Like many entrepreneurs, you want to do your part for the environment and social justice. But perhaps you aren’t sure where to start. Given the wide range of ethical and environmentally responsible practices, you may not know what changes to make that don’t involve significant investments of time and money. Before jumping on the ecological bandwagon of the day, which, while commendable, does not necessarily reflect your real concerns or those of your employees, clients, or sector, we suggest considering these four approaches.
Entrepreneurship as a vector for change
For Jean Martel, a sustainable development advisor at Evol, impact entrepreneurship involves a paradigm shift: “We have to get away from the idea of profit at all costs, because “at all costs” means to the detriment of everything except economic performance and the way we have been operating for the past 300 years. The average business in market growth can no longer be competitive if it doesn’t make sustainable development part of its business plan.”
Jean encourages entrepreneurs to focus on their values and to see entrepreneurship as a way to contribute to the fight against and adaptation to climate change. “Why are you going into business? What will be the consequences and impacts? What do you want to improve in the world? For one person, it may be animal welfare, for another it may be shrinking the plastic continent in the North Pacific. This varies based on people’s sensitivities and the sector of activities. The main thing is to have a project you care about,” he says.
Identify the problem before considering the solution
If you are in a pre-startup or startup phase, there is still time to adjust your activities based on the problem you want to solve. To accomplish this, there are many ways to support your reflection, such as the management tool called the Impact Gaps Canvas, designed by Daniela Papi-Thornton, an MBA from Oxford University. It is available for free online and helps you think critically about the problem to solve.
For SMEs already in operation, as in the case of an acquisition, Jean Martel suggests conducting a self-diagnosis, observing existing processes: “Look at your reality, your day-to-day operations, then look at what is going on behind that reality to build your innovative action plan.”
Align your mission, vision, and values with these goals
A business’s mission, vision, and values shouldn’t be mere window dressing on a website, but instead be embodied in daily operations and serve as a compass for strategic decision making. In impact entrepreneurship, it is even more important to make environmental or societal goals part of the business’s DNA.
Jean agrees: “First, you have to know where you are going and then how you’re getting there. Establish your vision by projecting yourself six months or a few years into the future. Then work backward to decide on your actions and set deadlines.” This triptych guides you in your work as well as in the choice of people you work with. Jean adds: “it’s also useful when opportunities arise and you have to think about the path to the future. You have to develop policies and training plans and even choose partnerships based on your target.”
Even during a business acquisition, Jean thinks it is a good idea to review the mission, vision, and values based on sustainable development goals. It retains “the same leitmotiv: meaning, strategy, success. If you have not set the direction, you can’t have a strategy, and without a strategy, it’s hard to be successful.”
Seek out expert guidance
Reading on the topic is essential, but it is no substitute for personalized guidance from an expert. Jean points out the importance of having the right people around you when you get into impact entrepreneurship.
“For entrepreneurs who want to make a difference, Evol is a preferred gateway to obtain financing and coaching. Coaching provides an opportunity for discussion, to confide in someone, to break the isolation. One of the keys to entrepreneurial success is collaboration,” Jean says.
Jean points out that Evol underwent a major transformation and now has resources dedicated to sustainable development as part of its team. Plus, since the interest rate analysis grid includes environmental responsibility as a factor, entrepreneurs who make progress toward their sustainable development goals and whose business is healthy may see their loan interest rate decline over time.
Impact Growth program
Beginning in November, the Impact Growth program, offered in partnership with Desjardins, will give a dozen entrepreneurs the chance to receive personalized guidance for one year to drive a sustainable development initiative in their SME.
Evol’s coordinator for coaching projects, training, and events, Patricia Corriveau explains: “For entrepreneurs who are selected, training is offered over the course of a year in cooperation with Maillon Vert, made up of workshops, joint development meetings, and one-on-one meetings. Entrepreneurs implement a sustainable development initiative with the goals of growth and increasing their impact.” At the end of the program, entrepreneurs will evaluate the progress made by comparing the initial status of their SME to 12 months later.
Who is the Impact Growth program for? “For entrepreneurs who want to change things well beyond the services and products they offer and who need guidance to do things properly.” says Patricia.
This article was drafted as part of a partnership with Desjardins with the goal of creating Essence-repreneurs and Impact Growth programs, a coaching initiative that enables young entrepreneurs to make progress in their impact acquisition and growth through innovative programs.
