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How Do I Choose the Best Social Business Ideas?

Article Details
  • Written By: Tara Barnett
  • Edited By: Melissa Wiley
  • Last Modified Date: 01 December 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
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A social business is defined as a business with a social agenda, which typically involves improving the lives of a group of people through the actual operation of the business. Coming up with social business ideas can be difficult, but one of the best strategies is to look at actual disenfranchised groups and think about ways their skills could become businesses. Turning existing groups into profitable businesses requires creativity, but these ideas often go on to become the most successful social business ideas because they allow these individuals to help themselves. Other social business ideas might come up with products or services that will drastically improve the lives of individuals who suffer from specific problems.

The key to social business ideas is combining profit with a social mission. In order for this type of business to be considered a true business, it must have the potential to be profitable and self-sustaining. Operations of a social business typically conform to the standard business practices in an area. It is important to make sure that the idea is not only likely to succeed on the basis of its ingenuity, but also on the business needs in the market where it will be operated. This problem is often avoided when the business is international and money can flow into the area from more prosperous social groups without any direct interaction between customers and producers.

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Truly great social business ideas are highly creative, offering a product or service that would be interesting even without the social component. The best ideas of this type do not rely on the social mission of the product for the success of the business, but rather incorporate it artfully into the business plan. Using resources that are readily available is one way to make a social business idea more appealing. In general, it is considered good business to start off with a low initial investment, as this minimizes risk.

Choosing the best social business ideas is often difficult because it can be hard to have an objective opinion about ideas that involve people. Looking at ideas in a group and thinking about the pros and cons of each idea can be a useful strategy. It is also important to consider any possible complications with the idea as well as the experience of the people who are proposing this type of business. As an investor in a social business, it is sometimes a good idea to take risks on highly innovative and unique ideas, but it is important to remember that any business venture must be founded on sound business practices.

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