How to balance entrepreneurship and activism

How to balance entrepreneurship and activism
Aquayemi-Claude Garnett Akinsanya
Aquayemi-Claude Garnett AkinsanyaGCBR and TCSL Campaign

Posted: Wed 6th Dec 2023

People are often inspired to start their businesses by identifying a gap in the market, a passion for a particular product or service, or a desire for greater autonomy.

Over time, successful businesses tend to evolve as they adapt to changing market conditions, customer preferences, and their own growth. Entrepreneurs need to remain flexible and open to evolution to stay relevant and competitive.

Entrepreneurship versus activism

Balancing entrepreneurship and activism can be challenging. It's important to prioritise and manage your time effectively. Entrepreneurs who are also activists may face conflicts in their values or priorities, so it's crucial to align your business with your activism to avoid ethical dilemmas.

A positive impact on your community

  • Start with a clear mission and values that align with your activism

  • Be transparent about your commitment to social or environmental goals

  • Engage your community and consider partnerships with like-minded organisations

  • Measure your impact and be willing to adapt your business model to maximise your positive influence

Staying motivated in the face of challenges

Staying motivated and resilient requires a strong sense of purpose and passion for your mission. Surround yourself with a supportive network of peers, mentors, and advisers.

Practice self-care to maintain your physical and mental wellbeing. Embrace failure as a stepping stone to success and keep your long-term vision in mind to stay focused during tough times.

The intersection of business and activism in the future

The intersection of business and activism is likely to continue growing as consumers increasingly value socially responsible and sustainable companies.

Opportunities for entrepreneurs lie in developing innovative solutions to address pressing societal and environmental issues. Collaboration with governments, nonprofits, and other businesses will become more common in pursuit of shared goals.

Top tips to help improve your business:

1. Understand your market

Know your target audience and their needs. Conduct market research to stay updated on trends, customer preferences, and emerging competitors.

2. Strong value proposition

Communicate clearly what sets your product or service apart from the competition. Why should customers choose you?

3. Quality products or services

Ensure the quality of what you offer. Consistently meeting or exceeding customer expectations is key to long-term success.

4. Effective marketing

Develop a comprehensive marketing strategy. Utilise digital marketing, social media, content marketing, and traditional advertising as appropriate for your audience.

Watch this webinar to learn how to set marketing goals, develop your marketing message and attract new customers:

5. Customer service

Exceptional customer service can turn one-time buyers into loyal customers. Listen to feedback and address concerns promptly.

6. Financial management

Keep a close eye on your finances. Budgeting, forecasting, and managing cash flow are essential for sustainability.

7. Operational efficiency

Streamline your processes to reduce costs and improve productivity. Automation and technology can help in this regard.

8. Talent acquisition and retention

Hire and retain skilled, motivated employees. Invest in training and create a positive work environment.

9. Innovation

Continuously look for ways to improve your products, services, and operations. Stay adaptable in a changing business landscape.

10. Network and collaborate

Build strong relationships with suppliers, partners, and other businesses as collaboration can open up new opportunities.

11. Legal compliance

Ensure your business adheres to all relevant laws and regulations. This includes taxes, labour laws, and industry-specific regulations.

12. Customer feedback

Encourage and act on customer feedback. It can help you make necessary improvements and identify potential areas for growth.

13. Technology integration

Embrace technology that can enhance your business, from customer relationship management (CRM) software to e-commerce platforms.

14. Sustainability

Consider your environmental and social impact. Consumers increasingly support businesses that prioritise sustainability and social responsibility.

15. Risk management

Identify potential risks and develop mitigation strategies. Having a contingency plan in place can help you navigate unexpected challenges.

16. Data analytics

Utilise data to make informed decisions. Analysing customer behaviour and market trends can provide valuable insights.

17. Adaptability

Be prepared to pivot and adapt to changing circumstances. This flexibility can be a key asset in a dynamic business world.

18. Branding

Create a strong and memorable brand identity. Consistency in branding across all touchpoints builds trust and recognition.

19. Long-term vision

Develop a clear vision for the future of your business. Having long-term goals can guide your decision-making.

20. Work-life balance

Take care of your wellbeing and encourage your employees to do the same. Burnout can harm productivity and morale.

Final thoughts

Remember that every business is unique, so these tips should be adapted to fit your specific industry, size, and goals. Continuously evaluate your strategies and be willing to adjust as needed to stay competitive and achieve sustainable growth.

Relevant resources

Aquayemi-Claude Garnett Akinsanya
Aquayemi-Claude Garnett AkinsanyaGCBR and TCSL Campaign

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