The main role of entrepreneurship is to stimulate economic progress through action and innovation. An entrepreneur is usually motivated by the idea of changing a situation and always initiates direct action rather than waiting for instructions.
Social Entrepreneurship is all about identifying the social problems people face every day and achieving a social change by implementing entrepreneurial processes, principles, and operations.
It involves finding a solution to a social problem before creating, organizing, and then managing a social venture in an effort to attain the desired change. The change can be a lifetime process that focuses primarily on the improvement of the existing circumstances.
Entrepreneurship involves taking a lead to diversify the existing business or open up a new business. Social entrepreneurship focuses mainly on generating social capital and it doesn’t measure the level of performance in returns or profits.
Although this type of entrepreneurship is centered on non-profit making, it still creates the need to make a source of income. In addition, social entrepreneurship also works to solve environmental problems besides social problems.
A few examples of social ventures include women empowerment foundations, plants for the treatment of waste products and child rights foundations.
The Concept of Social Entrepreneurship
The main idea of social entrepreneurship is not only centered on solving problems and unpleasant situations in society but also directs the focus of an organization towards social benefits.
The reasoning behind it is that nonprofit businesses can also benefit from the primary focus of profit-centered businesses. This will require a sound strategy, customer focus, efficient operations, effective planning, and financial discipline.
A social entrepreneur can be a person associated with non-government or non-profit organizations that raise their funds through community activities and events.
Although most entrepreneurs are usually motivated by the potential of earning a profit, it doesn’t prevent an ordinary entrepreneur from creating a positive impact on the lives of other people in society.
How Social Entrepreneurs Take Action
Social entrepreneurship in modern times may be integrated with technology assets to provide more access to knowledge resources and widespread information.
A good example is providing high-speed internet connectivity to the remote communities. Another way people express social entrepreneurship is through the development of mobile apps that address the needs of the community.
This can include giving people ways to alert the city administrations about patterns of repeated traffic accidents, downed power lines, and burst water mains. Social entrepreneurs give voice to the community through technology by creating apps to report infractions that have been committed by law enforcement or city officials.
Why Has Social Entrepreneurship Gained Popularity?
Social responsibility is a differentiating factor in the age of heightened competition as it allows many organizations to appeal to certain buyer demographics.
Employees now have to make a choice on who they want to work for and most of them go for companies with high earning potential and strong missions. Financial pressures are worsening the existing social problems in the current economic crisis such as unemployment and poverty.
Social entrepreneurship is necessary as it mitigates the financial repercussions experienced today on the most vulnerable in the society.
The field of social entrepreneurship continues to grow rapidly and it attracts the attention of many volunteers who are willing to create a positive impact on society. It has now become a popular term in university campuses and various social media platforms.
The main reason why social entrepreneurship has grown in popularity is that people can get to execute an idea they have held on for so long. The social entrepreneurs combine their brilliant ideas and implement them to bring a significant change in society.