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For many young business professionals today, philanthropy is simply a way of life. Millions of business professionals are used to embarking on various philanthropic endeavors for the benefit of humanity. The concept of philanthropy is nothing new. In some way, shape or form, humans have been giving back to those in need for centuries. However, the modern form of philanthropy is somewhat new. John D. Rockefeller set the stage for modern philanthropy roughly 100 years ago, and he knew that in order to achieve success in his endeavors, he would need a strategy.

Utilizing a strategy that focused on the root of the world’s issues, was objective and fact-based and was meant for long-term results, Rockefeller was able to create a revolution in philanthropic efforts. Public health, agricultural productivity and research universities are all in debt to Rockefeller’s charity. But devising a strategy is easier said than done. So, if you’re looking to embark on the wonderful journey that is philanthropy, here are some tips on devising your strategy.

Understand Your Area of Focus

If you intend to make an impact in a particular field, then you must know the subject inside and out. Regardless of the system, if you do not understand it, how can you hope to change it. This is where you can delve into the history of those who have come before you. Look at the statistics of success, and most importantly, failures. What was it about a previous philanthropic endeavor that worked? What failed? Also, you must understand the environments around these particular systems. For example, if you want to end world hunger, you must look at the social, economic, and technological factors that impact the system first. Once you understand the subject, then you can begin your endeavor.

Specify Your Goal

If you’re accustomed to the world of business, than this should seem like a no-brainer. When setting out to complete a task, you cannot have vague goals, otherwise, you will struggle to find a solid plan to achieve that goal and you will wind up wasting your time. Instead, create small and highly-defined goals. That doesn’t mean that you can’t have lofty goals. There’s nothing wrong with wanting to make the world a better place, but it’s just too vague of a concept. Instead, you can try something along the lines of decreasing the unemployment rate of Los Angeles by 3 percent. While it is still a lofty goal, it is something a bit more defined and can be measured much easier.

Embrace Failure

Once you’ve researched, analyzed and focused your efforts on a cause, begin your campaign full force. But, also be prepared for failure. Even with all of your research and preparedness, your philanthropic journey may come to a screeching halt. Whether it’s because of a lack of funding or a lack of progress, it’s very possible that you may suffer a loss. But that’s alright. Take that failure and learn from it so you may pick up where you left off. It’s a philosophy that works in both business and philanthropy.

Making the world a better place will not be an easy task, but it can be done with the right mindset and strategy in place. Small wins can add up to large successes. Before you make your big philanthropic move, do your research and set up your game plan first.