Social Entrepreneurship

#5 Tips for Building a Successful Social Entrepreneurship

It's not just the business idea with purpose or skills that matters but also the people behind it too matter
#5 Tips for Building a Successful Social Entrepreneurship
Image credit: Pixabay
Entrepreneur Staff
Correspondent, Entrepreneur Asia-Pacific
3 min read

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We all know that social entrepreneurship is not easy because one ends up risking his/her money to make the world a better place. It is adopted by many startups and entrepreneurs to develop solutions to social, cultural, or environmental issues. One of the most common challenges in adopting social entrepreneurship is the struggle to survive. Many social enterprises fail because of lack of infrastructure and funding. Also, there is less funding available for a social enterprise when compared to traditional startups.

So here are few tips on building a successful social entrepreneurship:

Purpose Driven Idea is Not a Necessity:

Nowadays, coming up with a good idea is one of the biggest obstacles budding social entrepreneurs face.

Tarun Bothra, Co-Founder, Saathi believes a purpose-driven business idea is one of the requirements for a social enterprise, not a necessity.

"But what is needed that you ask yourself a question “Do you have what it takes to do it? Do you believe in that purpose or not??. Similarly, skills are also just requirements. Anyone with skills can make an innovation which is cheaper, better and faster. But what matters is how you are going to use it? Also, whether it is going to just make a profit or it will benefit someone else for both profit and purpose?, " shared Bothra.

Believe In Yourself :

Social entrepreneurship is no doubt one the most challenging area of work that exists but one needs to belives in themselves.

"This is the first step in going forward with your journey. You have to answer these for yourself and then you will know where you belong to. Make every victory a stepping stone towards a bigger goal but more importantly make every defeat a lesson to learn and grow further more. Lastly, do more and expect nothing.  Social Entrepreneurship is not for you if are looking for the limelight," he added.

Hire Great Talent:

Caroline Boudreaux, Founder, Miracle Foundation recommends for a successful entrepreneurship one must hire great talent, run an organization like a business, put metrics in place and hustle.

Not For Profit:

Kristin Kagetsu, Co-founder, Saathi feels to succeed in a social entrepreneurship, find a problem that is faced by a lot of people.

"The more people it impacts, the better. As your solution will be more helpful in the future. Find a team who shares the vision for building the solution for the problem. These people will be crucial to the company’s success and building aright team early on is the key. Don’t be a lone ranger, ask for help always," said Kagetsu.

The Desire to Make Things Happen:

For Arun Nagpal, Co-founder, Mrida Group, one key requirement for a successful social entrepreneurship is passion and burning desire to make things happen.
" One of the most important aspects is the courage of conviction to help overcome obstacles along the way. Secondly,  positive attitude and perseverance to convert challenges into opportunities. Lastly, openness to listen, to learn, and to adapt along the way," said Nagpal.

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