Welcome to Elevate+
Setting Ourselves Up For Success.
In this module, you’ll gain a clear understanding of the program, fundamental traits of successful entrepreneurs and useful strategies to practice throughout Elevate+ as we work to scale your enterprise and impact.
WHAT IS SOCIAL ENTERPRISE?
WHAT DOES SUCCESS MEAN FOR YOU?
OPPORTUNITY & LUCK CREATION
COVEY’S TIME MANAGEMENT MATRIX
COVER STORY VISION CANVAS
TAKING CARE OF YOURSELF
You’re positioned to be one of Australia’s leading social entrepreneurs.
Picture yourself on June 6th at the Pitch Night at The Triffid, sharing your social enterprise with a sold out crowd.
Where you take your social enterprise and the depth of impact you create is up to you. We’ve seen huge potential in YOU, as a purpose-led person, passionate about change. We see enormous potential in your business model and are here to support you on your journey.
Welcome to Module One of Elevate+.
Well done on getting this far with your social enterprise! It’s not easy work, and for many of you it can be very lonely. One of the most important components of Elevate+ will be the community and friends you make. A few years down the track, most probably, it’ll be the community that you look back on as one of the highlights.
In the first Module we’ll go through a range of factors to help you on your entrepreneurship journey. We’ll begin to look at what success means for you, discuss fundamental traits of successful entrepreneurs, dig deeper into what social enterprise is and set ourselves up for what we hope will be an intensively rewarding few months.
How can you get maximum value from Elevate+?
Like any program, we have a limited number of face-to-face contact hours and how much you gain from the program will really depend on how much you put in.
We’d make the following suggestions:
- We believe some of the greatest value will come from the new network this creates for you. Take time to get to know other participants and their projects, engage, ask presenters/mentors questions and take the initiative to meet with others in your own time. Being an entrepreneur just got less lonely.
- Set aside a weekly time/s in your schedule to sit down and focus on your project. Complete the exercises and when you feel lost, search for answers online or ask for help.
- Engage with the online Facebook group. Share your ups & downs, ask questions, post about your progress and wins & help others where possible. We’re stronger together.
- Celebrate the small wins. Stay positive, look after yourself. We’ll help you as best as we can.
- Communicate opening and honestly with us and other participants. Where do you need help? What can we improve upon to help you on your journey?
What is social enterprise?
Let’s get on the same page. Whilst interest in social enterprise has grown massively over the last 10 years, there are still multiple understandings of exactly what it is.
HERE’S HOW A COUPLE OF LEADING ORGANISATIONS DEFINE IT:
Social Enterprise UK
“Social enterprises are businesses which are set up to change the world. Like traditional businesses they aim to make a profit but it’s what they do with their profit that sets them apart – reinvesting or donating it to create positive social change. Social enterprises exist in nearly every sector from consumer goods to healthcare, community energy to creative agencies, restaurants to facilities management. Well known examples include The Big Issue, Divine Chocolate and the Eden Project but there are over 70,000 social enterprises throughout the country contributing £24 billion to the economy and employing nearly a million people.
They’re creating jobs and opportunities for those most marginalised from the workforce, transforming the communities they work in and making the Sustainable Development Goals a reality. They:
Have a clear social and/or environmental mission set out in their governing documents
Generate the majority of their income through trade
Reinvest the majority of their profits
Are autonomous of the state
Are majority controlled in the interests of the social mission
Are accountable and transparent.”
Finding Australia’s Social Enterprise Sector (FASES) Report
These definitions are similar to the Finding Australia’s Social Enterprise Sector (FASES) Report, published in 2016 which focussed on the social enterprise sector in Australia.
Social enterprises are organisations that:
Are led by an economic, social, cultural, or environmental mission consistent with a public or community benefit;
Trade to fulfil their mission;
Derive a substantial portion of their income from trade; and
Reinvest the majority of their profit/surplus in the fulfilment of their mission.
These couple of videos describe similar social enterprise definitions from the British Council and Common Good SOlutions.
What does success mean for you?
When was the last time you jumped in the car and started driving without knowing where you wanted to go? (Ok ok... maybe you were on holidays, had time and money to spare and just wanted to enjoy the ride and views...).
Being present and enjoying the journey can be a challenge, but is made easier when we have a sense of direction, right? Without plans, goals, reflection, commitment and measurables, success can feel like a far away dream.
So what does success look like for you both personally and as a social enterprise?
How do you face up to danger?
“Give yourself a long term definition of how you want this to turn out so that it helps you choose the small things that you deliberately whittle away and change about yourself so that you can separate danger from fear. You can say this is a risk worth taking, this is a risk not worth taking, this is something that is important to me. It’s amazing if you go through that mental process internally where each of those little next steps can take you.”
- Chris Hadfield.
What people think it looks like.
What it really looks like.
What success could look like.
Images adapted from this source.
Let’s map out success.
What does success look and feel like for you both personally and as a social enterprise?
