Created at 12pm, Apr 10
ProactiveBusiness
0
Building Social Business
Contract ID
24559NCHc5F4mw6BdN0o1p2idMxUpi3QtjkqzJkQ4dA
File Type
DOCX
Entry Count
142
Embed. Model
jina_embeddings_v2_base_en
Index Type
hnsw

Building a social business involves creating an enterprise that prioritizes social impact alongside financial sustainability. Here are the key steps to build a successful social business:Identify a Social Issue: Start by identifying a pressing social or environmental issue that you are passionate about addressing. This could be anything from poverty and education to environmental sustainability and healthcare.Conduct Research: Conduct thorough research to understand the root causes of the issue and existing efforts to address it. Identify gaps or opportunities where your business can make a meaningful impact.Define Your Mission and Objectives: Clearly define the mission and objectives of your social business. Your mission should encapsulate the social or environmental problem you aim to solve, while your objectives should outline the specific goals you want to achieve.Develop a Sustainable Business Model: Design a business model that generates revenue while addressing the identified social issue. This could involve selling products or services, implementing a subscription model, or leveraging other revenue streams.Build Partnerships: Collaborate with other organizations, nonprofits, government agencies, and community groups to amplify your impact and reach. Partnerships can provide access to resources, expertise, and networks that can help your social business thrive.Incorporate Social Impact Metrics: Define key performance indicators (KPIs) to measure the social impact of your business. This could include metrics such as the number of lives impacted, environmental outcomes, or improvements in community well-being.Foster Transparency and Accountability: Maintain transparency in your operations and communicate openly about your social impact achievements and challenges. Establish mechanisms for accountability to ensure that your business stays true to its mission and values.Scale and Expand: As your social business grows, explore opportunities to scale your impact and expand into new markets or regions. Continuously innovate and adapt your business model to maximize social and financial returns.Engage Stakeholders: Engage with stakeholders including customers, employees, investors, and the communities you serve to gather feedback, build support, and foster a sense of ownership and belonging.Measure and Iterate: Regularly evaluate the effectiveness of your social business model and make adjustments as needed. Continuously measure your social impact and seek opportunities for improvement and innovation.By following these steps and staying committed to your mission, you can build a successful social business that creates positive change in the world while also generating sustainable financial returns

Specific Business Objectives Business objectives are next: Why are you doing this? When we first rolled out IBMs PROFS and later Lotus Notes at Progressive in the late 80s and early 90s, there was an overall business objective along the lines of connecting people and tapping syner- gies but not a lot else in the way of a definition or expectation. It was as much an
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To this pointI was part of it and loved every day of itthe idea of connecting employees in ways that broke existing hierarchies was new and the concept appealing. Progressive has always been a dynamic, innovative company, and so a certain amount of pure experimentation fit into its culture. At the same time, not too long after rollout it became apparent that a lot of unstructured conversation was taking place, at least partly because the 1,000 (give or take) employees at the time realized for the first timethey could talk to anyone else in the organization instantly. Because there were no specifically articulated and measurable objectives, it was hard to push back against it, to channel the energy where it would do some (business) good. Over time, business goals, policies, and expectations evolved and the platform became an
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So, outside of experiments, start with business objectives: By setting expectations, policies, and objectives in advance, you can get where you want to go much more quickly than you would otherwise. Lotus Notes Ray Ozzie, drawing on his experience with PLATO Notes, developed Lotus Notes in the 80s and then successfully commercialized it in the early 90s. Where PLATO Notes was the basis for early online discussion boards, Lotus Notes took the idea to the personal desktop and into business. You can read more about one of the earliest applications for organizational knowledge sharing here:
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An Inclusive Rollout Program The rollout and launch program should accommodate everyone. There is an important insight here: Your customers will self-select: They will choose the technology they are comfortable with. Because they have a choice, they generally wont feel left out if they choose not to use some particular channel. Beware: When it comes to employees, there is a real digital divide issue. When implementing any internal workfl ow, sharing or similar application, it is essential that everyone be included. Just how individuals are included is specifi c to the organization: The point to get right is to ensure inclusiveness. If the new enterprise platform is seen as being for those people, then not only will it fail to deliver on the core goals of cross-functional knowledge transfer, it may actually force the organization backward as it reinforces rather than breaks the walls that stymie collaboration. Penn States Outreach enter-
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