A business idea, even if it seems incredible as an idea, maybe needs improvement when committing to implement it. There are some questions that need answer, specific steps that need to be followed and finally a lot of things that need to be adjusted.
1) Explore the initial idea
This step includes the theoretical exploration of the potential enterprise. Here you are examining all the possible scenarios and depending on the assessment you will implement: -Is this an idea I really want to implement? Which is my inner motivation for pursuing this idea? Do I have the strengths to support it?
-What need is covered by my business idea? The social enterprise that I am thinking to create, really covers a need or solves a problem? Will people really improve their lives through this? -Can I describe my business idea for a social enterprise in less than 25 words?
-Are there any similar ideas/social enterprises? How sure am I that this need is not covered by something else/another social enterprise/another way?
-What differentiates your own potential social enterprise from others?
-What kind of limitations may postpone or cancel my plans for implementation or in the process of it?
-What about the market? Are there enough sponsors willing to implement this idea?
– How hard it will be to implement the idea?
-How much will it cost? Are the costs viable?
-How can I protect my idea?
After answering the questions above, it is expected that the primary idea will have changed partially either completely.
2) Idea /Concept and Scenario/Model Deliberation and Assessment
These steps are dedicated to tangible measure the feasibility of the potential Social Enterprise. The feasibility research will contain in detail the technical, managerial, economic, marketing aspects and the possible target group of sponsors who will help you financially. Usually, this kind of research requires experts in consulting. You can hire someone only when you have done all the possible work you can handle, as far as your skills and knowledge allow you. In case you cannot afford to hire a consultant, there is the option of asking for feedback from people that either have their own social enterprises or have been engaged in something similar.
3) Market Analysis/ Research your direct and indirect competitors
In this step, you will have to make a detailed market analysis. It will conclude all the existing enterprises (either they are Social or not) which have the same objective as the one you are planning to create. The continuity of your idea depends on how much value do you add in the market with your possible concept. In case it already exists, or you discover that it does not respond to an actual need, you need to reconsider the idea or parts of it.
4) Go/No-Go Decision
This is the most important step. By the end of this part, you will have either completely abandoned your idea as it has been formed from the previous steps, either you will straightforward pursue the next steps, which means your Social Enterprise is getting real!
5) Preparation for writing your business plan
After passing the step to go or not to go, you are finally in position to prepare your Business Plan. Detail information for the tools you can use, are available in chapter 5.
