The fourth week of our e-course on community engagement in collective impact explores opportunities to apply business concepts to community engagement work. The program, being conducted in partnership with six leading local organizations from the industrial, services, and financial sectors, aims to provide students with real-life opportunities to learn about fundamental business concepts such as revenues, costs, competitiveness, and market dynamics. Think of a feasibility test as a reality check for your business idea. The goal of conducting a feasibility test is to prove to yourself and your team or investors that there’s relative certainty of your product or service being successful within your industry.
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Single-Entry bookkeeping is much like keeping your check register. You record transactions as you pay bills and make deposits into your company account. This works only if yours is a small company with a low volume of transactions. Start small when implementing your new business concept. Introduce the business concept in a couple markets. Monitor the sales and profits closely. Track results of your advertising. Expand your business concept into other markets if sales and profits are increasing.