I had the opportunity to interview Tom Suddes, the founder of ForImpact.org, about social entrepreneurs and how they can make a strong impact. Entrepreneurs should review the ‘3 Magic Questions’ in order to make sure their organization will make the strongest impact they possibly can.
1. Why Are You In Business?
‘People don’t buy what you do, they buy why you do it’ – Simon Sinek
Before you waste money on buying a domain name, hosting, fancy business cards and telling your friends you are your own boss, you really need to zone in and answer that ‘simple’ question.
First and foremost, what is your ‘cause’? Your ‘purpose’? Your ‘essence’? Why did you decide to embark on the path you have chosen? The answer to that question should state your motive. This will be the focus point of your venture and will help you stay on track. Social entrepreneurs are people who realize a problem and seek to provide a solution. Out of all of the problems in the world, why did you pick that particular one to fix?
2. What Business Are You In?
This is a very important question for entrepreneurs that sometimes get over looked. Are you a tech company, recycling company, a physical product? It doesn’t matter what you are, you can be a combination of the 3 that I just mention. Your goal is to have a clear definition of what business you are in.
Sometimes you will think you are a certain business, but once you launch and your product/service hits the market, your customers will let you know something that you didn’t even realize about your business. That’s ok, be prepared to be able to adjust and maneuver.
3. How will you monetize?
If you want to significantly increase your impact, you must have a clear vision of how your business will make money. You must understand your product and your consumers. If you don’t you not will not have the income to spread your ‘cause’. Your goal is to be sustainable and have a continuing stream of revenue coming in. How are you going to make that happen?
These are questions that need to be answered. Take a moment to write down the answers to these questions and post them up on your wall, by your computer, or any where else you can see them on a daily basis.
You can check out the whole interview at www.QuarterWaters.com.
Tom Suddes is an investor, entrepreneur and founder of ForImpact.org. His organization helps “nonprofits” fund their visions through training, coaching and consulting based on 25+ years of experience and $1Billion+ raised directly and $1Billion via coaching/training.