What is social entrepreneurship and why is it on the rise? Entrepreneurship is the process of creating a company and growing a company from start up through profitability. Social entrepreneurship is also the establishment and growth of a profitable company but differs in that it develops solutions to social, cultural and environmental needs with an eye towards both profitability and giving back to the project or process identified.
Every successful start-up company begins by developing a product or service to meet a defined need in the market place. A well laid out business plan specifies the steps, human and financial capital needed to reach that goal. Product, process and people are the fundamental components of any successful enterprise. Treat your employees well and they will deliver a solid product and treat customers and vendors with respect. Most start-ups operate on a shoes string. Take advantage of the awesome deals offered by Groupon coupons and invest in software for bookkeeping and taxes developed by the trusted professionals at H&R Block. Include this in your business plan.
No matter how well your product or service is developed, without a steady stream of customers, you’re business will not be profitable and succeed. Enlist the help of a mentor if you’re stuck in the development or delivery process. Most entrepreneurs wear many hats but can’t have the knowledge base, and time to devote to every task. Outsource where financially practicable. Listen and learn from those who have gone before you. Your customers are your gold. Treat them with respect and honesty and never, ever make promises that you can’t deliver. When the unexpected occurs in the delivery of a product or service, own the problem, stay in constant communication with your client and commit to finding a solution in the best interest of your client. It’s better to take an occasional hit and learn from your mistakes than lose a potentially life long client. Be positive and stay solution focused. Watch your costs and bottom line and you’ll find yourself at the helm of a successful company meeting the social, cultural or environmental needs in your country or across the globe!