Social entrepreneurship is more of a magnetic force that brings together commerce and social issues. It is concerned with improving the lives of people associated with a particular course. The goal is not only to make profit but to change the world and improve the lives of people associated with that course.
Social entrepreneurship characterizes the importance to drive social change and transforming society for the better. These social entrepreneurs are people who care about changing the world and all those who live in it.
- Choose a cause
Before considering becoming a social entrepreneur, you must know precisely what cause you want to advocate for, who you want to serve and what problem you are trying to solve. Obstacles are going to arise but be prepared to fight and defend your cause against anyone.
- Do research on your chosen cause
Now that you’ve chosen your cause it is time to befriend google and do your research on it. Look at other social entrepreneurial businesses who are playing in the same field as you. It is always advisable to invent rather than trying to reinvent what is already out there.
- Conceptualize your unique offering
You already know what your cause is and what you want to offer to the world, but it may be something that is already done. Conceptualizing your social business idea will help you put it in perspective in terms of what are you trying to achieve and who’s life you are you trying to change for the better.
- Develop your business model
Develop a business model on how your business will make money and how big you want your market to be. A business model will document details of how much money your business needs in order to support your cause.
- Identifying your source of funding
Do your research on where you will get money to launch your business and how will it make money. There are a few options that you can consider as your initial source of income if you cannot afford to self- finance your business. Some options worth considering are bank loans, family loans, crowdfunding or reaching out to investors who are interested in your cause.