Social Entrepreneurship: The Future of Enterprise

The beauty of enterprise lies in its ever evolving nature. Enterprise is never stagnant, and it’s hardly predictable. I guess that’s why only a select few can make it as successful entrepreneurs.
But put aside your knowledge on traditional entrepreneurs for a minute. We are now faced with a new breed of entrepreneur; the social entrepreneur.
Social entrepreneurs are rising in response to the overwhelming social and environmental challenges that we face. These entrepreneurs are working to exploit opportunities around them, but not with profit in mind. These entrepreneurs are looking to effect social change.
Social entrepreneurs have a powerful impact on our society today, and they are slowly redefining everything we think we know about enterprise. The question is, are social entrepreneurs the future of enterprise?

What is Social Entrepreneurship?

The concept of social entrepreneurship is sometimes confusing. If you search this term on Google, you will find vague and contradictory definitions. So what exactly is this enigma?
Well, I would simply define social entrepreneurship as the use of business principles to create solutions for problems plaguing society. The purpose of social entrepreneurship is to solve chronic problems that our government and/or our society have failed to tackle. And if you look at our world today, you will see that there are numerous problems going unnoticed; welfare, health care, education, waste disposal, access to food and water e.t.c
Social entrepreneurs usually work hand in hand with local communities, companies, governments, and charities, to provide innovative solutions that have a positive impact on society. Because social enterprises do not rely solely on donations from well wishers, they use an income strategy that is sustainable for a long time to come.

After all, no successful enterprise has ever stood on the foundation of donations and government sponsorship.

P.S. If you’d like an in-depth analysis on social entrepreneurship, then you should check out this insightful article on TIM Review.

Traditional Entrepreneur: Idea +Efficient Execution= Quality Product + Good Profit Margins
Social Entrepreneur: Idea + Efficient Execution= Transformed Society

The Boundary Issue

As I mentioned earlier, social entrepreneurship is often misunderstood. The fact that there are several definitions of the term makes it challenging to determine whether someone is actually a social entrepreneur.
Social activists, philanthropists, and environmentalists all play a huge role in driving change in society. Companies that have foundations and organizations that label themselves as ‘socially responsible’ also provide huge societal impact.
So do they fall under the social entrepreneurship banner?
Skoll Centre for Social Entrepreneurship politely disagrees. Providing value to society does not make you a social entrepreneur; it makes you a valued member of society and possibly a good neighbor and friend.

To be considered a social entrepreneur, you need to function within business boundaries (the entrepreneur part). You can be:

1. A sustainable non-profit venture: In this case, any revenue and profit generated is funneled back into providing more value to society e.g. Embrace, Ashoka, Housing Works, OneWorld Health
2. A profit making venture: In this case, you are a financially independent business with a social purpose. However, investors profit from the revenue streams created e.g. Toms Shoes, Grameen Bank, DripTech

Why Should We Pay Attention to Social Entrepreneurship?

Good question. Well, we can all agree that our society needs a huge influx of positive reinforcement. We need to start enriching our society, especially in areas that have been neglected for one reason or another.
As a traditional entrepreneur your number one focus is profits, with your impact on society taking second priority.
As a social entrepreneur you can change all of this. You can literally be the good guy. All you need to do is identify a social problem (of which they are thousands), come up with an innovative way to solve this problem, and then implement your solution with positive results for the society.

Here’s a brilliant TED talk that I came across by PR Ganapathy, in which he discusses the importance of socially conscious business owners in our world today. He uses several examples of social entrepreneurs in India, to show how this new breed of enterprise can have a monumental impact on society.

Is It All Good News?

I’ve said a lot of positive things about social entrepreneurship. So is it all roses and daisies?? Well, on the bright side,social enterprises are highly scalable as they do not depend on donations and government funding like charities and NGOs. Furthermore, social enterprises have the ability to hire great talent, as they have a revenue stream that can pay the salary of this talent.
However, many people look at social entrepreneurship like charity work. There are still people who do not take social entrepreneurship seriously, and who ignore the huge benefits that this occupation provides. This is despite the fact that many big universities are now holding social entrepreneurship courses.
There is also the fact that mentors are difficult to come by. This means that you might walk this path alone.
And lastly, social entrepreneurship is challenging.
If you are an entrepreneur, then you already know the difficulty of succeeding in our cut-throat market. Now add on the pressure of tackling large issues and creating positive societal change; that’s enough to give the average person a big headache.

That’s why social entrepreneurship is not for everyone. For you to succeed in this occupation, you need to have the skill, talent, and character to truly kick ass.

