{"id":623,"date":"2014-10-26T06:51:03","date_gmt":"2014-10-26T06:51:03","guid":{"rendered":"http:\/\/sedpi.com\/?p=623"},"modified":"2014-10-26T06:51:03","modified_gmt":"2014-10-26T06:51:03","slug":"tips-to-young-social-entrepreneurs-how-to-finance-a-startup","status":"publish","type":"post","link":"https:\/\/sedpi.com\/en\/tips-to-young-social-entrepreneurs-how-to-finance-a-startup\/","title":{"rendered":"Tips to young social entrepreneurs: How to finance a startup"},"content":{"rendered":"

By: David Lozada<\/p>\n

\"GRASSROOTS.<\/a>
GRASSROOTS. SEDPI CEO Vince Rapisura (center) holds a consultation with Super Typoon Yolanda victims for their DRRM project. Photo from SEDPI.<\/figcaption><\/figure>\n

TAGBILARAN CITY, Philippines \u2013 Social enterprise has been a buzzword in business and development in the past decade, as some experts would argue. The overarching concept is to involve marginalized communities in doing good business that would profit both the entrepreneur and the community.<\/p>\n

But how does one go about starting a social enterprise? The biggest challenge, as some successful social entrepreneurs would say, would be finding the financial resources for the business. This, along with developing a product, are the first steps.<\/p>\n

Vincent Rapisura, president and chief executive officer of the Social Enterprise Development Inc (SEDPI), speaking to young entrepreneurs during the\u00a0British Council\u2019s I Am A ChangeMaker ideation camp<\/a>, said business startups are always challenging.<\/p>\n

\u201cWe started SEDPI 10 years ago with the vision of addressing the capacity-building needs of development organizations in the field of micro-finance. It has gone a long way but it wasn\u2019t easy,\u201d one of the founders of the social enterprise said.<\/p>\n

SEDPI<\/a>\u00a0is a capacity-building institution that trains other groups in micro-finance, financial literacy, and social entrepreneurship. From an initial capital of P45,000 (US$1,027),* the financing company now has P195 million ($4.45 million) based on audited financial statements in the past year. It has an annual turnover of P12 million-P15 million in the past 3 years.<\/p>\n

\u201cWe\u2019ve estimated that we reached out to a million households in the Philippines by building the capacity of development organizations that directly help them,\u201d Rapisura added.<\/p>\n

Rapisura gave tips to young social entrepreneurs on how to go about and finance their business startups:<\/p>\n

1) Use your money first<\/strong><\/p>\n

According to Rapisura, social entrepreneurs should not immediately focus on the return of their investments. They should instead concentrate on developing their products and studying their market. This requires a lot of financial resources.<\/p>\n

\u201cThey should focus more on their market rather than focusing on where to get their investment back. Give focus on product development and really make sure that they address the needs of the markets that they want to reach out to. The enterprise is not about you, it\u2019s about the target market,\u201d he added.<\/p>\n

2) Establish credibility, partnerships<\/strong><\/p>\n

In light of the recent corruption scandals that involved development organizations, though not directly social enterprises, Rapisura said it becomes even more challenging to establish a company\u2019s credibility.<\/p>\n

\u201cYou have to establish your track record. That\u2019s the main thing in establishing your credibility. You have to prove to yourselves that your model works,\u201d Rapisura said.<\/p>\n

SEDPI hired professionals for bookkeeping and to come up with good documentation. They eventually partnered with SGV & Co, an established professional services firm, as their auditor to establish more credibility.<\/p>\n

Rapisura shared how it was difficult to establish the SEDPI brand, given that he had a small network at the start.<\/p>\n

\u201cI started this when I was 25 years old. It\u2019s very difficult to establish a name, especially if you\u2019re not well-known. I come from a middle-class family and no one knew about me. What I did was to hone my skills, knowledge and to establish my network.\u201d<\/p>\n

He added: \u201cA lot of those that helped me would be my link with Ateneo de Manila University and my partnership with the British Council. You have to align yourself with organizations and people that already have established brands.\u201d<\/p>\n

3) Invite your immediate network to invest<\/strong><\/p>\n

Rapisura said that he and his co-founders invited their immediate family and friends to invest in their business after they were able to prove that their model works. They remain SEDPI\u2019s largest investors.<\/p>\n

