Startup Sketching: Key Approaches to Kickstart Your Journey
Back to C3 Founders Guide
Once you have discovered and conceptualised your solution to the social and/or environmental problem, the next step towards impact entrepreneurship is to select a business model that is right for you, and answer some key questions to help evolve your idea.
Starting out can be a confusing and overwhelming experience so we’ve put together some basics on what you should be thinking about and where to start.
Business Modelling
First things first, before embarking on your journey as an impact entrepreneur, you need to find the right business model for you. Modelling helps stakeholders (such as investors, potential partners and customers) understand the configuration of your business; how it plans to deliver its social or environmental mission whilst generating revenue.
Below are 8 impact business models as exemplified by C3 Alumni:
Evolving your Idea
Once you’ve clarified your model, the next step is to evolve your idea.
For aspiring entrepreneurs, a great place to start is to figure out what you know, what you don’t know and how you’re going to get to know. In order to develop your business model, you need to be able to detail your vision, the goals of your business, and strategies for attaining your goals, as well as consider financial assumptions and ambitions.
Below is a list of helpful prompts that can develop your impact solution, with key pillars you should keep in mind. Answering these core questions can help you visualise side by side, the ways in which the business and impact elements will interact.
Mission statement: What is the purpose of your business?
Impact goals: What are the intended outcomes of your business?
Key activities: What are your business outputs? What is your sales strategy?
Target audience: Who are your beneficiaries and how will they interact with your business?
Market: Who are the existing players in your field and how will you be different?
Operations: What resources will you need to achieve your goals?
Financials: How much is it going to cost? What are your revenue projections and how will you reach them?
Investment: What is your funding plan and investor approach?
Marketing: How will reach your target audience?
Partnerships: Who would you ideally want to collaborate with in the ecosystem?
-
Considering these questions can be widely beneficial when sketching your enterprise. It can aid the process to identify and mitigate challenges and navigate and maximise opportunities, with the goal of feeding the viability and sustainability of your enterprise in the long run.
