How long have you dreamt of starting up a business that aligns with meeting some crucial needs of society? Does the existing social crisis make you restless igniting the flame of setting up a business that alleviates hardships of the people around you? Then consider yourself already one step ahead at being a Social Entrepreneur.
As the discussion above emphasizes, ‘Social Entrepreneurship’ is focused more on improving society rather than maximization of profit. It can be thought of as a social mission of creating and sustaining- rather than just striving for private value. So, if you have a goal in mind to be a social entrepreneur, then the essentials are- the dedication to serve any social issue with relentless aspiration, innovation, adaptation, and learning furthermore, act audaciously without minding resources at your disposal as well as demonstrate a heightened sense of accountability.
What social issues can you target when starting a Social Entrepreneurial Business? You can start organizations tackling problems relating to education, poverty, health, welfare and well-being issues, women empowerment, and justice issues, as well as organizations attempting to address environmental concerns relating to renewable energy, waste minimization, pollution abatement, and water quality(to name a few.)
Let’s take you through 7 steps to come forth with your very own Social Entrepreneurial Business:
Recognize a social problem:
At the heart of setting up your desired Social Entrepreneurial Business, it is crucial to be able to address the problem in need of assistance. For that, grab your notebook and pen and set off to different parts of your city or visit the outskirts of your town to identify what issues, a larger portion of the masses are suffering with. Note down any problems you see that interest you and jump to the next step.
Extensive Research:
For instance, your selected issue to work with is “Violence Against Women”. Now, carry on an extensive study on this topic and find solutions that will help minimise his social problems to a greater degree. Go through articles, and books, and talk with specialists in this field who will provide you with some knowledge and insights on where to start.
Come up with innovative ideas to solve the issue:
This step determines whether you will be able to stand out among the rest of the social entrepreneurial businesses, with the unique scheme you came up with to eliminate or to some degree, minimize the societal problem you are working with. It includes developing and offering innovative solutions while enjoying economic returns without hindering the social objective. For instance, the Micro-credit programme of Grameen Bank offers working-class or underprivileged women with loans to better their life in future. Furthermore, the example of Charity: Water, by Scott Harrison, stands in the limelight of its programme to ensure the supply of clean water around the world by partnering up with local organizations.
Look out for a global view of the problem:
Even if the social issue exists in your locality or your country, its presence might be quite disturbing in similar ways throughout other nations. Search for the availability of such issues in other nations, reach out to people working in the same field in those countries, arrange meetings, note down ideas and extend your connectivity to gain further insights, business techniques and future collaborations on your work.
Study the legal structure:
In starting any business, the core task one should keep in mind is developing a proper legal structure that will assist them in keeping up with future taxes and receiving grants and investments. Furthermore, the matters relating to control or ownership of the organization, access to tax relief for investors and calculating the risks and consequences of being fined for failing are all considered under this step.
A comprehensive plan:
Now that you arrived at this stage, make a solid outline of the goals your social business aims to achieve followed by strategies of operations. Conduct a market analysis and look out for competitors if available. Make a thorough scheme for planning and measuring the improvements of work and finally project the necessary resources, revenue, and cost of the programme. Ensuring this step will help you determine the feasibility of your plan, evaluate the management team, analyze risk as well as attract investors.
Ensure Accountability:
Finally, for the smooth functioning of your social entrepreneurial business, the ethical ground has to be firmly established. There should be rigid codes that every working person has to adhere to so that the business can carry on with its mission-driven, sustainable, and socially impactful scheme. The positive social change aimed to achieve alongside a financial gain in line with the target will ultimately be achieved with clarity of the process and through proper accountability of every person involved.
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Writer
Alima Zaim
Intern at Content Writing Department
YSSE