By Chris Miller
Social entrepreneurship and its commercial counterpart are much more alike than different. In fact, some experts have concluded that all entrepreneurship is actually social. Without a doubt, launching a startup of any kind requires a herculean effort to scale and sustain. Nonetheless, three key differences make business planning for a social enterprise even more difficult.
By definition, social enterprises attempt to generate revenue through selling products or services in order to reinvest that income into their overarching missions. While it’s certainly ideal for an enterprise to have a “mission-aligned” business, the reality is that the business’s specific industry or vertical may or may not have anything to do with the mission itself. Just like their commercial counterparts, social entrepreneurs need to investigate the specific trends, demographics, geography and more to understand the competitive landscape.