NewBase 19 April 2024 Energy News issue - 1717 by Khaled Al Awadi.pdf
Sustainable enterprise
1. SUSTAINABLE ENTERPRISE
Find a need
What are you most passionate about?
Identify a need either from things you love doing or things that
irritate you the most and make you want to find a solution and
you may find a niche market.
Conduct research to establish if the need can make a viable
business side.
The business model
You have found a social challenge and you are now ready to
fight it. What is your business model?
Come up with innovative and profitable ways of solving that
specific challenge.
2. The business plan
Just like other businesses, social enterprises need to
have a clear business plan demonstrating the gaps
they are going to fill, prospective growth trajectory,
sustainability and goals.
Pilot project
Most investors approach social enterprises cautiously.
The reason? They expect return on their investment.
Look for angel investors
3. Marketing
Just like other for-profit enterprises it is critical to market
your social enterprises.
Network
Another important tip is to create linkages with other
stakeholders. This will make it easier to access more
opportunities, share experiences and exchange
knowledge.
4. THINK ENTREPRENEURSHIP
For your venture to be successful and sustainable, think,
be, eat, drink “entrepreneurship.” Always bear in mind that
as a social entrepreneur, you are running a for-profit
organization not a charity.
It is important to be innovative both in service delivery and
creative business growth. You should learn how to form
partnerships with other like-minded organizations and
retain your employees by rewarding top performing staff.
You should also build on your personal skills such as
communication, management and anything that may add
value to your business.