In starting up your own social enterprise or to venture in social entrepreneurship, you are sure to come across a particular issue, and that issue is funding.
5 Ideas to Help You Fund Your Startup Social Enterprise
Funding can be a challenge for many social entrepreneurs wanting to start up their enterprise and there are a number of sources for you to get that funding.
- Searching for grant funding from donors
- Investors, e.g. angel investors
- Venture capital firms or social venture capital firms
- Your own Seed capital that you save up
- Family or close friends
Challenges with Personal and External Funding Sources
From these sources sometimes the personal sources (such as your own seed capital or from family or friends), can be quite small and restrictive and so going outside for sources is maybe your best option. Seeking out external sources however can be a challenge because at times they might want to change or they may even reject your idea.
The Question of Compromising Your Idea
A few days ago I proposed my own idea to donors for grant funding so I know what it’s like.
They themselves actually sent a message back saying they want to change the idea.
When it comes to you and you’re faced with that challenge either with the rejection of that idea or changing it, you have the choice of either:
- accepting that you are going to have to modify it to accommodate, or
- you are going to have to move on and say no and then find another investor or save up your own funds.
Consider the Needs and Options For Your Social Enterprise Idea
Just consider that there are a number of options to never give up or trying to find the best source of funding for you.
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