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Jayant Rastogi – Global CEO at the Magic Bus India Foundation.
Much is being said about India’s vibrant start-up economy that is currently brimming with fintech and other economy-boosting ventures. However, a little away from the limelight but yet in tandem, is also India’s social entrepreneurship sector that has been steadfastly growing. Whether it is solar-powered water ATMs or wearable devices to track maternal health or clean energy initiatives, social entrepreneurs across India are offering innovative and scalable solutions in different sectors. In fact, according to the National Association of Software and Services Companies (NASSCOM), there are as many as 400 social impact start-ups that are operating in India and the numbers are growing at the rate of roughly 20 per cent.
As these social sector enterprises continue to grow and become a part of the trend of positive disruptions in India’s ecosystem, it is important to understand what goes into the making of a successful social entrepreneur. Social entrepreneurship isn’t the most commonly taught subject in schools and colleges and most social entrepreneurs leverage their education from different technical and other backgrounds to become successful in this space. However, there is a certain set of comparable and advantageous traits that are visible in some of the most prominent entrepreneurs working in the social sector.
Doing good is also good for the business. eg Tesla has shown the way
Technology has compressed the learning curve & roll out time.
Turning problems into opportunities
Our world today is characterised by a cohort of complex problems such as climate change, income inequity, gender discrimination and much more. Each one of these problems requires unconventional thinking that can challenge the status quo and offer audacious solutions. The biggest necessity in social entrepreneurship in a country like India with its massive number of people and diversity is the necessity for scale and customisation. We need social entrepreneurs to build scalable solutions yet make sure that they cater to the individuality of diverse socio-cultural and economic groups that need to be reached out to. Hence, to deliver such change, the sector needs motivated and multi-talented individuals who are undeterred by the size of a problem and instead, look for windows of opportunities to drive real change.
Take calculated risks
Risk-taking is a default characteristic of entrepreneurship and most successful business leaders cannot emphasise enough the importance of taking risks in a competitive start-up economy. However, in the social entrepreneurship space, risk-taking comes with an added layer of complexity as failure could mean a setback to the real public good. Real people whose lives are in need of betterment are the ones who can be negatively impacted if a social entrepreneurship venture fails. Hence, taking risks is more high-stakes for a social entrepreneur, yet, it must be done because real progress is always tethered to risk and innovation.
Build a team culture
Although this might sound like a leaf from a corporate handbook, building team culture is extremely important in the social entrepreneurship space as well. Team culture in a social enterprise serves as cohesive glue, binding employees and helping them to understand the larger purpose they are working towards. And while this is important in all organisational structures, it is especially needed in the social sector, considering the scale and volume of challenges that need solving. Building a healthy team culture involves giving a team responsibility and then allowing them the freedom to take ownership of projects; it is important to note that responsibility and freedom go hand in hand. Furthermore, to build a successful social sector team, it is important to try and infuse an entrepreneurial spirit into every employee so that they can eventually become mentors in their own right and contribute to an organisation’s larger goals.
Perseverance
Social entrepreneurship is an arduous and long journey and the only way to successfully navigate it is by persevering. The ability to stay motivated and keep others optimistic, even in the face of hardship and setbacks, takes real skill and mental strength. While some interpret failure as a temporary setback, others are deeply perturbed by it and find it hard to move past it. For social entrepreneurs, the best approach is that of cautious optimism, as it can help them to reflect, reassess their goals and eventually pick up and start again.
Building a network
As a social entrepreneur, it is crucial to develop networks of both peers and potential investors to help solidify an organisation’s presence. Making the right connections can help secure an enterprise’s future by garnering the right kind of investors, collaborators and other business alliances. Building networks with other fellow entrepreneurs can also help to tackle the feelings of isolation that are all too characteristic in the life of any entrepreneur. Making connections is thus vital for personal and organisational growth in the field of social entrepreneurship.
David Bornstein in his book ‘How to Change the World: Social Entrepreneurs and the Power of New Ideas’ famously said, “What business entrepreneurs are to the economy, social entrepreneurs are to social change.” In a country such as India that is full of paradoxes, where extreme poverty and extreme wealth coexist in tight quarters, this statement couldn’t be more pertinent. If we are to succeed in making inclusive development a reality for the millions of Indians in need of help, social entrepreneurs who are actors of real social change will need to become a ubiquitous feature of our society.
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Views expressed above are the author’s own.
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