Under the Hood of Social Entrepreneurship
Social entrepreneurship is the mix of social mission with business innovation.
Throughout history, social entrepreneurs have used their vision and determination to build many of the institutions we utilize today. For example, the 1980s budget cuts under Reagan forced nonprofits to consider or initiate earned-revenue models to make up for lost government funding. As a result, social entrepreneurs and nonprofit operators innovated the way they sustained themselves and grew.
Yet today, a major challenge with social entrepreneurship stems from the lack of public knowledge on the topic, especially the unique challenges social entrepreneurs face. Here we look at four of the main challenges every social entrepreneur faces.
1. Difficulty Capturing Value
Social impact, not profit alone, is the gauge of value creation. Without a product measured purely off profit, it can be difficult for social entrepreneurs to not only measure the success of their business, but sustain it. Many must rely on subsidies, volunteers, and donations to grow their impact.
2. Mission Drift
Social impact work can be challenging because the societal problems they attempt to solve are so complex. As a result, it is difficult to stay focused on a social mission when circumstances and variables change frequently, causing founders to drift away from their core mission.
3. Subjectivity of Impact
Social entrepreneurs make the world a better place for future generations. This goal is inherently emotional. However, it is essential to define your goals and impact in the most objective way possible to clients, customers, and other business partners. Being transparent with your impact will will result in the change you want to see.
4. Prioritization of Growth
Growing a business requires immense time and energy. However, it is difficult to juggle growing a venture at the same time as focusing on tackling the immediate issue at hand.
Let us help you overcome these challenges at Relay Coworking. Apply today and take advantage of Relay's special pre-opening pricing, now through October 1.
$299 for General Membership (normally $325)
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Pre-opening pricing effective for the first 3 months of membership.