Kevin Xu, CEO of MEBO International, shares three key questions before building a revenue model for your social venture.
The three questions to ensure that your social venture becomes profitable while benefiting communities it serve include the following:
Where will the revenue come from?
What value are you providing to customers?
What are the tax implications?
Asking the three questions above is a good way to consider the value and impact your organization will bring. Working a way to answer the questions can rake in profit and do social good for the long term.
Xu advises, "Social venture leaders that want to make sense of their own revenue models should start by figuring out who they want to be."
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Youths in the Middle East deal with the world’s social problems such as high youth unemployment rates. As a solution, some are creating new businesses with a social purpose, such as tackling environmental issues, illiteracy or health, while also spurring job creation.