Answer 1- The presenter provided an overview of Social enterprise and the foundation for building the social enterprise through the video lecture. The presenter helped in understanding about Social enterprise and understanding its related concept. The presenter described the social enterprise as a mission-driven, generating income and ongoing venture to be classified. The legal structure, return of investment, and sustainability of social enterprise was discussed in the slides. No specific structure on the legal structure in the region is followed. The presentation provided the difference between traditional for-profit, social enterprise, and socially responsible business and its means of donation and gains. The types of models in social enterprise discussed mission-based, training based, employment-based, and revenue-based model. The mission-based model highlighted the social enterprise focused on products and services on social enterprise products. The training based model focus on training more than the product and service. Employment-based for value services and employment opportunities was described.
Revenue-based model extensively focused on revenue to provide benefit to community or parent organization for social impact. The legal structure for registering highlighted structure as a registered charity, a non-profit organization, for-profit organization, and co-operatives. The development of social enterprise through defining business and identifying strategic goals was described. The value proportion and business canvas for scaling development social enterprise highlighted developing gain creators for removing pain points. Types of jobs customers involved while encountering service were social jobs and emotional jobs for understanding customer expectations. Developing value proportion for covered considering customer support for developing service for the customer. The business canvas model showed developing segments based on identifying the business model. The structuring of customer relationships broadly on customers, connectivity to the channels is part of value proportion. Key activities for services/functioning, key resources, and partners for developing business effectiveness were disused. Developing key partners for business organization and aligning to business stream and cost structure is one of the constituents of the business canvas. A business model with a well-drawn example provided familiarity in developing resource alignment and value proportion through the lecture
A practical idea of integrating the business in developing social enterprises and differences between social for-profit organizations showed the key difference between the terms and need for developing corporate social responsibility in business. The presentation highlighted community resources such as Invest Ottawa, Impact Hub Ottawa, and social innovation workshop for interacting and developing base and network for social enterprise for the enterprise activities. The presentation highlights the support and functioning of CSED in articulating a business strategy for development. CSED supports social enterprises through the Ottawa region in all stages of development.
1B-The author effectively covered the purpose of social enterprise and spectrum of social enterprise as these are the key foundation area. A common model used by social enterprises, the key difference between all 4 types of models, and their difference. The legal structure provided a matrix for structure and the tax exemption and reporting were described briefly. Assessment and identifying goals for developing social enterprise development provided 5 stage process for insights on developing strategic direction. Identifying competitive advantage and developing culture readiness for change as the key stage. Value proportion was effectively described in understanding customer insights to develop products and services. Business canvas for customer value by the example of coffees shop showed for the satisfying need for developing products through adding services. The last stage in developing social enterprise highlighted on developing the minimum viable product as a key factor for developing the social enterprise
1C- Mission alignment is one topic I would like to see more on how to align mission for understanding and developing a business idea which I think had only a short portion of coverage. How to map funding for startup and understand the market readiness in stage 3 of assessing capabilities. It only covered the requirements listed not how to evolve through and update fundings were not detailed.
Answer 2 List of FAQ on observing the video
2b Compilation of answers to FAQ
A social enterprise is a revenue-generating organization it includes non-profit organizations or registered charities” who operate on revenue generated business and includes operation for-profit business with a social goal. Below is the spectrum for understanding social enterprise in Canada
This includes charity, a charity operating a related business, an enterprising non-profit organization, not for profit cooperation associated with social purpose, a business corporation with a social purpose, and commercial corporation.
Canada legislation does not currently provide a straightforward option for social entrepreneurs. They have to choose between for profit, not for profit, registered charity, or cooperative corporation. The decision to incorporate social enterprise will not influence the social enterprise’s ownership structure. One has to register the business in partnership, corporation, and proprietorship. The next step requires the name choice and requesting a name application request.
To register as a provisional corporation the application processing is instant. For applying https://www.corporateonline.gov.bc.ca. The appropriate structure can be incorporated based on the ownership structure.