What results would you like to see within:
3 months, 6 months, 1 year and 5 years for your project?
Spend some time breaking this down and jotting down your plan in your notebook. What does it look like for your team?
Make decisions. It’s easy to be fearful whether we’re making the right decision, but a decision is simply an action which forms part of a process. It’s part of doing.
Fear drives many of our decisions, so how might we overcome our fear and take action?
WATCH SETH GODIN ON QUIETING THE LIZARD BRAIN:
Knowing and doing are different. So what do you know needs to be done to enact change?
Building a culture of action is essential if you want to see your social enterprise create impact. Learning to adapt is also key.
What’s your action plan?
“In the long history of humankind those who learned to collaborate and improvise most effectively have prevailed.” Charles Darwin.
Opportunity & luck creation
“Opportunities do not float like clouds in the sky. They’re attached to people. If you’re looking for an opportunity (including one that has a financial payoff, you’re looking for a person.” Reid Hoffman (Founder of LinkedIn).
Much of the Elevate+ Program will focus on developing your ‘soft’ skills; AKA ‘21st Century Skills’ or ‘Enterprise Skills’.
The Foundation for Young Australians rank them as the necessary skills to see Australian youth succeed, now and into the future. There’s no doubt they are essential for your success. You can find a bunch of FYA’s reports here.
Somewhat connected (although not entirely!) is Kahneman’s book Thinking Fast & Slow which describes how human intuition works.
SET SMART GOALS
- target a specific area for improvement.
- quantify an indicator of progress.
- specify who will do it.
- is it realistic and relevant?
- specify when the result should be achieved.
George T. Moran coined SMART goals.
WANT 33% BETTER SUCCESS RATE?
A study found that you will improve your success rate if you write down your goal, share it with a friend and send a brief progress report.
Make a promise on the Elevate+ Facebook group.
Include a significant goal you’d like to achieve by 2 weeks time.
Comment on someone else’s promise that you’ll be the person that holds them accountable. Report back to your friend.
Covey’s Time Management Matrix
Stephen Covey’s highly recommended book, ‘The 7 Habits Of Highly Effective People’, provides fantastic insights into living and working effectively. Here’s an extract:
“The two factors that define an activity are urgent and important. Urgent means it requires immediate attention. It’s “NOW!” Urgent things act upon us. A ringing phone is urgent. Importance, on the other hand, has to do with results. If something is important, it contributes to your mission, your values, your high priority goals.
We react to urgent matters. Important matters that are not urgent require more initiative, more proactivity.
We must act to seize opportunity to make things happen. If we don’t have a clear idea of what is important, of the results we desire in our lives, we are easily diverted into responding to the urgent.
Quadrant I is both urgent and important. It deals with significant results that require immediate attention. We usually call the activities in Quadrant I ‘crises’ or ‘problems’. We all have these activities in our lives, but Quadrant I consumes many people. They are crises managers. As long as you focus on Quadrant I, it keeps getting bigger and bigger until it dominates you. It’s like the pounding surf. Some people are literally beaten up by problems all day every day. The only relief they have is in escaping to the not important, not urgent activities of Quadrant IV. So when you look at their total matrix, 90% of their time is in Quadrant I and most of the remaining 10% is in Quadrant IV. That’s how people who manage their lives by crises live.
There are other people who spend a great deal of time in ‘urgent, but not important’ Quadrant III, thinking they are Quadrant I. They spend most of their time reacting to things that are urgent, assuming that they are important. But the reality is that the urgency of these matters is often based on the priorities and expectations of others.
People who spend time almost exclusively in Quadrants III and IV basically lead irresponsible lives.
Effective people stay out of Quadrants III and IV because, urgent or not, they aren’t important. They also shrink Quadrant I down in size by spending more time in Quadrant II.
Quadrant II is the heart of effective personal management. It deals with things like building relationships, writing a personal mission statement, long-range planning, exercising, preventive maintenance, preparation - all those things we know we need to do but somehow seldom get around to doing, because they aren’t urgent.
To paraphrase Peter Drucker, effective people are not problem-minded; they’re opportunity-minded. They feed opportunities and starve problems. They have genuine Quadrant I crises and emergencies that require their immediate attention, but the number is comparatively small. They keep ‘production’ and ‘production-capability’ in balance by focussing on the important, but not urgent, high leverage capacity-building activities of Quadrant II.”
Make a conscious effort to list your most common daily/weekly tasks.
Which activities fall under which quadrant? How might you re-prioritise activities in order to boost your effectiveness and find the right ‘production’ vs ‘production capability’ balance?
What small commitments can you make to yourself and your team now about the way you perceive and tackle priorities?
Cover story vision canvas
What is the most amazing future you see for your social enterprise (and yourself)? Who has the boldest vision? Imagine how you will appear on magazine covers. What’s the word on the street? Creating a cover story will help you get into a future state of mind. The Cover Story Canvas was created by David Sibbet, of the Grove International. Find a copy and instructions to complete it here.
