You have been reading a lot about Social Enterprises on Stunited News Feed over a few months You must have become curious enough to know How to Establish A Successful Social Enterprise by now. We are obliged to satisfy your curiosity to the best we can, through today’s topic of discussion.
If you have no idea about Social Enterprises read about them here: What are Social Enterprises and How they Benefit Students
How to Measure Success of a Social Enterprise?
Firstly, the success of a Social Enterprise is measured by the amount of its earned profit and the degree of the positive impact they are creating on society. Both of these factors are equally significant for a Social Enterprise to be prominent in the list of leading concerns of the same category. Secondly, the success is also measured based on their sustainability and risk management.
Read Here: Social Enterprises in the Modern Business World
Factors That Make for a Successful Social Enterprise
Factor 1: Be Clear about Your Social Mission
If you are planning to set up your own Social Enterprise, you should be clear about your Social Mission. To clarify, you should be completely sanguine about the objective you want your enterprise to work for. Because, when you are hundred percent aware of your mission you will be able to set your short-term goals efficiently and know exactly where you are getting directed to. Certainly, you should yourself be very proud of the objective you are dedicating your business to.
Factor 2: Clarity in the Business Vision
You should be well-informed about the business medium and business goals of your enterprise. There should be a complete strategy for the products or services you are willing to sell to maintain your desired profit which will be utilized for the social cause and paying your employees along with yourself. Create a complete note for your business plan with every details and goal. Furthermore, you should never hesitate to talk more about your business and its mission among different groups of people.
Factor 3: Equip your Social Enterprise with a Team of Professionals.
No matter what stage you are at, always plan your dream team and hire accordingly. At the initial stage when you might not have enough funding to hire experts, do have a complete understanding of the skills your employees should have when you can finally afford them. Therefore, you can expect to have a clear view of your company staff from the very beginning. Consider hiring freshers and freelancers because this can be profitable for the business.
Factor 4: Measure Your Work and Get Everything Planned
Involve measurement techniques to keep a constant record of the amount of work done and the impact it is creating – both in terms of profit and social work. In this way, you will be able to get a view of what should do next and where to look after more. You should also have a concrete sustainability plan along with a risk management plan.
Read Here: How to Make Money from A Social Enterprise
Factor 5: Perform SWOT Test for your Enterprise
Perform a SWOT (Strength, Weakness, Opportunities, and Threats) Test for your company and identify the risks for your business in advance. This way you will be able to plan a way out or take precautions to increase the sustainability of your business and will be ready to combat your threats with proper plans.
Factor 6: Good Networking, Great Results
This is one of the most important pillars of any kind of business – good networking. The more you can involve people, the more enriched your business will be. Be it ideas, be it employment, or be it profit, good networking benefits a business in every sector concerned.
Read Here: Top 8 Social Enterprises in the UK
Factor 7: Ensure an Uninterrupted Funding
Research extensively and decide your funding sources during creating the blueprint for your business. Above all, know your investors and their interests. Know about legal grants that you can access. Draft the expected amount of profit you are willing to generate from your business at different points of time. Plan your expenditure according to the stage and time of the business. Keep different sources of funding system to get the work going without any suspension.
Factor 8: Complete the Legal Works beforehand
Know the Social Business Laws of your country thoroughly and get the best clarity possible about them. Get access to the legal funding you are supposed to get. Complete all the paper works done before the business hustle bustle starts.
Some of the Most Successful Social Enterprises around the World
Ashoka: The first and the most successful Social Enterprise in the world, Ashoka is one of the Most Impactful Social Enterprises. It works as a Global Change-maker Community across the globe and facilitates other rising Social Enterprises.
Goodwill: This famous thrift store sells Halloween costumes, artifacts, musical instruments, and other items and works for people having different difficulties getting jobs. In addition, this company provides training for the community which it is working for.
School for Social Entrepreneurs (SSE): This social concern educates people with proper training and courses and helps them become Social Entrepreneurs. Currently, SSE has more than 637,000 beneficiaries from different corners of the world.
SHEF – Study Hall Education Foundation: This Indian Social Enterprise is on the mission of educating all the unprivileged girl children in the country. SHEF is an inclusive non-profit organization. It has been working over decades and changing thousands of lives by influencing societal systems.
Pirika: Pirika is a Japanese IT Social Startup that works toward a litter-free society. It involves technology as the primary pillar to conduct its operations to bring an end to the environmental crisis.
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