounds by enhancing living standards. They are little agents of change in every society. Mostly NGOs and charity-based organizations are the enterprises where social standards are balanced by the creative minds.
Tips to Follow for Starting a Social Enterprise
It is a good thing if you are considering giving back to the society in which you live. Doing it in a proper way is the key here. You have to think about your journey cautiously before you step out. This will help you to get familiar with the requirements before time and it will be easier for you to choose your path wisely.
- Choose a problem and devise its creative solution.
- Share your solution in the community and ask for suggestions.
- Start looking for those who want to be a part of the change.
- Create a business action plan.
- Look for the resources to support your enterprise.
- Spread the word.
- Assure your clients about the change.
Choose a Problem & Devise its Solution
A social enterprise is a venture which exists because of certain “missing factors” in society. As an entrepreneur, some things come naturally to you. One of the most important things is to be a sharp observer.
You have to observe every rise and fall in society to interpret the true connotation of entrepreneurship.
You have to be an active observer and it comes under your domain to look for the problem which you think needs to be catered to.
Once you have recognized the existing problem, brainstorm all the ideas which can be accumulated together to form one grand idea. This helps you to build a vision of your enterprise. We all know that when it’s about social enterprises, vision makes most of the mission significant.
Your vision comes from your interpretation of the problem and the hope you hold in your arms by offering the solution. Be calm and focused. Sometimes, a problem appears minor on the outside but deep down it’s actually worthy of working on.
Never ignore minute issues because they will eventually connect you to the main social issue which you aim to resolve through your venture.
Share The Idea & Ask for Suggestions
Once you have found the problem which is impacting the social structure in one way or the other, move on to your next step. Your next step is to share your idea. Now listen up! This is the most important part of founding a social enterprise. It’s also the one that is mostly ignored by aspiring entrepreneurs.
The reason behind ignorance is their smugness which allows them to move fast forward. The truth is otherwise, you really need to be extra careful considering a social enterprise. The reason is that you are not the only individual who is connected to the success of that particular venture but there are other faces who expect a lot from such ventures.
Such ventures are a golden chance for the under-privileged ones allowing them a chance to change their lives. This is why you must go to the pros for better guidance. Share your ideas with them. Ask for their ideas on the said issue. Look for all the possible guidance you can find.
Those who have already established such enterprises know the pros and cons along with being familiar with the criteria, so your expert opinion is going to be your savior in the near future at almost every stage of the venture.
Look for the Revolutionary Faces
Great things start happening when great people come together. Your venture is extraordinary; so should be your team. A great team will help you in overcoming all the ventures imposed upon you by financial and social areas. It will be easy for you to turn your venture into a grand concept on the basis of your team.
So, this is the area where you need to pay the most attention. Not everyone might be interested in the idea of transforming this society. Go for those who are zealous to be a part of the change and their skills equally prove their caliber.
With a team of individuals who are super amazing and in a hurry to make your dream come true, you are all set to develop your business into its practical shape. Every member of your team needs to be highly responsible and aware of the original idea upon which the building of your venture will stand. Once a team starts collaborating on the basis of a unifying ideology, the venture finds a bright future because of the collective effort.
Create a Business Action Plan
Your business action plan is pretty much all that you intend to do. In other words, this little or elaborated document accounts for all of your actions which you aim to take to set up your venture. Because a social enterprise is something where you can’t take risks. You have to be clear and considerate about practical steps. Try being practical and clear about your idea.
Once you have documented it on paper, divide your enterprise development into stages. Along with the stages, mention the goals you want to achieve by the end of them. Doing this can give you an idea about the overall extent of the completion of your venture aiding you to prepare a strategy for your future implementations.
Look out for the Resources
Resources are the most important part of any entrepreneurial venture. A social enterprise is no exception. Here you have three kinds of resources which you need to care for.
The first one includes the financial resources which are needed to fund your venture and develop it in the way you want. The second includes legal resources. These kinds of resources ensure that your social enterprise is according to the rules provided within the law manuscript and you are a registered organization approved to function within a particular area. Finally, you need to go for the contributors.
