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How to Build a Social Impact Business

Causeartist
This article is deemed a must-read by one or more of our expert collaborators.
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How to Build A Social Impact Business Giving Compass
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Giving Compass’ Take:

• Josh Schukman, CEO of Impact Business Base offers insight he received from veteran entrepreneurs regarding how to grow social impact organizations that will make a dollar and a difference.

• How can funders identify and support effective social impact business models for social change? Will nonprofit organizations move toward this infrastructure?

• Learn about how to choose the right type of social impact business model.


I’ve spent the last ten years rubbing elbows with some of the most awesome social entrepreneurs in the world. It all started for me back in 2003 as an AmeriCorps member in Cleveland Ohio, which then blossomed into a life of involvement with places like World Relief, Habitat for Humanity, and the Dave Ramsey Show. I want to unpack for you today the five biggest tips I got from veteran social entrepreneurs.

  1. Make your followers part of something larger than themselves. (Davis Smith, Cotopaxi): People yearn to hear stories.  People want to be part of movements they understand and can communicate with others.  People want YOU to make them part of social change.
  2. Create movements that spark conversations (Vincent Ko, Panda Sunglasses): A critical mission for you as an impact entrepreneur is to get people talking about change.
  3. Make your product or service the star of the show and your cause the supporting actor (Tyler Merrick, Project 7):  Like any entrepreneur, you must still deliver amazing quality that smashes that of your competition – that in combination with a social mission leads to rabidly loyal followers and healthier margins.
  4. Don’t be afraid to sell yourself. Remember, where there’s no MARGIN there can be no MISSION (Zac H, Mission Belt): The best cause based entrepreneurs sell their businesses’ impact.  Now, you must do this from a genuine and authentic heart, but you shouldn’t ever be afraid to market the change you bring to the world.
  5. Make dollar AND difference live together AS ONE. (Kyle P, Indosole): The simple facts are these: where there’s no profit, there’s no purpose. No margin, no mission. No dollar, no difference.

Read the full article about growing your social impact business by Josh Schukman at Causeartist.

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Since you are interested in Social Enterprise, have you read these selections from Giving Compass related to impact giving and Social Enterprise?

  • This article is deemed a must-read by one or more of our expert collaborators.
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    Embracing Unconventional Pathways: Merging Impact Investing and Social Entrepreneurship

    Giving Compass' Take: • Embracing these three unconventional pathways toward impact supports the merging of impact investing and social entrepreneurship.  • How can donors embrace these pathways? How are these practices changing the philanthropic landscape? • Read part one of this series on impact investing and social entrepreneurship.  The need for impact investing to meet and support social entrepreneurship is growing stronger. And yet, we often witness a mismatch between the profiles of investors and those of social entrepreneurs. In Part 1, I explained how new rationales of decision-making can help enhance this match. Here I discuss why investors and entrepreneurs alike should embrace three unconventional pathways to impact. Promoting inclusive governance ‘Zebras fix what unicorns break‘ marks the emergence of a new kind of thinking in entrepreneurship and venture capital. Zebras, which designate ‘real’, smaller scale organisations that come in herds and work together to make the world a better place, are juxtaposed with the multi-billion USD companies that were once unicorn start-ups, almost from another world – and as some argue produced more problems than they solved. Embracing communication as action Recent research suggests, the classic proverb ‘walking the talk’ might be a thing of the past. The reason is that it draws a clear line of separation between communication and action. However, for example when it comes to Corporate Social Responsibility, talking is action. What scholars mean thereby is that responsible action only comes into being when organisations and their members talk about it. So talking and walking become one. Harnessing open social innovation The most intuitive pathway to scaling impact is organisational growth. But there are many alternatives of how a social venture’s impact can be increased. There are illustrative ‘guide books’ showcasing what social enterprises need to consider to enhance the positive effects they have on the world. Read the full article about merging impact investing and social entrepreneurship by Gorgi Krlev at Alliance Magazine.


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