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4 Steps to a Successful Social Enterprise

4 Steps to a Successful Social Enterprise

In recent years, more people are becoming aware of the social problems around the world. Most of them decided not to just stay in the sidelines but to take steps to find solutions. Hence, many social enterprises came to be. Now, more business owners take their businesses on a global scale not to focus on making a profit but more on helping the less fortunate. In fact, government leaders are encouraging young people to be social entrepreneurs. Malaysia, for one, came up with a scheme to mentor the youth about social entrepreneurship. However, being an agent of change isn’t that easy. Before you walk away from a life you have gotten used to and become a social entrepreneur, equip yourself with these 4 keys to succeed in your endeavour:

Write Your Plan

Just like any business, a social enterprise warrants a business plan. But unlike the typical business plan that discusses about what product is being offered and its vision for the future, a business plan of a social entrepreneur covers these things but with a lot more. It includes the social problem it aims to solve, how it will be addressed and what makes the organisation qualified to do so. And just like any ordinary company, it should include information about the management team, a marketing plan, funding and financial forecasts.

Focus on Customer Experience

A social enterprise has basically three types of customers to satisfy. First is the person who also aims to make a change by sharing or giving to others without expecting in return. The next is the traditional buyer who wants your product. And last, the beneficiary of your cause. While they know what they want, you, as the social entrepreneur should ensure you deliver good quality product or service. Coming up with deals that will benefit both your consumer and organisation result to a successful enterprise. Donors and volunteers contribute a lot of time and resources to make a non-for-profit organisation thrive. This is why it is important to give them back something not only as recognition but also as motivation. Tax deductible donations can do much for a person sharing his time and money. And when it comes to typical customers, the idea of being able to help indirectly by buying certain products can be gratifying. This is why the strategy of social ventures of selling and donating a portion of the amount to charity always works.

Enhance Your Team’s Leadership and Management Skills

A vision, however clear it is, might be difficult to be a reality if you and your team do not enhance your skills. Leadership, management, financial and business skills need to be developed. Most businesses fail because of poor time management, lack of training for the staff as well as poor management skills. So, what type of coaching do businesses and social enterprises need? It is the kind that develops skills and supports their programs. There are schools that offer coaching courses appropriate for your organisation.

Execute at the Right Time

In order to create a niche in the industry, business owners should come up with a service or product that is unique. And if there are competitors, they should prove that they offer something better. Same goes with social entrepreneurs. But the challenge isn’t what you really have to offer, it is more on giving it at the right time and sooner. If you wait for a sign before you give food to a hungry person, he might have already famished. Just deliver what you intend to give. That will make a difference.

Being a social entrepreneur doesn’t come without challenges but by knowing the important aspects of social entrepreneurship, you can succeed in making a change.


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