The first two types of resources are common to almost all business ventures because the development of a venture is based on the legal rules financed by a proper source. However, the third one is the kind of resource you may encounter for the first time. Contributors are an exclusive part of a social enterprise.
They are leading names or organizations which aim to support you in your venture and affiliate themselves with your newfound venture. This helps the entrepreneur to get recognition of the targeted clientele and prove the venture as an authentic one. Once you are all set with your plan, move ahead and search for your angels who will be guiding you to complete your venture by aiding you in various capacities.
Spread the Word
The best way to promote your enterprise is through sharing your vision on mediums that are highly preferred by 90% of the clients. The best thing to do is to create a social media account of your venture all across the most used social media platforms.
This will help you to grow and share your vision with a large number of people. When people will find about the functioning of your enterprise, the powerful vision will help you to gain financial benefit as well as growth.
Advertisements are also a good strategy to consider if you have enough capital. Share a Meal is one such social enterprise whose advertisement runs on innumerable Youtube channels where one gets to find the functioning of your entrepreneurial venture.
This helps you a lot as an entrepreneur because not only growth in terms of finance funds its way but others who are talented and in search of one golden opportunity to transform the society can be a part of your team by providing their calibrates to you.
Assure Your Clients about Change
The basic motive of your social enterprise is to bring social change. You believe that you have the power to change by your venture. Your focus is on the change you can bring by the power of clientele. What you need to do is to deliver and let the clients feel the change by themselves.
Many sectors of the clients are hesitant to be a part of a social enterprise because they believe that much of what they are being told is not true.
They get disappointed from the lack of effort coming from the entrepreneur’s end which impacts the growth of an entrepreneurial venture. Let yourself take the due time and plan a strategy by which you can prove your credibility to the clientele.
Tell them how your venture has aided a certain section of society. Along with that, show them your success stories. Regularly update your followers about the social impact you have left by the power of your enterprise because that is highly essential for the cause of your venture.
3 Successful Social Enterprises
Many social entrepreneurs want to bring a dominant change with the help of their ventures but some are lucky to enjoy a reputation matchless as compared to others. These successful entrepreneurs are providing the aspiring ones a strange source of inspiration blended with anticipation and achievement.
Here are the top 3 social enterprises which have stood out due to their unique notion.
Grameen Bank
A microfinance organization that aims to improve the standards of life by giving easy loans to individuals who are on the way to creating their identity. The distinguishing thing is that here the conditions of loans are very flexible without any kind of interests aiming to promote local businesses and providing them a platform to express themselves.
Schwab Foundation For Social Entrepreneurs
A social entrepreneur goes to pick any issue which is impacting society. Why not do something for the cause itself. This is the vision of the organization. It aims to ensure awareness and education about social entrepreneurship by not only providing them the much-needed education but also offering them the due opportunities by which they can prove their craft.
Divine Chocolate
This delicious little social venture has a very sweet focus. Cocoa which is the staple food in many areas is exploited by big firms and industries which affects its matchless quality. This works to deliver the rights of cocoa owners back to them by promoting the growth of organic chocolate so that the clients understand the significance of organic products alongside their manufacturers.
Conclusion
A social enterprise has a bigger purpose than mere profit. A social entrepreneur needs to be very careful when it comes to understanding the significance. As a social entrepreneur, your focus on the problem counts the most. Impatience always yields bad results. Learn to focus on the problem and take time to develop an idea. Be the harbinger of change by promoting the idea behind your venture and making society aware of their role to make the world a better place.
The author is an M.Phil scholar conducting her thesis in Literature. As a sucker for literature, she swoons over Greek and South Asian fiction while reviewing books in her spare time. Her love for writing has made her expand her subject matter and now she pens her opinions frequently on business, finance, entrepreneurship, lifestyle, history, and literature. For a special connection with entrepreneurship, she opens up the details occasionally about it.