Harvard i-lab | A Big Change Isn't Always the Best Change: Iterating as a Social Entrepreneur | Summary and Q&A

TL;DR

Making small changes every day and adapting to feedback is essential for entrepreneurial success.

Key Insights

• 🥳 Making small changes every day and adapting to feedback is essential for entrepreneurial success.
• 😌 The success of a social venture lies in effectively telling the story behind the product and emphasizing the impact of the purchase.
• 💗 Partnering with established organizations and leveraging their audience and brand equity can help entrepreneurs grow their business.
• 💍 Social media is a valuable tool for promoting campaigns, engaging with customers, and sharing updates.

Transcript

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Questions & Answers

Q: What were the three different approaches the speaker tried before finding success with story selling and crowd commerce?

The speaker tried cry and buy, focusing on the cause and story behind the product, and solely focusing on the product without mentioning the cause.

Q: Why did the cry and buy approach not work?

The cry and buy approach did not work because it neglected to emphasize the impact that the purchase would make and instead focused solely on the story behind the product.

Q: How did the speaker determine which nonprofit or social venture partnerships to pursue?

The speaker looked for organizations that met specific criteria such as being a registered 501(c)(3), having a product that could be sold, and aligning with their mission and values. They also considered the potential impact and scalability of the partnership.

Q: How did the speaker use social media in their crowd commerce campaigns?

Social media played a crucial role in promoting the campaigns, sharing updates on progress, and engaging with the audience. They used various social media platforms to reach a wider audience and connect with potential customers.

Summary & Key Takeaways

• The speaker shares his personal journey as an entrepreneur and the lessons he learned from running two companies, Gimme 20 and Do Good By Us.

• He emphasizes the importance of making small changes every day and not striving for perfection.

• The speaker discusses the challenges of finding the right approach and business model, and how they eventually found success through story selling and crowd commerce campaigns.