Starting an Impact driven business

On Sunday the 27th of November I was privileged to be invited at the Black Aspirirng Creators Business and Talent Expo in Berlin. What an atmosphere and a sense of community the founding team are creating. I was invited to speak about building a business for Impact. I spent weeks thinking what to say and how best to say it.

Here is what I shared.

Let's start with the fact that all entrepreneurs are individuals who are creating solutions to problems they have identified for specific customers. It's really that simple.You find a market gap and you believe your product is the best to close that gap. When you have found a solution to the problem you have identified, you will be driven to make it happen either because of Impact or because of Income.

So, what's an Impact driven Business ?

An impact-driven business is one that puts their time, energy and resources towards the impact they want to make with and in their business most importantly they trust that the money will follow.

For example a business that is building a solution to democratize education for lower income families. A business that is creating tools and technology to address certain health concerns. A business that can develop technology to accelerate the climate transition process. A business that is enabling organisation to become more diverse and inclusive. These businesses make money and change lives.

One can say, well isn't that's what all entrepreneurs seek to do?

No really. A large share of businesses out there are Income Driven. This is when in contrary to Impact driven they put their time, energy and resources in maximizing the activities that will generate the most money. 

On a lighter note this may include on demand services, shopping or virtual goods. On a serious note this may include a business that produces goods that rely on materials obtained somewhere else but are not concerned about how the raw materials are sourced and the impact it has on origin. These businesses are concerned about cashflow unless stated otherwise.

There is nothing wrong with pursuing an income driven business, until it becomes a source of concern to people and the planet.

How to get started with your Impact driven business?

• Use your expertise as the starting place. Education and work experience. If you don't have all the skills set to get started, find a team member that compliment your expertise. 
• Figure out which problem your expertise can solve. Dont make this more complicated than it should be. You have either faced the same problem or someone you know and care for has and because of that you thought of making yours and their lives easier. 
• Decide if you will solve a people or planet problem. To be fair we are connected with the planet and so what we do to ourselves, we also do to the planet. You can have a business that impacts both or either one directly. For the planet examples can be green and sustainable business models. For people opportunities can be around, health, education, financial inclusion or food security. The world is your oyster.
• Measure the scale and then go. How big is this problem and how robust does the solution need to be. The scale of the problem you seek to address will determine the solution you build and the strategy you will take. Again this can be simplified, it doesn't have to be rocket science. It can be a book, a no code application, a simple website or database. Or it can be the next cutting edge science backed innovation to address peculiar conditions.
• Be in it for the long run. Sometimes the fuel will start to run out and you may begin to feel like you should not have been building your business. The truth is most if not all entrepreneurs face difficulties in their journey. The successful ones are those that never gave up. You may need to side hustle in your early days or consult until you feel grounded and secure both in expertise and finances, and this is fine.
• Find the right supporters for your venture. Not everyone will be aligned with your business mission and vision. Normally whether it is investors, board members and team members you are considering, they do say when they are impact driven. There are resources for your type of business, you just have to make sure you are having conversations with the right people.

Why should you consider starting an Impact driven business? 

• Your customers are looking for a business that will reflect their purpose, vision and values. They are waiting for you to shine your light so they can see you and then buy from you.
• You will have a diminished sense of loss or disconnection as you to why you are building even when the money doesn't come when you need it to.
• You would have changed peoples lives or the state of our planet. 

Having an idea of what type of business you will found is very important. It helps you figure out which conversations you should be having and which ones you should not be having. It helps you set clear targets and ensures that you remain on the path you have always wanted to be on. A good business is one that has both an impact and income drive to their existence. This does not mean to say that impact driven entrepreneurs don't need to work as hard, they do.The difference is in how you measure your success as a business.

People + Planet = Sustainable success