A social purpose business is one founded upon a passion for a social or environmental issue, and there are various opportunities available because rarely is there a problem-free society in the world, no matter how minimal.
Social purpose gives a leverage to an entrepreneur to implement entrepreneurial principles to organize, mobilize and manage a for-profit business that supports social change.
However, often times people do not have an idea of the intricacies of a social purpose business or how to execute the idea. Below is a framework for starting up a Social Purpose Business.
First, for every social business, there has to be a social issue to be solved and most social entrepreneurs are inspired by something. Probably an experience while growing up, basic impulse, compassion and so on. For example, Momzelle was founded out of the desire of its founder to help other women have positive breastfeeding.
The business is centered upon making quality, fashionable nursing apparel, sponsors breastfeeding events across North America and donates tops to women’s centers. So, it is possible to be drawn to a social issue that one desires to solve that would be of great importance to the society as a whole.
Also, it is important to research widely on the proposed social business through books, articles, news and so on. This also helps one to find out the competition ahead and how to stand out, as it includes market research and analysis and viewpoint forums to help validate assumptions and determine the potential of such idea.
There is also the need for a solid business plan to clearly define the goals, structure, strategies and measurement for success particularly in the business and also in its social impact. This should also include the financial plan to know whether it is plausible to launch or not.
It is also essential to seek support from a mentor who is into a similar enterprise to provide needed professional advice, support and encouragement. In the same vein, it is important to reach out to the global scene to expose such business to further funding and opportunities to expand positive impact.