Keys To Launching A Successful Social Enterprise

As a part of the Entrepreneur’s Caucus at last week’s WeMedia conference in Miami, I asked Krista Van Tassel to share some insights about how to launch and sustain a successful social enterprise.  Her recommendations were solid gold — which wasn’t really a surprise, since Krista is surrounded by people who are pursuing social ventures in every conceivable category.  The organization she represents, Net Impact, is a global community of more than 10,000 students and professionals actively using business skills to improve the world, including social entrepreneurs, CSR experts, nonprofit managers and more.

Krista agreed to share her Top Ten List — so here it is:

#10 – Diversify your funding models – seek out a diversified funding portfolio so that you can weather any economic hardship. Be sure to include a smart mix of foundations, corporate partnerships, and individual donors.

#9 – Consider all your legal and nonprofit legal models – Truly think about what type of corporation or nonprofit you wish to have. There are several options available including 501c(3), b-corporation, etc. to
consider and be sure you select the right legal framework to support your funding plans.

#8 – Find your niche – Social and environmental responsibility are the buzzwords of the moment and while they won’t go out of style, they also offer many niches to tackle. Don’t try to serve all of the various parts of sustainability at once – pick the one that fits your organization best and then serve it the best.

#7 – Define your target partners within this niche – Once you’ve found this niche, define your business priorities and (in particular) partnership models around it. It is easy to get distracted by new
possibilities and partnerships, but if you remain focused on your serving your niche well and the mission-critical partnerships that enable you to do so, you’ll be successful.

#6 – Serve those partners well – Once you find those few select partners, don’t let them down. Provide them the best service you can so that your partnership enables them to truly overcome their pain points or find a breakthrough. These partners will then become your biggest advocates

#5 – Don’t over-engineer - Don’t overthink your products or make them too complicated for a nonprofit organization with limited technical staff to implement. The social media environment is forgiving at the moment – take advantage of this good nature and release your products in a less than perfect state.  In return, you’ll see early adoption and get valuable user feedback to help you refine your idea. (Although this was written with tech products in mind, the logic could be applied to any new product or service)

#4 – Seek mentors – Find mentors who can help you to refine ideas, develop your business plan, introduce you to funders, provide valuable advice, and help take your organization to the next level. Mentors are critically important and can help in any part of your business.

#3 – Boldly define your social or environmental mission - Although everyone in this competition had a social or environmental mission, too often the business plan reader had to connect the dots. Don’t make your customers work to find out your mission. Be bold in setting your goals and stating what you wish to accomplish. Make it an upfront part of your communications and try to quantify your results (sharing it with others) whenever and wherever possible.

#2 – Do not waiver from that mission - Once you’ve defined that mission, do not waiver from it. Similar to fining your niche, meeting your goals requires absolute focus on your mission. Evaluate all of your business
decisions against this mission and be sure that the work you do aligns with it well and you will be successful.

#1 – Continue to follow your passion - All of you got to the PitchIt finals because you believed strongly in your idea and you have tirelessly dedicated yourself to its execution. Continue to follow your passion and even if this contest does not work out, you will find success.

Good luck!

You can learn more at netimpact.org.

Print PDF

Brian Reich

Brian is Managing Director of little m media which provides strategic guidance and support to organizations around the use of the internet and technology to facilitate communications, engagement, education, and mobilization. He is well known for his expertise in new media, web 2.0, social networks, mobile, community, ecommerce, brand marketing, cause branding, and more. Reich, the author of Media Rules!: Mastering Today’s Technology to Connect With and Keep Your Audience (Wiley 2007). He blogs at Thinking About Media and contributes as a Fast Company Expert. Previously, Reich was a principal of EchoDitto, one of the most successful online communications agencies in the nation, Director of New Media for Cone Inc, a brand strategy and communications agency in Boston and a Senior Strategic Consultant and Director of Boston Operations for Mindshare Interactive Campaigns, an interactive public affairs agency. From 2000 – 2004, Brian ran how own strategic communications firm, Mouse Communications. Reich has worked in and around politics, including helping to direct dozens of campaigns across the country. He spent two years as Vice President Gore’s Briefing Director in the White House, handling both official activities and activities during his 2000 presidential campaign. Brian serves on the board of Investigate West, independent, nonprofit organization dedicated to the art and craft of investigative and narrative journalism. Brian served as an adjunct professor in the Graduate School of Political Management at George Washington University in Washington, DC and is currently teaching a course on consumer behavior and marketing at Columbia University in New York. Brian attended the University of Michigan and is a graduate of Columbia University. He and his wife, Karen Dahl, live in New York City with their son, Henry.

Website - More Posts