If you’ve started a business, you know it takes much more than an inspired idea to become an entrepreneur. While taking steps to make your business concept a reality can come with risks, you’ll find plenty of ways to increase your chances of success. If you knew there was a way to create support for your enterprise while building and reinvesting back into your community, would you try it?
Fortunately, community-based entrepreneurs do exactly that. They establish a platform for the community, then build a strong foundation and support network with thought and care. A thriving and active community feels invested in the project and can provide the energy, creativity, and capital to generate success.
Detractors of community-based entrepreneurship claim the process is slow-moving and takes too much time. But with some planning and a clear vision, you can realize steady growth without feeling overwhelmed by the workload. If you’re a Houston entrepreneur considering the community-based approach while building your business, try these 10 tips to help you succeed.
Choose a Platform
Whether your intended community is virtual, in-person, or hybrid, choosing your platform is essential. It’ll provide the basis for your firm foundation and help you create a gathering place.
Start Planning Events
Engage community members and let them know you value their feedback and insight. You can plan Q&As, workshops, AMAs (Ask Me Anything), or webinars. Focus on topics and issues that will deliver value and help people address critical issues or goals.
Analyze the Initial Feedback and Adjust
Hopefully, you’ve gotten feedback from your community about what you’ve offered. If it’s been positive, keep up what you’re doing. If the input has been neutral or negative, listen to why things didn’t work out and adjust your approach.
Connect With Other Entrepreneurs
Invite other local entrepreneurs to speak or host an event. Many new business investors and owners initially shy away from working with others, especially if they think other entrepreneurs are competitors. But more often than not, there’s plenty of room for everyone to succeed. You may also learn valuable skills and forge partnerships to help weather downturns.
Be Open to Collaboration From Unexpected Places
Social media is full of collabs that unite often-surprising groups to craft something exciting and new. Other entrepreneurs aren’t your only potential source of collaboration. The collab that launches you into the next level might come from a group with no business associations at all.
Identify Your Weak Spots and Collaborate Some More
You may be a creative soul with many exciting ideas but struggling with the financial aspects of entrepreneurship. Or perhaps you are adept at running things behind the scenes but balk at the thought of leading webinars and handling meet-and-greets. Here, you’ll find that your community is a valuable asset. Reach out, as you’d be surprised who would love to partner with you. You lend your skills and get excellent assistance in return.
Keep the Ideas Flowing
Keep meeting with your core team or community members throughout the process. Even when things are going well, having new thoughts and insights flowing in is always a good idea.
Scale Up the Value
Initially, you may have had less time and a smaller budget. But as you’ve grown your community, you must continuously scale up the value you can offer back.
Realize that What Holds Value for the Community May Change
You may have started with a core vision. But often, as the needs of the community change, so do the things your community values. And what you value may have also changed. Seeking regular feedback can help you stay in touch with potential changes as you grow. The original problem you set out to address might not be the actual issue, but getting its roots takes time.
Be Part of the Community, Not Above It
What you think the community needs and what they think they need may not align. It doesn’t mean that either you or the community are inherently wrong. Rather, this is an opportunity to have meaningful discussions. In other words, talk with community members, not at them.
Final Thoughts on Community-Based Entrepreneurship
When done well, community-based entrepreneurship helps you launch your idea and realize a profit while also benefiting the surrounding community. Most individuals initially find this approach daunting, but it’s a path worth traveling. Your return on investment could involve much more than financial profits, and that kind of success leaves a lasting legacy.