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. According to Nidhi Singh, Correspondent at www.entrepreneur.com there are 5 tips about how to build successful social entrepreneurship.
1. Believe In Yourself.
One of the most challenging for social entrepreneurs is to believe for yourself especially when your family or friends doubt about your idea or your product. It doesn’t matter how good the ideas are, nothing will work for you if you don’t believe in it. And more importantly, nothing will work if you don’t believe in yourself.
2. Purpose Driven Idea is Not a Necessity.
Yes, one of the requirements needed for social enterprise is a purpose-driven idea, but it’s not a necessity. Find what you think you’re capable of doing and how you’re going to make it works.
3. Balancing Purpose and Profit.
To have a lot of profit is good for your business but it doesn’t mean it needs to be the only thing. Remember your purpose to create this social enterprise. The relationship between profit and social impact is fundamental to your purpose.
4. Hire Great Talent.
For your business to success, you need to hire great talent with great skill and similar idea with you. As Lawrence Bossidy, the former COO of General Electric, said, “Nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies.”
5. The Desire to Make Things Happen.
One key requirement for successful social entrepreneurship is passion and burning desire to make things happen. If you have an idea, go after it. Louise Hay saying “not so much that the sky’s the limit but that there is no limit!”
Hope these tips will help your business to grow and makes a greater social impact.