Do you have an idea for a social enterprise?
This seToolbelt Resource of the Week will help you evaluate your idea’s feasibility and assess its fit with your organization’s (and your own!) strategic direction. It comes free from Rolfe Larson Associates–a marketing, finance, and venture consulting firm specializing in support for enterprising nonprofits and social enterprises out of Denver, CO.
When evaluating an idea for a social enterprise, it’s important to consider both the idea’s potential for social or environmental impact as well as its business viability and fit with your social mission. Without a doubt, the most challenging aspect of social enterprise is finding a model that meets a social need or solves a social problem while simultaneously generating economic value enough to make it a viable business!
This week’s resource Fast Track or Back Burner? Measuring the Feasibility of your Venture Ideas, originally published in the Social Enterprise Reporter, helps you think through how to best assess the feasibility of your ideas. It discusses some common mistakes to avoid when considering new ideas, and takes readers through a step-by-step process for evaluating ideas from judgement through a full feasibility study. It also provides a super-helpful feasibility criteria to get you started.
A related resource, the Quick Feasibility Screen, provides a scoring framework to help you quantify the feasibility of your ideas and rank them against one another. This can be really helpful if you are pitching potential ideas to a Board of Directors for approval, or if you are just trying to figure out which of your many ideas have the best chances for success.