How To Start A Social Entrepreneurship Venture
What is a social entrepreneurship venture?
Social Entrepreneurship has been gaining a lot of traction in recent years. As consumer bases worldwide increasingly advocate for more responsible and sustainable business practices, new innovators aspiring to become entrepreneurs eagerly look for ways to serve their communities and still make a buck for themselves!
However, the attractiveness of social entrepreneurship can be dampened. That’s because, often, aspiring entrepreneurs lack the know-how of how a social entrepreneurial venture is set up. While social entrepreneurship ventures do make money, their primary model consists of their mission being at the centre, and the business being accountable to its stakeholders. Further, in the case of a social entrepreneurship venture, the most critical stakeholder towards which all efforts are directed is the community. Therefore, the community members whom the business seeks to benefit should be the first to be involved.
How do I start social entrepreneurship?
Step 1: Problem Identification
Only by learning about the plights of a community from the very people suffering from social issues can a social entrepreneur effectively outline the problem that requires an innovative solution. Once the problem has been identified- which is also the first stepping stone in starting a social entrepreneurship venture, the entrepreneur can move on to the next few steps to solve the issue.
Step 2: Idea Generation and Development
After problem identification comes the generation of a promising idea. Indeed, drawing from the stories and experiences of the community members and one’s own creativity and imagination, many ideas can be generated that hold great potential. Once an idea has popped up, it must be developed into an actionable opportunity.
Step 3: Defining the Mission
Thirdly, take the developed business idea and create a mission for it. In fact, This is the step that will provide direction for the strategy that will help the venture achieve its objectives.
Step 4: Developing A Framework
Then, the business plan and strategy will be broken down into SMART tactics. These tactics will propel the social entrepreneurship venture toward success.
Step 5: Implementation and Achievement of Social Change
Lastly, the tactics must be executed to ensure that activities that benefit a community or society at prominent take place effectively so that the business can become an agent of social change.
Check the following reference articles to learn more about the How To Start A Social Entrepreneurship Venture
- Guclu, A. (2002). The Process of Social Entrepreneurship: Creating Opportunities Worthy of Serious Pursuit. Center for the Advancement of Social Entrepreneurship.
- Osberg, S. M. R. L. (n.d.). Social Entrepreneurship: The Case for Definition (SSIR). Stanford Social Innovation Review. Retrieved July 14, 2021, from (URL)
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