By ONE Partners Today is the start of Global Entrepreneurship Week, a celebration of the innovators who help drive economic growth and expand human welfare. Rupert Scofield, president and CEO ofFINCA International and author of “The Social Entrepreneurs Handbook,” talks about his experiences as a social entrepreneur and microfinance pioneer.
President and CEO Rupert Scofield visits a FINCA Afghanistan Village Bank Group in Kabul. Photo credit: FINCA staff.
ONE members are among the most committed and energetic advocates on the front lines of the fight against global poverty that I’ve seen in my 40 years. You read the ONE Blog, you write your friends, you visit your elected officials, you sign petitions, you raise your voices -– all because you believe in social justice and you want a future where every child has a chance to break the chains of poverty and disease. I feel the same way, and in a world where there is less and less focus on the challenges facing the world’s poorest people, I urge you to ask yourself a question: What if I took the next step and became a social entrepreneur, applying my energy to start a new business, organization, or campaign to bring about the change I wish to see in the world?
This is a daunting question, and I can assure you there is no easy answer to it. But after nearly four decades of making small business “microloans” to women in the world’s poorest communities with my organization, FINCA International, I have developed a view as to what are the most important ingredients for success in social entrepreneurship.
Here are five lessons for entrepreneurs who are thinking of taking the plunge into social action:
1. Follow your passion. Starting FINCA took a lot of hard work, but it was such a labor of love that I never viewed it as a job. We were on a mission, and our passion and enthusiasm attracted many talented people willing to share their skills and experience. People, especially recent graduates, often ask me: “Where do I begin?” I answer with a question of my own: “What or whom do you care about? Global warming? World hunger? Righting a wrong?”
2. Be a volunteer. If you are not quite sure where to begin, volunteer for a non-profit either in the US or abroad. You will quickly discover whether or not this work is for you, if you’ve picked the right cause, and if you are ready to take the next step toward starting or joining a social enterprise. As a ONE advocate, you are actively working to promote social justice and end global poverty. In other words, you’ve already taken the first step.
3. Walk a mile in their shoes. Social entrepreneurs feel passionate about something, usually correcting an injustice or helping a group of people who are getting a raw deal and are powerless to do much or anything about it. But social entrepreneurs shouldn’t just read about their constituency, they need to “walk a mile in their shoes” in order to develop an understanding of their plight. If you can find an opportunity to get out into “the field” and live in the communities you are trying to help.
4. Build it brick by brick. To operate a successful socially minded organization, you must start as you would with any other business: you need to hone your skills and acquire the necessary experience. You will need to recruit other true believers to your cause. You will need to raise the capital to finance your social business, to make payroll, and to provide the goods and services to the constituency you have identified. How do you accomplish this? Brick by brick. There are no short cuts that I have found, making patience, diligence and creativity the keys to success.
5. Never stop innovating. The future of social entrepreneurship is limited only by our imaginations and creativity. In many ways, all socially-responsible businesses are moving in this direction. Their employees and shareholders are demanding they be accountable for more than just dragging money to the bottom line — making new approaches to problems a must. We are in continual dialogue with our clients to identify the new products and services that they most need to build stable, more secure livelihoods.
What now? When you’re considering taking a big step like becoming an entrepreneur, it’s easy to get caught up in all the reasons why you shouldn’t or can’t do it. In the comment section below, I’d like you to write a sentence about why you think people SHOULD become social entrepreneurs. Start your answer with “Because…” For example, “Because who will take action if I don’t?”
Ed note: We’ll pick five comments at random to receive a free copy of Rupert Scofield’s “The Social Entrepreneur’s Handbook,” on Friday, November 18. We’ll contact the winner via email, so make sure you use an email address where we can notify you if win. Good luck!
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