Business third-party certification is important for rigorous standards of social and environmental performance and accountability. These include being fair trade and becoming B- Corp
Below is the checklist link before proceeding to register the business. This includes detail for business incorporation and starting operations.
Alternatively, registration benefits and information guide is corporation factsheet http://www.ic.gc.ca/eic/site/053.nsf/eng/00009.html#s4
Key questions to be asked -
Sole proprietorship /partnership and corporation
The key advantages of a sole proprietorship include low start-up cost, freedom from regulation, and tax advantages. Similarly, it has unlimited liability and the absence of the owner.
The key advantages of incorporation are separate legal identity and ownership is transferable. The disadvantages are extensive record keeping.
Therefore it's important to determine the economic stake in the project before determining the strategy for structure.
Fore investment overview - http://www.ic.gc.ca/eic/site/053.nsf/eng/h_00006.html
Solution- To connect to more information one can follow the government of Canada website. The entrepreneur learning center will able to guide operations, sales, and business support.
Below are the listed communities that provide guidance and advisory support for developing business/ grants
Solution- Business finance is vital to capitalize on the business, it is important to run the business until the break-even point. The social enterprise requires initial outlay for business equipment, fixture, and developing Some of the financing options are listed you can begin by checking the below option. Finance options-
Listed on https://www.futurpreneur.ca/en/get-started/
To develop a business model for the social enterprise one has to ensure that it is a good fit for the agency, to set realistic expectations. The business plan is reflected in the identification of feasibility statements and addressing the business plan required for the right fitment for the industry practice and saving the pain point of the industry.
Questions to be considered for developing a business model are-
How do you plan for a social enterprise?
What are your key customers?
Who is the segment which you are targeting?
How can you measure and identify the business setting and legal context?
The MaRS workbook to develop business models guides competition, partnership, distribution, pricing, and poisoning.
MaRS Startup Toolkit.- https://learn.marsdd.com/article/social-enterprise-business-models/
The business model canvas needs to be designed for impact measures, surplus, and beneficiary segments on how the money will be invested. It is a collaborative tool for stakeholders for developing a business plan and idea collaboration
Key figures to pay attention to are-
Answer 3- FoodWorks
Food Works is a social enterprise that works with world-class chef Bruce Wood to engage Ottawa’s at-risk youth in the development of culinary skills. Bruce has been working in a kitchen since teenage apprentice with culinary program experience from George Brown College. All of FoodWork’s proceed goes to support Operation Come Home’s mission (FoodWorks, 2020). It prevents homeless youth from becoming homeless adults. FoodWorks with its constant efforts are teaching youth with real-world kitchen skills who are at such risk identified. The participants trained under chef gain culinary skills that can translate into a full fling culinary career. FoodWorks had begun by making fresh meals, 20 meals a day. The key features of Food works are high-quality food made from scratch. The food prepared is freshly served and delivery is free. The key goals of FoodWorks are to prepare fresh, healthy, and nutritious catering. It is dedicated to providing delicious food to create a continuum of services as an investment into the future of at the risk youth. The made from scotch concepts highlights the certified product that is grown locally to support quality. The menu includes meal options and combined platters. The enterprise is developing its transition to varied options within the stream of menu options.
BDC Canada. ( 2020). Equipment purchase financing. Retrieved from https://www.bdc.ca/en/financing/business-loans/pages/equipment-financing.aspx
Government of Canada. (2020). Business grants and financing. Retrieved from http://www.ic.gc.ca/eic/site/csbfp-pfpec.nsf/eng/h_la00007.html
Government of Canada. (2020). Start, build, and grow a social enterprise: Grow your social enterprise. Retrieved from http://www.ic.gc.ca/eic/site/053.nsf/eng/00009.html
FoodWorks. (2020). Home page. Retrieved from https://www.foodworksottawa.ca
Social business model canvas. (2020). Retrieved from https://www.socialbusinessmodelcanvas.com
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