Another list? After five years of study and interviews with the world’s leading social entrepreneurs and changemakers, we have yet to see a list that captures this crucial 6. Bonus: A Mindset Chart to Help You Get Started.
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At its core, social entrepreneurship uses business models/ markets to solve social problems. Regardless of whether it’s an individual or an organization, regardless of their choice of incorporation- non-profit or for-profit, these elements are the driving and amplifying force.
To zero in on the testing you need, you have to balance two perspectives. On the one hand, you want to be aware of and prepare for all key risks/thresholds as you move from where you are now to what you want your social venture to be when it is in its ‘steady state’ (i.e. your model has proven to be a success and growth is predictable and steady. A typical barometer in this regard is what your venture will look like five years after it starts). This will also help make sure you are building towards your goals rather than building a bridge to nowhere (this is a significant risk for start-ups, as discussed below). On the other hand, a lot of your current assumptions will be wrong, so you don’t want to go into too much detail too far down the road.read more
No matter how strongly you believe them, many of your views and beliefs about your venture are best guesses. As you move forward it is important to: have an understanding of what you need to be true in order for your social enterprise to achieve the social and financial goals you have set and find out, in the cheapest, fastest, most effective way possible, whether they are true.read more
While blending a social mission with an entrepreneurial model can be powerful, it can be surprisingly tricky. However, by mapping how your social model impacts your market value and the degree to which your social model addresses your customer’s needs map (and how these two aspects interact) you have the opportunity to identify a number of possible pressure points to keep an eye on as you move forward with your social enterprise.read more
Effective learning is shrinking your feedback loops as much as possible: Everything you do that really matters should either confirm your thinking or teach you something new, and it should do so as cheaply, efficiently and quickly as possible. Effective learning is knowing what to test, how to test, and how to learn from the results of that test in a way that you use to improve your efforts and impact.read more