Examples of Social Entrepreneurs

When it comes to identifying social entrepreneurs and social enterprises, you really don’t have to look too far.
One of the most revered social entrepreneurs is Muhammad Yunus, who was awarded the Nobel Peace Prize in 2006. This Bangladeshi social entrepreneur founded Grameen Bank, which is a microfinance organization that offers small loans without collateral to impoverished innovators in Asia, Latin America, and Africa.
We also have Edouard Carrie, who was recently featured in a Forbes article. Carrie founded the Environmental Cleaning Service, which works to collect and recycle plastic garbage in Port-Au-Prince (Haiti). This company was created in response to the devastating Haiti earthquake, and it currently generates $3 million in annual revenue.
We also have social enterprises like Embrace (2008), which provides affordable infant warmers to low birth weight/premature babies. These warmers help to reduce the high neonatal deaths that occur in rural areas, due to lack of advanced incubation equipment.
There is also Driptech, which is a water technologies company that produces low-cost and high-quality irrigation systems. These systems help small-plot farmers increase their profitability by amazing margins by using smarter designs.

Are You A Social Entrepreneur?

After reading all of that, I know that you’re trying to figure out if you have the ability to be a social entrepreneur.
Are you the person who can take full advantage of opportunities around you to advance the community that you live in? Are you resourceful enough to come up with innovative solutions to society’s problems?
Can you pursue your goals with enthusiasm and relentlessness?
Can you apply your entrepreneurial skills and business strategies to alleviating problems in our society? Can you build a sustainable venture that has the ability to scale widely? Can you drive change even when your goals seem impossible?
Can you persuade people to follow your lead? Can you drum up support for your initiative, by ensuring that what you are proposing is straightforward and beneficial to society?
If you said yes to these questions, then you have the potential to become a successful entrepreneur. If you know that you can combine your passion for a positive society with your business smarts and discipline, then you can become a social entrepreneur.
Don’t let anyone stop you!

 
Don’t forget to share this crucial information with your entire email list, and drop a comment and let me know if social entrepreneurship is an occupation that you’ve considered. And if you want me to send you weekly newsletters with first-hand updates on all posts, sign up before you leave.
I hope you re-read this post again, and seriously consider the impact that you can have on our society.

Credits: 

Davina Ngei

The Essential Steps to Starting your Business

Starting a small business requires determination, motivation, and know-how. Here are the critical steps to provide you with the know-how to have a successful small business startup:

Identify Your Business Opportunity:

Choosing what kind of business to start can be an immobilizing task when confronted with the multitude of opportunities. It's important to determine where your passions lie and to understand your personality type. Yet, equally important is what skills you bring to the table and whether you are entering a dying industry or a fast growing emerging business.

Build a Business Plan:

For any start-ups, a business plan allows you to gain a better understanding of your industry structure, competitive landscape, and the capital requirements of starting a small business. A study mentioned in "Business Plans For Dummies" by Paul Tiffany states that companies with a business plan have 50% more profits and revenue than non-planning businesses. Writing a business plan just makes good business sense.

Find Start-up Money:

To start a business, you must invest in the business. The journey of finding start up funds will be different for each individual. Some start ups such as consulting, requires a few thousand to get a website and business cards whereas a retail store could need N 200,000 or more. Finding the money you need may come for a source you never thought of or may just end up being the frugal bootstrap method.

Name Your Business:

What's in a business name? Everything and nothing. The right business name will help distinguish you from a sea of bland competitors, provide your customers with a reason to hire you, and aid in the branding of your company. Learn what you need to know to find a name for your business.

Choose a Business Structure:

Deciding on the structure of your business is not a decision to be taken lightly. Whether you choose the popular LLC, a sole proprietorship or form a corporation; your choice will have an impact on your business liability, fund-ability as well as taxes due. Don't fret over your ultimate business structure, because as your business evolves, so too, may your structure.

Get Your Business License and Permits:

Starting a small business requires the mundane, yet necessary, paperwork and regulations. Depending on your chosen business structure, may need to register your business with the state authorities. Setting up your small business may require an business identification number given by C.A.C(Corporate Affairs Commission) which is also used by state taxing authorities to identify businesses. Additional paperwork can entail sales tax licenses (FIRS), zoning permits and more.

Set Up & Determine Your Business Location:

One of the multitude of tasks in starting a business is the setting up of your office. There are many steps in office set up including where to locate your office (home or office space), buying the necessary office equipment, designing your work space and getting supplies.

Get Business Insurance:

As a new small business owner, you have the responsibility to manage the risks associated with your business. Don't put your new start-up at risk without getting the proper small business insurance to protect your company in the event of disaster or litigation.

Create an Accounting System:

Unless you're a number person, the accounting and bookkeeping aspect of running your business can't be avoided. Setting up your accounting will help you understand the financials of running a business and help you advert failure.Bookkeeping is extremely important in every business endeavours.

For more information contact us at: horcrystal@gmail.com | hormorthorshor@gmail.com

Top 5 Questions to Ask Yourself Before Starting a Business

Starting a business is exciting ... and scary. One of the best ways to boost the excitement and shrink the fear is by being prepared.
While it's difficult to plan for every possibility and challenge that may occur, you can get yourself on the path to success by considering these five questions before jumping in with both feet.

1. Have I set goals and do I have a plan for reaching them?

As the proverb says, "He who fails to plan, plans to fail," and this is especially true when starting a business. Without a clear idea of where you want to go and how you plan to get there, you may find yourself stumbling through the stages of starting a business and facing unwanted stress and frustration.
One of the most important steps is setting goals that outline what you want to accomplish in the short term (1 month, 3 months, 6 months, etc.), as well as over the long term (2 years, 5 years, etc.). Once you have created your goals, it's time to make sure you have a plan for your business that will guide you along the way. It's also helpful to understand your motivation for starting a business in the first place.

