Challenges to measuring social value creation through social impact assessments: the case of RVA Works
Journal of Small Business and Enterprise Development
ISSN: 1462-6004
Article publication date: 23 November 2021
Issue publication date: 15 July 2022
Abstract
Purpose
Despite the prevalence of academic literature debating and proposing competing conceptions of social value creation through socially driven enterprises, there is a lack of empirical studies on established impact measurement methodologies in the context of real-world ventures. The purpose of this paper is to illustrate a structured process of conducting social impact assessments (SIAs) through the real-world case of Richmond, Virginia Works Enterprise Support (RVA Works), a social enterprise in Richmond, Virginia, that provides educational programming on small business ownership to minorities and lower-income individuals.
Design/methodology/approach
This qualitative research study incorporates an in-depth case study methodology. Evidence was collected through interpretive/qualitative interviews and direct observations by the researchers.
Findings
Using the example of RVA Works, the authors show that there is a lack of standardization and guidance for social entrepreneurs in choosing methods to assess their organizational performance, and that leading conceptions of social impact continue to face key weaknesses in their methodologies.
Practical implications
By incorporating a qualitative case study approach, the authors present a real-world study of a social enterprise – specifically a microenterprise development organization – that may serve as a valuable example to social entrepreneurs and not-for-profit leaders facing similar challenges of social value creation and impact measurement.
Originality/value
In studying the experience of conducting SIAs by social enterprises, the authors illustrate the real-world challenges faced by entrepreneurs in applying theoretical conceptions of social value to the outcomes of their ventures, thus illustrating a need for additional clarity and discussion around a more comprehensive, standardized and broadly applicable measurement approach.
Keywords
Acknowledgements
The authors would like to extend their gratitude to Dale Fickett, Founder of RVA Works, for his valuable insight on inaccuracies and challenges in economic development planning, considerations for the practical applications of SVC methodologies and contributions of live data on RVA Works' body of work. In addition, the authors thank Sombo Chunda, a Ph.D. candidate at the Douglas Wilder School of Government and Public Affairs, Virginia Commonwealth University, for her assistance with the social impact assessments and thoughtful input throughout the research process.
Citation
Mulloth, B. and Rumi, S. (2022), "Challenges to measuring social value creation through social impact assessments: the case of RVA Works", Journal of Small Business and Enterprise Development, Vol. 29 No. 4, pp. 528-549. https://doi.org/10.1108/JSBED-06-2021-0219
Publisher
:Emerald Publishing Limited
Copyright © 2021, Emerald Publishing Limited