\u201cIt\u2019s actually a misconception to think that your goal is to repay the investments. You have to show your capacity that you can repay the investments. But the goal is to actually entice them to invest more because they believe in your cause and business model,\u201d he added.<\/p>\n

After the initial investments, SEDPI was able to attract outsiders to invest.<\/p>\n

Rapisura added: \u201cWe started to attract philanthropists and young professionals. Now, overseas Filipino workers, international development organizations and commercial banks are investing in us.\u201d<\/p>\n

4) Train and trust the right people<\/strong><\/p>\n

Rapisura said that it is important for social entrepreneurs to realize that they cannot do things alone, even if it often seems that they have to do everything at the start.<\/p>\n

\u201cFocus on the training. It\u2019s difficult for entrepreneurs not to do the work ourselves, our tendency is that we want to do it to make sure it\u2019s correct. But you have to get out of that shell if you want to grow. I delegated work and started to train people so that the quality they produce would be to my liking,\u201d he said.<\/p>\n

A recurring tip during the ideation camp was for social entrepreneurs to be practical in trying to solve social problems, that they cannot solve every problem they see. (READ:#ChangeMaker2014: Young entreps help in Sendong rehab<\/a>)<\/p>\n

\u201cYou have to build partnerships because collaboration and cooperation will make things easy for you. That entails a lot of emotional stability because you deal a lot with people and a lot of creativity as well,\u201d Rapisura said.<\/p>\n

On startups<\/strong><\/p>\n

Rapisura said there are 4 main ingredients to achieve success in business startups \u2013 skills, knowledge, network, and luck.<\/p>\n

\u201cIf you have the first 3, you can take advantage of the 4th one. You can\u2019t take advantage of opportunities that come your way if you are not prepared in terms of your skills knowledge and you don\u2019t know people who can make you realize your dream,\u201d he added.<\/p>\n

He said social entrepreneurs need to be more practical than idealistic so as not to raise false expectations.<\/p>\n

\u201cMake your dreams an inspiration but don\u2019t be very idealistic. Don\u2019t pressure yourselves if you don\u2019t make your targeted goals. You have to learn to celebrate small wins,\u201d Rapisura concluded.<\/p>\n

The British Council\u2019s ideation camp concluded Friday, October 24, with\u00a05 groups receiving seed funds<\/a>\u00a0of P100,000 ($2,300) each to fund their startups. \u2013\u00a0Rappler.com<\/strong><\/p>\n

http:\/\/www.rappler.com\/business\/features\/73131-tips-young-entrepreneurs-finance-startups?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rappler+(Rappler)<\/p>\n","protected":false},"excerpt":{"rendered":"

