Giving Compass' Take:

• Jennifer Spencer shares five steps to building business ideas that can make an impact on your community and the world. 

• What partners could you engage to build better business ideas? What entrepreneurs in your community would benefit from the support of impact investors? 

• Learn more about building a social enterprise. 

It’s one thing to be able to identify industries and businesses that are poised for major market success. But entrepreneurship requires more than just finding an idea that can make a lot of money. For entrepreneurs to tap into the motivating power that drives lasting success, the ideas they conceive must be powerful enough to change the world through major economic, social or environmental impact.

If your idea meets that criterion, quite simply, you’ll be far more motivated to get through the entrepreneurial challenges that will follow if your product or services are a force for good. The reason is that it will be something you can truly become emotionally invested in. The challenge, of course, is identifying these business ideas in the first place.

How to do that? Here are five simple ways through which you can identify world-changing business ideas:

  1. Find opportunities in your own community.
  2. Draw upon your own personal experiences.
  3. Look for ideas that get other people involved.
  4. Go out of your way to ask others how you can help.
  5. Give back through meaningful philanthropical work.

Read the full article about building business solutions to change the world by Jennifer Spencer at Entrepreneur.