Starting a social venture is one of the most fulfilling undertakings. These start-ups, however, have been known to face many challenges as they get off the ground. As is the case with many other start-ups, a great majority of them fail to make it past their first birthday. We will look at some of the main challenge of a social entrepreneur in this article.
The presence of such people in society is of essence, because they act as the agents of change in many spheres of life. They get to identify and seize the opportunities that other people do not see or are afraid to explore, they improve systems and even invent new approaches of doing things. The end point of all this is creation of solutions to change society in better ways.
Another major problem is that a good proportion of the enterprises fail to remain loyal to their mission. Establishment of a good strategy for the enterprise helps a great deal in dealing with this challenge. One of the major reasons for this is unexpected changes in the initial mission resulting in confusion and dilution of the impact of the organization.
These types enterprises are often faced with the problem of identification of a long term strategy. Many of them may opt for multiple goals in the hope of bringing about multiple societal benefits. In many instances, however, it is these multiple goals that are a source of confusion for the organization.
Entrepreneurs also engage in the process of continuous innovations, adaptations and learning. In this manner, the society is at the advantage of benefiting from such innovations. The main limitation may be the fact the room for innovation is a bit restricted due to limited funding. Innovation is at times risky and may culminate in losses. This makes it difficult for a good number of social enterprises to exploit their full potential.
The entrepreneur also needs to have more passion for what they do rather than a mere interest in making profits. Just as happens when running any other business venture, one should use business techniques to ensure operational efficiency. Combining the passion and the appropriate business techniques will keep the venture alive even in the most challenging of circumstances.
The structure of these kind of ventures is such that it does not promote innovation and risk taking. More specifically, this form of investment is likely to suffer from financial constraints thus many prospective investors find themselves with limited room for risk taking. As is the case for every other sector, there is a need to encourage experimentation and risk taking without which the likelihood of failure is increased many times over.
The entrepreneurs also have the role of promoting the development of entrepreneurial skills among the societal members. It can therefore be seen that they have roles of very significant influence to the economy and also the society well-being. It is always of vital importance, as seen above that efforts made by the entrepreneurs be supported to see to their success.
The presence of such people in society is of essence, because they act as the agents of change in many spheres of life. They get to identify and seize the opportunities that other people do not see or are afraid to explore, they improve systems and even invent new approaches of doing things. The end point of all this is creation of solutions to change society in better ways.
Another major problem is that a good proportion of the enterprises fail to remain loyal to their mission. Establishment of a good strategy for the enterprise helps a great deal in dealing with this challenge. One of the major reasons for this is unexpected changes in the initial mission resulting in confusion and dilution of the impact of the organization.
These types enterprises are often faced with the problem of identification of a long term strategy. Many of them may opt for multiple goals in the hope of bringing about multiple societal benefits. In many instances, however, it is these multiple goals that are a source of confusion for the organization.
Entrepreneurs also engage in the process of continuous innovations, adaptations and learning. In this manner, the society is at the advantage of benefiting from such innovations. The main limitation may be the fact the room for innovation is a bit restricted due to limited funding. Innovation is at times risky and may culminate in losses. This makes it difficult for a good number of social enterprises to exploit their full potential.
The entrepreneur also needs to have more passion for what they do rather than a mere interest in making profits. Just as happens when running any other business venture, one should use business techniques to ensure operational efficiency. Combining the passion and the appropriate business techniques will keep the venture alive even in the most challenging of circumstances.
The structure of these kind of ventures is such that it does not promote innovation and risk taking. More specifically, this form of investment is likely to suffer from financial constraints thus many prospective investors find themselves with limited room for risk taking. As is the case for every other sector, there is a need to encourage experimentation and risk taking without which the likelihood of failure is increased many times over.
The entrepreneurs also have the role of promoting the development of entrepreneurial skills among the societal members. It can therefore be seen that they have roles of very significant influence to the economy and also the society well-being. It is always of vital importance, as seen above that efforts made by the entrepreneurs be supported to see to their success.
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