Is now the right time and am I experienced enough? These are two major questions for many potential charity entrepreneurs. Here’s our take.
Unlike in previous years, we are considering multiple different cause areas this year, which leaves more room for cause comparison. We think that generally, both entrepreneurs and donors have specific cause areas in mind when they attend or support our program. However, some have asked us for a sense of how the different cause areas, and more importantly, charities within them, compare. We think each area has its strengths and weaknesses and at this level, it's hard to reliably compare because many assumptions (both ethical and epistemic) need to be made.
We are considering the following four areas:
“Why take this risk?” Mentioning at a family gathering that you would like to become a charity entrepreneur might trigger looks of concern and opposition. What about the high failure rate of startups, the low entry salaries, and the need to work around the clock? There are potential personal challenges related to charity entrepreneurship. Neglecting them would be dishonest. Yet often these challenges are either exaggerated or can be dealt with successfully.
Let’s go through them one by one:
Your charity startup just hit the ground running. You are passionate about your cause, you just gave a big talk at a conference, and you've set up a shiny website. All is looking great. Yet your organization might still fail: it might collapse or not have any impact. Here are six ways a charity startup might fail -- and how to prevent this scenario.