2. Will I be able to follow my plan without breaking any laws or regulations?

There are a number of legalities that you should consider when starting a business. Here is a list of some of the legal areas you should explore:

• Deciding on the structure of your business (sole proprietorship, partnership, corporation, limited liability company)
• Registering a business name
• Obtaining necessary licenses and permits
• Planning for business taxes

3. Have I fully considered the financial implications of starting a business?

Money is a major concern when you start a business, especially if you will be leaving behind a steady paycheck and if your business has significant start-up expenses.
Some business financing options to consider to ease the financial transition include starting your business on the side while continuing to work full time, working a part-time job until your business becomes established, waiting to start your business until you have saved up a financial reserve, and borrowing the necessary funds to bridge the gap.

4. Is my support network in place?

We accomplish very little in life completely autonomously, and the same is true in business. Even if you plan to be a sole proprietor, you can benefit tremendously from creating an external support system to keep you on track.
Your support network may include family, friends, colleagues, a mentor, a coach, and anyone else who can help you navigate roadblocks. When you have an effective support system in place, you will find that you have a cheerleader, consultant, moral support and even a devil's advocate when necessary.

5. Do I have what it takes to make it as a business owner?

Being a successful business owner requires a unique mix of personality and small business character traits. While there isn't a standard formula that makes one type of person more successful than another, some entrepreneur-friendly personality traits that can ease the process of getting started as a business owner include passion, drive, dedication and self-discipline. And it doesn't hurt to be an effective communicator and someone who is willing to take measured risks.


These five questions are likely to spur a few more specific to your situation. Now is the time to consider all of the possibilities ... then you can let your enthusiasm trump the fear.



Regards
Thanks to "About"

For more information contact us at: horcrystal@gmail.com | hormorthorshor@gmail.com

Top Quotes Every Entrepreneur Should Live By

The nature of being an entrepreneur means that you fully embrace ambiguity and are comfortable with being challenged regularly. Choosing this career path is completely irrational because the odds of succeeding are dismal, but most succeed because of their unwavering belief, laser focus on delivering and persistence.
Starting a company is a riveting roller coaster of emotions with tremendous highs and at times, difficult lows, but one thing that always helps me through the ups and downs is to connect with some of the greatest minds. Below are just a few of my favorite quotes:

“The best way to predict the future is to create it.” - Peter Drucker

“Winners never quit and quitters never win.” - Vince Lombardi

“Your time is limited, so don’t waste it living someone else’s life. Don’t be trapped by dogma – which is living with the results of other people’s thinking. Don’t let the noise of other’s opinions drown out your own inner voice. And most important, have the courage to follow your heart and intuition. They somehow already know what you truly want to become. Everything else is secondary.” - Steve Jobs

“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — everyday I’m learning something new.” - Richard Branson

“Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” - Oprah Winfrey

“It’s fine to celebrate success but it is more important to heed the lessons of failure.” - Bill Gates

“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” - Warren Buffett

“One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passions; your passions choose you.” - Jeff Bezos

“I have not failed. I’ve just found 10,000 ways that won’t work.” - Thomas Edison

“Logic will get you from A to B. Imagination will take you everywhere.” - Albert Einstein

“As long as you’re going to be thinking anyway, think big.” - Donald Trump

“Success is walking from failure to failure with no loss of enthusiasm.” - Winston Churchill

”Genius is 1% inspiration, and 99% perspiration.” - Thomas Edison

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” - Mark Twain

“The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” - Vince Lombardi

“If you cannot do great things, do small things in a great way.” - Napoleon Hill

“I don’t know the key to success, but the key to failure is trying to please everybody.” - Bill Cosby

“Success is not what you have, but who you are.” - Bo Bennet

“Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people cant.” - Warren G. Tracy’s student

“To win without risk is to triumph without glory.” - Corneille

“Keep away from people who try to belittle your ambitions. Small people always do that, but the really great make you feel that you, too, can become great.” - Mark Twain

“There is only one success- to be able to spend your life in your own way.” - Christopher Morley

“Whatever the mind can conceive and believe, the mind can achieve.” - Napoleon Hill

“Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful.” - Albert Schweitzer

“What is not started will never get finished” - Johann Wolfgang von Goethe

“When you cease to dream you cease to live.” - Malcolm Forbes

“Formal education will make you a living; self-education will make you a fortune.” - Jim Rohn

“The most valuable thing you can make is a mistake- you can’t learn anything from being perfect.” - Adam Osborne

“A leader is one who knows the way, goes the way, and shows the way.” - John C. Maxwell

“The function of leadership is to produce more leaders, not more followers.” - Ralph Nader

“Choose a job that you like, and you will never have to work a day in your life.” - Confucius

“Your most unhappy customers are your greatest source of learning.” - Bill Gates


Stay Focused....