Data Fueling Social Entrepreneurship

Arnobio Morelix

• Social entrepreneurship continues to gain momentum and notoriety

• A lot of it’s attention starts with those at the top making waves

• Companies like Warby Parker are taking the lead of how to get big while also supporting a great cause

• It shows to many that while making business sacrifices you can still stay afloat and make change as well as money

• While becoming a social entrepreneur is a great feat, you still need to know your numbers

• No great service or product that helps others can stand on it’s on two feet if you don’t know the numbers

• Without knowing the numbers, your business can sink quite fast

• Let’s take a look at a couple of key aspects to running a great social entrepreneurial business according to Sujan Patel of entrepreneur.com

Know Your Stats, Grow Your Army

• The nature of a business is you need sales to keep the doors open

• A great idea or solution is fantastic, but if you can’t make it work from a financial standpoint, what good is it?

• You’ll want to know the numbers in order to know when it’s time to expand

• If you expand too prematurely, you might not make it

• If you wait too long to expand, you may be wasting great opportunity at exceeded revenues

Be A True Entrepreneur

• Many entrepreneurs don’t wake up and say they want to become one

• Often times it starts with a missing solution

• They’re looking for something that’s not there and as a result they set out to create that

• Use data to your advantage to find out where there are social problems

• This is where companies, businesses, and entrepreneurs are not looking currently

• It’s up to you to make it happen

For more on this topic, check out Sujan Patel’s article at entrepreneur.com here.