By Tony Abraham
New generations of entrepreneurs entering the private sector are bringing their affinity for social mission with them. As social impact gradually becomes an integral part of the startup world, it’s increasingly important to know how to inject mission into the DNA of your company.
Building a business isn’t exactly easy, and incorporating social mission might seem like additional liability, but it doesn’t have to be. That’s just one of many lessons to be found in the Tomorrow Toolkit, a 20,000-word ebook Technical.ly published last year with support from Comcast NBCUniversal.
Aspiring social entrepreneurs should make sure to check out Section F, where we lay out tips on social mission from founders across the country. There, you’ll learn:
- What makes a social venture: Social impact is a vast and vague space, but to start, we need to know what the term actually means.
- Which classification works best for you: Nonprofits, B Corps, benefit corporations, social enterprise — each comes with its own unique set of challenges and benefits. We break it all down to help you figure out which model works best for your idea.
- How to make money on mission: You’re not starting a charity. In this day and age, you have to do well to do good. That can be complicated. This chapter helps social entrepreneurs figure out the right revenue model for their venture.
- What kind of funding works for you: Beyond the “Three F’s” — family, friends and fools — what kind of capital is available for social entrepreneurs? From venture capital to low-risk loans, good ol’ bootstrapping often remains an entrepreneur’s best bet.
- How to separate yourself: The odds are pretty good that you’re not alone in mission. You’ll need to learn how to work well with others in your space while creating enough distance from the rest of the pack.
Social entrepreneurs across the world continue to prove how capitalism can be a force for good. These steps and more can help you find your place in that movement.