Adjusting Your View of Work As A Way to Help Others and Feed Your Passion, Says Jeff Nock
ST LOUIS, MO / ACCESSWIRE / October 2, 2020 / Social entrepreneurship is the act of founding and operating a successful for-profit business that also makes a transformative positive change in society. It has been becoming increasingly popular ever since social entrepreneur Muhammad Yunus received the Nobel Peace Prize in 2006. Yunus founded the Grameen Bank, which combats poverty using microlending. The COVID-19 pandemic is causing many people to reconsider their lives and careers so as to reflect their values and passions; customers and potential business owners alike want to live in ways that benefit society, says Jeff Nock, founder and CEO of Prescient Consulting, LLC. This makes now an excellent time to become a social entrepreneur, he said.
Social entrepreneurs have huge hearts and deep passions, but they also must have entrepreneurial skills, says Jeff Nock. Entrepreneurs find opportunity and seize it, think creatively, and are determined to do whatever is necessary for their dreams to become reality. A social entrepreneur has an idea stemming from his or her values and passion, such as feeding the hungry, combatting illiteracy, improving infant mortality rates, or combatting climate change. To work as a sustainable business, the idea must be worthwhile, meet the goal, and earn sufficient profit over the long term. Just as with any enterprise, the entrepreneur needs a strong business plan, says Jeff Nock.
The business plan should include a mission statement, a study of the landscape including potential competitors and collaborators, a look at the new business's unique offering, a business model, and a marketing plan. A mission statement lays out who the entrepreneur hopes to serve, how it will be done, and what social change the business hopes to affect. Research into the current landscape will consider studying businesses that already exist as well as understand gaps in what is being offered. After the research, an entrepreneur will consider how he or she can offer a different product or service, or offer them in a different and better way. All of this involves awareness of the entrepreneur's own talents and interests, states Jeffrey Nock.
Next, a business model examines exactly how the business will make money; for instance, who will be the beneficiaries and the customers, will they be the same group or two separate ones, questions Jeff Nock. For example, Bombas gives one pair of socks to homeless shelters for every pair purchased. In this instance, customers willingly pay for something on behalf of beneficiaries. Microlending businesses, on the other hand, lend directly to the beneficiary who proceeds to pay interest. The business model also answers questions on how the business will upscale when the timing is right. On top of this, a good marketing plan is also required for business success. It should clearly define who the target customers are and how to find and sell to them, says Jeff Nock.
The business plan also needs to include the benchmarks by which the entrepreneur will judge a successful campaign; for example, they can include revenue, profits, and overall social impact, states Jeff Nock.
Finally, the entrepreneur must determine how to obtain the money necessary to jumpstart and grow the business. The greatest investors will be those who buy into the social mission, as well as the potential profits. Entrepreneurs also need to cultivate a team of advisers, including lawyers, accountants, consultants, and other business-savvy mentors, states Jeffrey Nock.
Jeff Nock is an experienced executive and consultant, with a demonstrated history of growing startups, non-profits, and established companies. Jeffrey Nock is skilled in business planning, strategic planning, management development, and comprehensive marketing, sales, and presentation development.
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SOURCE: Jeff Nock
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