Redraw the canvas and get creative filling it out. You may like to complete this as a team with post its and place a copy on your office wall to keep you inspired and on track.
What are the fundamental traits of successful social entrepreneurs?
What sets apart those that create true impact from those that start work on an idea but find it’s not going anywhere? Let’s reflect on the stories and journeys from some other entrepreneurs, define our goals and begin acting like an entrepreneur. According to Seth Godin, arguably one of the world’s leading marketers, here’s what Seth believes are four things people do when they act like an entrepreneur:
1. They make decisions.
2. They invest in activities and assets that aren’t a sure thing.
3. They persuade others to support a mission with a non-guaranteed outcome.
4. This one is the most amorphous, the most difficult to pin down and thus the juiciest: They embrace (instead of run from) the work of doing things that might not work.
In other words, social entrepreneurs commit to working on projects which may not work out, they take risks and they embrace failure... because each failure brings them closer to success.
Check out the ‘Fundamental Ingredients Of Successful Social Entrepreneurs’ podcast.
Summarise 5 key ingredients in your notebook. Which ones do you have and which will you work on?
RESPOND TO THE FOLLOWING QUESTIONS
What scares you most about growing and scaling your project?
What tasks do you typically run from?
What’s the worst thing that could happen if you take this risk?
What decisions do you need to make?
How will you approach difficult decisions that you come up against on your journey?
Who are 5 people you can reach out to when you’re under the pump & need support?
How easily are you discouraged when you come up against a barrier?
Do you push on or do you start a new project?
Do you persevere with long term goals, obsessed about making them a reality?
True entrepreneurs have grit. How gritty are you?
DO YOU HAVE A FIRE IN YOUR BELLY?
Angela Lee Duckworth talks about the power of passion and perseverance; grit... and how it’ll help you achieve your goals.
In this podcast, Tim Ferris interviews ‘successful’ entrepreneur Joe de Sena who explains the attitude that lead to his success.
Take action yet be patient. Did you know that the typical ‘overnight successes’ you hear of have really taken between 10-20 years to achieve? It’s no social enterprise, but Pokemon Go took 20 years of levelling up to be successful.
What action will you take to learn or validate an idea and progress to the next level?
COMPLETE YOUR MISSION STATEMENT
Take a go at completing or revising your own mission statement and bring it in to the second workshop with Danielle Duell where these can be unpacked further.
Find the definition of a mission statement below.
VISION VS STATEGY (DAVID SACKS)
“Vision = the destination.
Strategy = a plan for sequencing the journey so as to build strength along the way.
Good strategy = Find an edge, win small victory or foothold, assimilate new resources, level up, repeat.
Bad strategy = Attack everything at once. Don’t prioritise. Bleed strength. Leads to quagmire.”
“A sentence describing a company’s function, markets and competitive advantages; a short written statement of your business goals and philosophies .
A mission statement defines what an organisation is, why it exists, its reason for being. At a minimum, your mission statement should define who your primary customers are, identify the products and services you produce, and describe the geographical location in which you operate.
If you don’t have a mission statement, create one by writing down in one sentence what the purpose of your business is. Ask two or three of the key people in your company to do the same thing. Then discuss the statements and come up with one sentence everyone agrees with. Once you have finalised your mission statement, communicate it to everyone in the company.
It’s more important to communicate the mission statement to employees than to customers. Your mission statement doesn’t have to be clever or catchy - just accurate.”
Taking care of yourself
Burn out is all too common for social entrepreneurs and finding the right work/life balance (or is work, life and vice versa?) can be really hard.
Here’s an article from the Harvard Business Review on ‘Why Social Entrepreneurs Are So Burned Out’.
Take time to exercise, eat well and sleep well.
Take a yoga or mediation class - check out Kundalini Yoga Brisbane or somewhere else that’s convenient.
Take a break.
Build a strong support system.
What’s one unhealthy habit you promise to change?
What limits can you define and habits can you create to prevent this project from taking over your life?
As a team, make sure you’re well aware of each others limits and align expectations about what’s expected and where lines are drawn.
Listen to our interview with Sandy Blackburn-Wright where she discusses founding teams, financing and building effective social enterprise business models.
“The American Society of Training and Development found that people are 65 percent likely to meet a goal after committing to another person. Their chances of success increase to 95 percent when they build in ongoing meetings with their partners to check in on their progress.”
We’ll be in touch soon to line you up with your paired mentor who will help you tackle challenges and hold you accountable.
We’ll look forward to seeing the progress you have made next week.
The information contained within this Elevate+ Module is intended solely for you and we kindly ask that you do not email, distribute, copy, modify or print this document.
You retain sole responsibility for actions and decisions, regardless of whether they are based on options or suggestions provided by Impact Boom. Any information contained should not be construed as legal advice.
Thank you for the fantastic energy you bring to the Elevate+ cohort.