In this module we will cover:
- Defining the social problem
- Your Vision
- The solutions to solving the problem
- The Mission
The first step in any social venture should be to define your ultimate social impact goal. This means that you need to define:
- The Problem (what is the social challenge you are addressing?),
- Your Vision (what is the change in the world that you would like to bring about?)
- The Solution(s) (what can be done to address the root causes of the problem?)
- Your Mission (how specifically will you achieve this?).
Problem, Solution, Vision and Mission are the critical components of what we call your Theory of Change. They are your compass to steer by. All decisions made by the social venture should be rooted in asking ‘Does this help us achieve our Vision? Is it consistent with our Mission?’ Without this compass, social entrepreneurs risk going adrift when confronted with the myriad of tough business decisions that will come up daily.
A clear Theory of Change is critical for bringing on board social investors. Think of social investors as people who wish to back ventures that achieve specific social outcomes. It is not just your ability to generate profits that will attract social investors; it is also your ability to spell out clearly how you will impact the world and achieve those outcomes.
You will also understand different types of social business models, and the the relationship between your business model and your social change model.