I don't know about you guys, but I'm broke. Not in the romanticized college student eating Raman noodles everyday but still can attend concerts and live a semi-comfortable lifestyle broke. I mean mom and dad paid this month's rent and I'm really excited about my federal tax return kind of broke. But it's okay, because I have a job in the fall and my husband just got his work permit and there is a light at the end of the tunnel. This state of frustrating financial purgatory is actually a good point of reflection for the aspiring social entrepreneur in me. I feel like I'm an expert at bootstrapping and making something out of very little. How can I apply the lessons of my personal financial trials and tribulations as a student to valuable insights for risk assessment, planning and financing my social venture?
1. Plan for nothing to "come through"
Whether it's that small scholarship I applied for last month or that loan I'm hoping a friend will pay back, I've learned that relying on external things to 'come through' simply because I need them to is like running full speed into a busy intersection and hoping traffic will adjust in time. Don't count on it.
2. Squeeze the most out of every resource you have.
A petty example: I got a nice restaurant gift card as a thank you gesture and instead using the card to go on a romantic dinner, my husband and I are going to use it for brunch or lunch, when we can get more for two for $30. Simple, but it makes a difference.
3. Take advantage of 'free' anything, even if it's not really free
I got a sandwich and a pen for participating in a panel on how to turn consulting internships into full-time offers. I probably would have done it anyway, but a free lunch does go a long way.
4. Provide fulfillment if you can't afford pizza and beer (or partner with a pizza joint and brewery)
Coinciding with my own state of personal brokeness, I'm working with Kelechi and others to build a new grad student organization on campus, the African Business Collective, which is also currently broke as it has yet to be officially recognized. We are planning to host events by partnering with other organizations with similar missions or target groups who have funds to provide marketing support and food. Similarly, I've also been volunteering with GTECH for the past almost two years and have found their partnership and intrinsic motivation approach to be very effective. I've helped them develop the Social Capital Council, a cadre of young professional who commit to a financial donation every year in order to be part of and support GTECH's network. How are these all connected? Prof. Zak mentioned the whole notion of paying with pizza and beer today - if you don't even have the pizza and beer, there are still other means of motivating folks to join your cause.
How do these four insights from my life as a student translate into valuable lessons for me as a social entrepreneur? I'm prepared now for possible 'hard times' and have a more realistic sense of how to plan and not rely on optimism but the most probable scenario. I've become even more resourceful and strategic about the use of my limited resources. I've seen and employed creative 'out of the box' techniques for intrinsically motivating others (peers, colleagues, target groups) and to form strategic partnerships in order to increase my capacity and resource pool. All of this makes me really think that if I ever want to do something with as much risk as my DiasporaConnect venture idea, I should do it now, while I'm out of my comfort zone and perhaps at my most resourceful.
By the way, here's a cool resource site for student by students interested in social entrepreneurship: http://setoolbelt.org/resources/1430
1. Plan for nothing to "come through"
Whether it's that small scholarship I applied for last month or that loan I'm hoping a friend will pay back, I've learned that relying on external things to 'come through' simply because I need them to is like running full speed into a busy intersection and hoping traffic will adjust in time. Don't count on it.
2. Squeeze the most out of every resource you have.
A petty example: I got a nice restaurant gift card as a thank you gesture and instead using the card to go on a romantic dinner, my husband and I are going to use it for brunch or lunch, when we can get more for two for $30. Simple, but it makes a difference.
3. Take advantage of 'free' anything, even if it's not really free
I got a sandwich and a pen for participating in a panel on how to turn consulting internships into full-time offers. I probably would have done it anyway, but a free lunch does go a long way.
4. Provide fulfillment if you can't afford pizza and beer (or partner with a pizza joint and brewery)
Coinciding with my own state of personal brokeness, I'm working with Kelechi and others to build a new grad student organization on campus, the African Business Collective, which is also currently broke as it has yet to be officially recognized. We are planning to host events by partnering with other organizations with similar missions or target groups who have funds to provide marketing support and food. Similarly, I've also been volunteering with GTECH for the past almost two years and have found their partnership and intrinsic motivation approach to be very effective. I've helped them develop the Social Capital Council, a cadre of young professional who commit to a financial donation every year in order to be part of and support GTECH's network. How are these all connected? Prof. Zak mentioned the whole notion of paying with pizza and beer today - if you don't even have the pizza and beer, there are still other means of motivating folks to join your cause.
How do these four insights from my life as a student translate into valuable lessons for me as a social entrepreneur? I'm prepared now for possible 'hard times' and have a more realistic sense of how to plan and not rely on optimism but the most probable scenario. I've become even more resourceful and strategic about the use of my limited resources. I've seen and employed creative 'out of the box' techniques for intrinsically motivating others (peers, colleagues, target groups) and to form strategic partnerships in order to increase my capacity and resource pool. All of this makes me really think that if I ever want to do something with as much risk as my DiasporaConnect venture idea, I should do it now, while I'm out of my comfort zone and perhaps at my most resourceful.
By the way, here's a cool resource site for student by students interested in social entrepreneurship: http://setoolbelt.org/resources/1430
Nice post. I definitely miss all of the corporate presentations from last year (i.e. free lunch every day).
ReplyDeleteHaha...just saw this. Yep!
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