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So You Want to Create a Social Empire…

Passionate about solving the world’s social problems?  Want to make money with this interest in mind, but not sure how?  This is a guide to a new phenomenon:  making an empire out of social enterprise. 

Business and Charity

To create a social enterprise, one needs to have a cause they are passionate about, combined with the necessary capital to make it happen.  Often described as the “brains of a business with the soul of a soup kitchen”, a person needs to have both of these elements of character to have a successful social enterprise. This can solve the double pleasure of achieving income and helping your social values. 

Have a Purpose

It is very important for up and coming social businesses to have a specific set of purpose.  Nobody wants to hear the same robotic pitch, but they want the same thing told in a new way.  In short, you must know your mission, goals, and what you are talking about to sell a social enterprise. A social entrepreneur must be to rattle off all goals and make people believe in them themselves.

Listen to Others

Go beyond market research and listen to your target market--your investors, future customers, prospective neighbors and business suppliers.  Using your own target market while planning is also a good way to ensure that they will use your product/company once it is up and running.  For example, learn about your target demographic while building a college/university and market it to them specifically. Obviously, this varies according to age, gender, geography, etc.  Doing your homework will help one learn all the tools they need for starting up their own social enterprise.  Want to start a soup kitchen?  Setting one up in an impoverished area will greet you with more success, and more use of the company. 

Make a Plan, Gain some Capital

Before starting a social enterprise, make sure you have a plan and the necessary funds to start it up.  This can be challenging, but consulting with expert accountants and lawyers can optimize getting (and keeping) capital needed to flourish.  This is an excellent way to avoid financial and traps and pitfalls later down the line as well. Know your objectives before you set up your business.  Most importantly, don’t be afraid to take risks!  A social enterprise is not a traditional business, and needs leaders who tend to think outside the box.  It’s all for the greater good! 

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