Capitalizing on good business ideas for your social entrepreneurial business is important. There are resources out there to help you make things happen, so make sure that you take advantage of everything around you.
Steps to Making Your Good Business Ideas Work
• Identify a problem. Your business will be successful if it fulfills a niche, solves a problem, or does a better job solving an issue than previously existed. Look at the community in which you exist, and see if there is a niche that you can fill.
• Foster leadership. A good idea is not enough. Take classes to improve yourself in areas that you don’t have natural strengths in. This can include accounting, management, and leadership skills. There are grants and research fellowships available to people who work for companies with a mission that is for the public good. Don’t stop learning. If you can’t attend a workshop or conference in person, see if you can watch a recording of the workshop later.
• Attend speaker series. These can be inspiring and remind you why you are spending so much time trying to make your idea in to a reality. Send your employees to these series as well. They need motivation just as much as you do.
• Look for online support systems. There are social networking tools that host forums to support new businesses. They can help you through problems and be supportive when you need it most. They can tell you if your idea is a good one or not. Oftentimes, people have previously solved problems which you are struggling through.
• Use your local community’s business fostering programs. Many local community colleges have seminars for small businesses. These are typically relatively inexpensive, and can provide valuable practical advice. It is smart to take advantage of these programs. The same goes for your local government. See if there are incentive programs or tax breaks for new businesses that open in a certain part of town or hire in a specific industry.
• Join your local business groups. The local chamber of commerce can help you navigate through regulatory procedures and business contacts when you have a question related to your local issues.
• Respect your customer base. Listen to complaints and try to solve them. They are taking the time to provide you with valuable feedback, take the time to listen to the feedback and see what you can do to make their experience better. Some companies pay a lot of money for focus groups. People that are taking the time to reach out to you and provide feedback on their own can save you a lot of time and money in identifying things that aren’t quite going right.
Good business ideas will be rewarded, you just have to make sure that you follow through and work your hardest to make it happen.
Get monthly Social Entrepreneur interviews in your inbox. Listen on your music player.Want to Learn More About Social Entrepreneurship?
Learn from successful social entrepreneurs.
Click here to be a member of Matthew's Social Entrepreneurship Series now!