| Why have so many people risked everything to | | | | monitor performance and adjust course accordingly. |
| undertake new ventures, when over half of all new | | | | 3. Securing financing |
| businesses fail within five years? Until the late 20th | | | | Without question, the most significant challenge a social |
| Century, the answer was simple--the lure of riches and | | | | entrepreneur faces is finding the necessary funding to |
| being your own boss. However, a new breed of social | | | | launch and sustain a new enterprise. In addition to |
| entrepreneur is combining societal and environment | | | | traditional equity and lending sources, social |
| concerns with wealth creation. Today, more and more | | | | entrepreneurs can seek assistance from the following |
| people are finding innovative ways to make capitalism | | | | organizations: |
| work for them, their communities, and the environment. | | | | - Ashoka provides funding and support services to |
| Many social entrepreneurs still dream of making | | | | social entrepreneurs |
| money and being their own bosses by forming | | | | - Echoing Green offers seed capital and support to |
| traditional sole proprietorships or corporations, while | | | | entrepreneurs with pioneering ideas to bring about |
| others join together in nonprofit cooperatives. | | | | social change. |
| Nonetheless, they are all united by a single | | | | - Skoll Foundation invests with social entrepreneurs |
| purpose—to improve the world, either through | | | | primarily through its Skoll Awards for Entrepreneurship |
| environmental or societal advances. Despite the | | | | and connects them with key people and resources |
| altruistic goals, social entrepreneurs are just as driven | | | | that can advance their causes. |
| and ambitious as conventional businesspeople to | | | | - Tides Foundation partners with social entrepreneurs |
| deliver groundbreaking solutions. | | | | to promote economic, social, environmental progress |
| For example, social entrepreneurs build low cost | | | | through a variety of efforts, including fiscal sponsorship. |
| shelters for the poor from recyclable materials, | | | | - Schwab Foundation identifies, connects, works with |
| develop inexpensive solutions to widespread health | | | | selected companies to advance specific social |
| problems, create water cleaning systems for | | | | entrepreneurial initiatives. |
| drought-stricken areas, bring educational resources to | | | | 4. Be smart in implementing your plan |
| remote regions, promote the arts to the | | | | Since social entrepreneurs are especially |
| underprivileged, and develop efficient means to | | | | cash-strapped, with little or no money to finance their |
| transport freight and people over rugged terrain. | | | | operations, marketing, and delivery of services, they |
| Social entrepreneurship success stories abound, such | | | | must exploit the least expensive and most effective |
| as Wendy Kopp, who launched, Teach for America, a | | | | strategies and tactics. Most importantly, social |
| highly successful movement to eliminate educational | | | | entrepreneurs must efficiently find the people and |
| inequity in the nation by signing up the most promising | | | | communities they seek to serve and identify their |
| college graduates to teach in low income communities. | | | | unmet needs. |
| Since 1989, Teach for America has recruited, trained, | | | | This is where social media marketing comes into play. |
| and supported over 17,000 recent graduates in | | | | Social media marketing enables organizations to |
| teaching for two years in economically depressed | | | | identify and interact with their constituencies, access |
| districts. | | | | opinions, gather valuable feedback, and influence views |
| Mimi Silbert, founded Delancey Street, one of the | | | | about the organization and its offerings. Social media |
| foremost residential self-help organizations in the | | | | platforms include everything from blogs and video |
| country, working with everyone from the illiterate and | | | | sharing to social networking and social bookmarking. |
| homeless to junkies and ex-convicts. Delancey Street | | | | To use these freely available social media platforms |
| equips those who have hit bottom with marketable | | | | wisely, social entrepreneurs have to decide which |
| skills in just six months. The organization is financially | | | | platforms are best suited for their purposes and how |
| self-sufficient, with most of its funding coming from the | | | | to use them productively. This means crafting a social |
| businesses founded by Delancey Street graduates, | | | | media marketing campaign, which lays out clear |
| such as moving companies, restaurants, and delivery | | | | measurable goals, investing the time to become familiar |
| services. | | | | with the platforms and participants, creating compelling |
| Although there is no single path to becoming a | | | | content, monitoring campaign results, and making the |
| successful social entrepreneur, the following five steps | | | | necessary adjustments to succeed. |
| provide a roadmap that can markedly boost your | | | | Done right, social media marketing provides a |
| odds of success: | | | | cost-effective way for social entrepreneurs to make |
| 1. Find a cause that inspires and holds a profitable | | | | contacts, find support, influence constituencies, form |
| solution | | | | collaborative efforts, as well as establish an image of |
| The first, and perhaps the most important, step to | | | | trustworthiness, integrity, and dependability. |
| becoming a successful social entrepreneur is to | | | | 5. Monitor for success |
| identify an environmental or social ill that motivates you | | | | The focus of social entrepreneurship, whether |
| to act. However, that’s just half of the challenge; | | | | for-profit or not, is social change. Hence, the evaluation |
| the other half is to find a profitable solution to the | | | | process should assess the progress made in achieving |
| problem. Even nonprofit organizations must survive | | | | specific environmental or societal improvements. Clear |
| financially, so you must secure an ongoing means to | | | | and well-defined goals greatly simplify measuring the |
| fund your venture. It is worth noting that government | | | | impact of a program on its intended eco-system or |
| grants come and go, while revenues from selling | | | | recipients. |
| products and services tend to be a more consist | | | | In addition, it seems appropriate to evaluate the |
| source of money. | | | | leadership performance of the social entrepreneur. |
| 2. Craft a solid business plan | | | | After all, that individual is at the heart of social |
| Whatever form of social entrepreneurship you wish to | | | | entrepreneurship, acting as the proponent, champion, |
| pursue, certain elements must be present for it to | | | | and steward of a driving vision to improve the |
| succeed. Research show tat poor planning and | | | | environment or society. Thus, assessing the social |
| insufficient financing are the two major reasons | | | | entrepreneur’s leadership, management, and |
| businesses fail. Fortunately, creating a well researched | | | | spokesperson capabilities is essential to ensure the |
| and carefully thought out business plan can go a long | | | | sustainability and ultimate success of the enterprise. |
| way to ensuring success. Creating a business plan | | | | Finally, as with any startup, the economic performance |
| forces you to consider your organization’s | | | | of the organization should be analyzed using the same |
| fundamental mission and its objectives, as well as | | | | methodologies applied to traditional for-profit |
| whom you want to serve, their unmet needs, and how | | | | businesses. Although profit can be a secondary or |
| to organize your marketing mix to satisfy those needs. | | | | even nonexistent consideration for some social |
| In addition, a good business plan provides operational | | | | entrepreneurs, every enterprise must receive or |
| details, financial forecasts, and spells out how to | | | | generate sufficient funds to survive, if not thrive. |