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Social Entrepreneurship

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An introduction to social entrepreneurship for participants at the Rotary Youth Leadership Awards (2007).

An introduction to social entrepreneurship for participants at the Rotary Youth Leadership Awards (2007).

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  • 1. Social Entrepreneurship Dr. Dax Basdeo Cayman Islands Investment Bureau
  • 2. Overview  Entrepreneurship  Starting a Social Venture
  • 3. Entrepreneurship  Comes from a French word “entre prendre” which means to undertake  “The process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled”
  • 4. Entrepreneurial Opportunity  An opportunity exists in a situation in which economic resources (goods, services, raw materials) can be shifted out of an area of lower productivity and into an area of higher productivity
  • 5. A problem with Markets…  In business, the goal is wealth creation, where a market values a business according to customers’ willingness to pay  Markets do not do a good job of valuing social improvements, public goods and harms, and benefits for people who cannot afford to pay
  • 6. Social Entrepreneurship  “A social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change”  A focus on social wealth creation rather than economic wealth creation
  • 7. Social Entrepreneurs  Susan B. Anthony  John Muir  Dr. Maria Montessori  Frederick Law Olmstead  Florence Nightingale  http://www.pbs.org/opb/thenewheroes/meet/
  • 8. Starting a Social Venture
  • 9. Core Themes Passion Success People Planning
  • 10. Phases of Venture Start Up  The Idea  Planning & Development  Ready to Start Up  Venture Growth  Maturity  Exit
  • 11. Skills & Abilities  Creativity  Self-knowledge The Idea  Research  Analysis Planning & Development  Negotiation  Communication Ready to Start Up  Management  Marketing Growth & Maturity  Accounting  IT Skills
  • 12. The Idea: Be Realistic  Satisfaction and rewards  Sense of accomplishment  Build a meaningful entity  Solve an important problem  Do something no one else has done  Do what interests you  Potential pain & sacrifice  Uncertainty, stress  Very long hours, few vacations  Financial/lifestyle sacrifices  May have to give up “child” to see it succeed
  • 13. The Idea: Your Vision  Why is this idea important to you, and what do you want to achieve?  Milestones are progress markers along the road to success.  Assumptions are factors upon which achieving your milestones are based.  Tasks that are necessary to building your venture.
  • 14. Planning & Development  The Business Plan  Identifies resources needed  Helps you to better understand and communicate your idea  Useful for soliciting advice and opinion and for raising funding  Forces you to set goals and targets which will enable you to track progress
  • 15. Outline of a Business Plan  Executive Summary  Venture Description  The Social Issue  Generating Social Value – effecting change through action & innovation  Management  Financials
  • 16. Starting Up: Pitching your idea  ‘Investors’ rarely put money into a "product" -- they invest in you!  The “Elevator Speech”  A 1 minute verbal ‘sales’ pitch describing your concept and why someone should pay attention to you.  Be clear and to the point  Project the confidence that you understand your proposed venture and will be successful
  • 17. Growth & Maturity  Essential Skills for Entrepreneurs:  Networking  Creating Trust  Managing Conflict  Exerting Influence  Dealing with Stress  Recruiting, Motivating, and Retaining High- Performing Employees
  • 18. Avoiding Failure  Poor or inadequate research  Understanding of the situation you are trying to address, lack of objective feedback  Weak financial planning  Insufficient capital (money), lack of experience  Setting sights too high  Over-optimistic forecasts, poor planning  Hiring the wrong people  Failing to delegate
  • 19. Exit Strategy  At some point, every entrepreneur ends their relationship with their venture  Loss of interest  Goals accomplished  Venture ‘outgrows’ you  To ensure that sustainable improvement results from your venture, it is essential to plan for this occurrence
  • 20. Venture Stages 3 4 Value Created 2 1 Startup Emerging Decline or Maturity growth renewal Time
  • 21. e: dax.basdeo@investcayman.gov.ky t: 244-2268 Thank You!