Using the entrepreneurial tools of business to solve a social issue is a smart move. Getting involved in social entrepreneurship can help you build a business that will produce long-term social change. This could include partnering with a nonprofit organization, starting a for-profit business, or even launching a social venture on your own.
To get started, you have to figure out your product or service. Then, you need to make a connection between your mission and your product. Often, the best way to do this is to use technology. By creating a digital experience that is pleasant to use, Progressive Insurance has become one of the most popular insurance companies in the U.S. This makes customers feel good about making a purchase.
The next step is to find a cause you care about. If you’re passionate about helping the environment, you might consider creating a company that produces eco-friendly products. Or you might want to donate some of your profits to charities.
It’s important to remember that your purpose should never cannibalize your purpose. Ideally, you’ll be able to achieve both goals, but you’ll have to work hard to accomplish it.
For example, you might have an excellent social enterprise model, but if it’s not a good fit for your mission, you might not see results. For instance, the best marketing campaign may be a great idea, but it’s unlikely to have a measurable impact. Alternatively, a savvy company might market with a social cause in mind, then work backwards to find a product that is a good fit.
The best marketing strategies are the ones that create a clear connection between your product and your cause. If you do that, you’ll be able to create a buzz around your product and get more press coverage. This will also result in more partnership opportunities.
The other good sign is the number of companies that support health and environmental causes. You might think that this is limited to only a few corporations, but in reality, there are millions of organizations around the world dedicated to these types of causes.
Another great example is the “Toms Model,” a one-for-one social entrepreneurship initiative that gives a pair of shoes to a person in need for every pair sold. It’s been a big hit in the past decade, with 95 million pairs of shoes given away so far. Now, they’re expanding the giving model to include safe drinking water, eye surgery, and bullying prevention.
The most interesting part of social entrepreneurship is that it isn’t limited to for-profit companies. You can also partner with a non-profit to achieve your goal, which can allow you to achieve financial success in the same way that traditional entrepreneurs do.
The true mark of a true social entrepreneur is the creation of a social value proposition. This is the key to a successful venture. You’ll be able to sell your products and services, but you’ll also be able to attract other supporters and retain your customer base.