Advice for Social Entrepreneurs Business on Main

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A: Connect Locally

There are just as many business organizations for social entrepreneurs these days as for other types of businesses. Unless you've run multiple social-oriented businesses in the past, you're going to need that sort of support structure and access to experience — no matter what. Even something as simple as finding an accountant who understands social entrepreneurship will be worth the effort.

Thursday Bram (twitter.com/thursdayb), Hyper Modern Consulting (hypermodernconsulting.com)

A: Get Classy

Look into an L3C, a classification of a for-profit organization that uses its for-profit efficiencies, along with fewer regulations from the IRS, to achieve socially beneficial goals. An L3C is a taxed organization that operates with a stated objective of achieving a social goal, with making a profit being a secondary goal. The L3C is currently only available in a limited number of states.

Benjamin Leis (twitter.com/sweatequitees), Sweat EquiTees (sweatequitees.com/)

A: Stay Competitive

It's great that you want to make a difference, but make sure your product or service is great too. The only way you can get your message across is by gaining marketing share. So keep the social impact in mind, but do so as you also build a great company. No one buys inferior products, no matter how great the mission is.

Sam Davidson (twitter.com/samdavidson), Cool People Care Inc. (samdavidson.net)

A: Brace Yourself

It's going to take a lot of time and persistence to succeed as a social entrepreneur and you need to prepare yourself for sleepless nights, extreme amounts of networking, and negativity from those who don't understand your point of view. You need to persevere through all of these obstacles and if you believe in yourself, never give up. Your hard work will pay off.

Andrew Saladino (twitter.com/andrewsaladino), Just Bath Vanities (justbathvanities.com/)

A: Do Not Compromise!

As a social entrepreneur, your employees, customers and the world will be impacted by your integrity. Do not compromise your vision for faster growth or to pad your bottom line. The positive impact your product or service has on the world comes before all else.

Brenton Gieser (twitter.com/brentongieser), JoynIn (heyjoynin.com)

A: Challenge the Barriers

Social entrepreneurs are all over the place. You have to differentiate yourself to stay competitive. Challenge the barriers that others haven't overcome. Figure out all the needs of potential customers, see which aren't being met and why, and find a way to do what others can't.

John Hall (twitter.com/#!/JohnHallCOMO), Digital Talent Agents (digitaltalentagents.com/)

A: Innovation Is Recession-Proof

As important as the cause is to any social entrepreneur, the services and products often fall victim to an outstanding mission. It's important to maintain your vision at the core of everything you do, all while staying active, competitive and aggressive in your marketing and sales. Stay ahead of the curve; evolve and innovate. And remember that for any business, money matters too.

Matt Cheuvront (twitter.com/mattchevy), Proof Branding (proofbranding.com/)

A: Understand Regulations

Social entrepreneurs are in a unique situation where they can choose whether to go the nonprofit or for-profit route, but each model comes with its own regulatory challenges for doing good. Before launching, make sure to understand the pros and cons regarding paperwork, taxation and regulation so you can choose the model that's right for your venture.

Doreen Bloch (twitter.com/DoreenBloch), Poshly Inc. (poshly.com/)

Scott Gerber is the founder of the Young Entrepreneur Council (YEC) and co-founder of Gen Y Capital Partners. He is also a serial entrepreneur, internationally syndicated columnist, regular TV commentator and author of the book "Never Get a 'Real' Job." The Young Entrepreneur Council is an invite-only organization composed of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

COMMENTS

D F - Altuna, California

Are L3C's like B-Corporations? How does one qualify for that, and what are the requirements regarding being a non-profit?

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James Q - Grants Pass, OR
No, according to an article on Socent Law, they are actually significantly different. See that article here, ****************************** according to that article, "California's B Corp legislation took effect alongside a new law creating the "flexible purpose company" (FlexC), which allows a firm to adopt a specific social or environmental goal, rather than the broader obligations of a B Corp. Another option in America is the low-profit limited liability (LC3) company, which can raise money f
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Roland Francois - Mtn View, CA

I'm not clear on what's the intended definition of "social entrepreneur." Is it someone who is building tools that other can use for social networking, or it is someone using such tools to build their own business? Or all of the above?

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Fenn Tapple - London, MA

The description of cross-pollination is far too skimpy, and feels like the author is just faking the advice. I'd like to know what this really means, and a better explanation would help.

Tan Yuan - San Leandro, CA

The advice to not compromise is a bit stern and over-the-top. Obviously you want to have clarity on your goals and mission, but for heaven's sake, comprising in the spirit of moving ahead realistically has got to be a good thing.

T L - West Lafayette, IN

Of course, not all of these advices will work for any business. And most of us are probably either not trying to create Social Networking strategies at this time, or already have such a strategy in place. But I found that "Do Not Compromise" and "Challenge the Barriers" were especially inspiring, and to a lesser extent, "Innovation is Recesion-Proof". Good article, and good advice!

D Sugarman - El Paso, Texas

Are L3C's the same as Benefit Corporations (B-Corps)? Wikipedia says "Chartering as a benefit corporation also allows companies to distinguish themselves as businesses with a social conscience."

Mike Maurer - Queens, NYC

"Adjust your clocks" sounds like something a youthful entrepreneur would say, think, and do. I'm a Baby Boomer, and think that overreacting to the immediacy of social network postings is overrated and actually harmful. I say it's better to win the race by being "slow and steady."

Deke Tuan - Livermore, CA
I could not agree more. I think quality is far more important in most business matters than speed. Timeliness matters, of course, but not at the expense of foolhardy and avoidable errors.
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Coming into the game of business with the knowledge of Social Entrepreneurship is the key to win the game. Many Business men and women are able to tap into the latent abilities that has helped them achieve greater hights of success in their lives. Contact :- *************************

Advice for Social Entrepreneurs

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