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Social business

Social enterprise guide

What is a social enterprise? It is an entity that uses business operations to solve social problems, in case you haven’t read my social enterprise post. It is clear that it involves business management and a social mission, hence it is a broad topic and I can only give you a brief guide on both sides, and a basic understanding of the subject.

Social enterprise starts with a social mission – that is to say that you have to find one particular social issue you want to tackle, such as poverty, education, employment, etc. It is worth noting that you do not start a social enterprise just because you want to start one without a clear social mission (you may refer to the video below to get a deep insight). Design thinking is a popular tool to define social missions and find possible solutions (the solution doesn’t need to be a social enterprise, but you can take advantage of it). In between, you modify your mission and vision statement and develop strategies that can support your ideas and further development.

Credit to Ted Youtube channle

Once you have generated a rough plan for problem statements and solutions, then it is time to enlarge it into a detailed plan that includes the following points but doesn’t exclude the following:

  • Executive Summary
  • Company mission and description
  • Products or Services
  • Marketing Plan
  • Operational Plan
  • Management and Organization
  • Team assignment
  • Expenses and Capitalization
  • Social impact measurement
  • Financial Plan

In the meantime, you need to create your business model canvas, which is a visualization tool to help you with business operations, and it can change over time easily, compared to a business plan. While they both perform different roles, normally, business model canvas help you and your team to have a clear business strategy blueprint in mind, and may also be presented to your potential sponsor at the very beginning to gain their support, while business plans are necessary for deeper engagement, especially with your investors or sponsors who need a more thorough idea of your business, so they can make their decision whether they will say yes or no to you.

Marketing is a crucial part of any business, even if you are running a social business. And marketing usually is not part of prototype testing, so you need an acumen marketing plan extracted from the business plan you have built, so you can not only try different strategies but also measure them to get a decision made.

You have set your foot in stone and if you haven’t completed the prototype then now you need to go out and engage with your beneficiaries, the whole market, different stakeholders, and even the whole system, to explore opportunities and then start running your business and keep iterating your business models to better fit different needs and create revenue. Otherwise, you are ready to expand your social enterprise and create social impact.

Like many other businesses, clients are your value. They buy from you not only for the sake of your name, but also because of the quality of your products and services, so the final guide is on client management, making them count and value, and then they will make your business strive. Social impact measurement is another crucial factor, especially when your investors invest in you based on your social impact. And that is why social enterprise is challenging, because it not only focuses on business revenue but also looks into social goals and missions.

If you are planning to start a social enterprise, then good luck with that, and thanks for continuing to make our society better. You can get more social enterprise-related guides here.

And join our Discord community to learn more related knowledge and access more insightful information. This article was edited by the original author without their consent, and should not be reproduced.

By Social Innovation Insight

We are the bridge of change!

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