By: David Lozada TAGBILARAN CITY, Philippines \u2013 Social enterprise has been a buzzword in business and development in the past decade, as some experts would argue. The overarching concept is to involve marginalized communities in doing good business that would profit both the entrepreneur and the community. But how does one go about starting a […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"enabled":false},"version":2}},"categories":[3],"tags":[],"class_list":["post-623","post","type-post","status-publish","format-standard","hentry","category-social-entrepreneurship"],"yoast_head":"\nTips to young social entrepreneurs: How to finance a startup - Social Enterprise Development Partnerships, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sedpi.com\/en\/tips-to-young-social-entrepreneurs-how-to-finance-a-startup\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips to young social entrepreneurs: How to finance a startup - Social Enterprise Development Partnerships, Inc.\" \/>\n<meta property=\"og:description\" content=\"By: David Lozada TAGBILARAN CITY, Philippines \u2013 Social enterprise has been a buzzword in business and development in the past decade, as some experts would argue. 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By: David Lozada HONG KONG \u2013 In a crowded street in central Hong Kong, overseas Filipino workers (OFWs) line up in front of pawnshops and loan agencies. The crowd starts to\u2026","rel":"","context":"In "Financial Literacy"","block_context":{"text":"Financial Literacy","link":"https:\/\/sedpi.com\/en\/category\/financial-literacy\/"},"img":{"alt_text":"LOANS. Overseas Filipino workers flock a street in Hong Kong known to host a number of loaning agencies and pawnshops. 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With this year\u2019s theme \u201cTaking CSR to New Heights\u201d, they gathered heads of different leading corprations and foundations in the country to share how they enable their\u2026","rel":"","context":"In "Social Entrepreneurship"","block_context":{"text":"Social Entrepreneurship","link":"https:\/\/sedpi.com\/en\/category\/social-entrepreneurship\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23103,"url":"https:\/\/sedpi.com\/en\/sedpi-and-philhealth-partnership-an-empowering-step-towards-accessible-health-insurance-for-nanoenterprises\/","url_meta":{"origin":623,"position":3},"title":"SEDPI and PhilHealth partnership: An empowering step towards accessible health insurance for nanoenterprises","author":"Mariel Vincent Rapisura","date":"July 27, 2023","format":false,"excerpt":"The significance of the National Health Insurance Program (NHIP) under the Universal Health Care (UHC) Act in the Philippines is undisputable. As a nation, we must ensure that healthcare is both accessible and affordable to every Filipino citizen, particularly those from marginalized sectors.\u00a0SEDPI, an organization that champions social investments, nanofinancing,\u2026","rel":"","context":"In "Financial Literacy"","block_context":{"text":"Financial Literacy","link":"https:\/\/sedpi.com\/en\/category\/financial-literacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/sedpi.com\/en\/wp-content\/uploads\/2023\/07\/SEDPI-and-PhilHealth-partnership-An-empowering-step-towards-accessible-health-insurance-for-nanoenterprises.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/sedpi.com\/en\/wp-content\/uploads\/2023\/07\/SEDPI-and-PhilHealth-partnership-An-empowering-step-towards-accessible-health-insurance-for-nanoenterprises.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/sedpi.com\/en\/wp-content\/uploads\/2023\/07\/SEDPI-and-PhilHealth-partnership-An-empowering-step-towards-accessible-health-insurance-for-nanoenterprises.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/sedpi.com\/en\/wp-content\/uploads\/2023\/07\/SEDPI-and-PhilHealth-partnership-An-empowering-step-towards-accessible-health-insurance-for-nanoenterprises.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/sedpi.com\/en\/wp-content\/uploads\/2023\/07\/SEDPI-and-PhilHealth-partnership-An-empowering-step-towards-accessible-health-insurance-for-nanoenterprises.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":250,"url":"https:\/\/sedpi.com\/en\/sedpi-inspires-vietnamese-youth-on-social-entrepreneurship\/","url_meta":{"origin":623,"position":4},"title":"SEDPI Inspires Vietnamese Youth on Social Entrepreneurship","author":"Mariel Vincent Rapisura","date":"April 12, 2012","format":false,"excerpt":"Mariel Vincent Rapisura and Edwin Salonga, President and Chairperson of the Social Enterprise Development Partnerships, Inc. (SEDPI) respectively, presented the story of SEDPI Group of Social Enterprises in a seminar in Vietnam. The event aims to inspire students of the National Economics University (NEU) to support the development and explore\u2026","rel":"","context":"In "Social Entrepreneurship"","block_context":{"text":"Social Entrepreneurship","link":"https:\/\/sedpi.com\/en\/category\/social-entrepreneurship\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4007,"url":"https:\/\/sedpi.com\/en\/sedpi-partners-acsent-promote-social-entrepreneurship-nationwide\/","url_meta":{"origin":623,"position":5},"title":"SEDPI partners with ACSent to promote social entrepreneurship nationwide","author":"Emilenn Kate Sacdalan-Pate\u00f1o","date":"February 18, 2020","format":false,"excerpt":"In 2019, Social Enterprise Development Partnerships, Inc. (SEDPI) and Ateneo Center for Social Entrepreneurship (ACSEnt) mounted series of events to fulfill their partbership agreement to promote social entrepreneurship in the Philippines. SE Clinics with PwC SEDPI and ACSent partnered with Isla Lipana & Co. Price Waterhouse Coopers Philippines (PwC) to\u2026","rel":"","context":"In "Social Entrepreneurship"","block_context":{"text":"Social Entrepreneurship","link":"https:\/\/sedpi.com\/en\/category\/social-entrepreneurship\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/posts\/623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/comments?post=623"}],"version-history":[{"count":0,"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/posts\/623\/revisions"}],"wp:attachment":[{"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/media?parent=623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/categories?post=623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sedpi.com\/en\/wp-json\/wp\/v2\/tags?post=623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}