Social Entrepreneurship

As per the definition social entrepreneurship is the work of social entrepreneur. A social entrepreneur (entrepreneur in French means “one who takes into hands”) is one who recognizes the social need and bring the change. Social entrepreneurs correctly defined by French economist Jean- Baptiste “who shifts economic resources out of an area of lower and into an area of higher productivity and greater yield”. They act as a catalyst and hasten the social progress. Thus, they are the change maker or change agents or social innovators, who solve the social problems.

In last 3 decades the social sector has developed a lot and had attracted a lot of dedicated and committed people who share a single vision of social development. The language of social entrepreneurship may be new, but the phenomenon is not new. Social entrepreneurship is not charity. It is not something like feeding with but it means empowering or preparing the people to feed them. Social entrepreneurs encourage, educate, train and empower the beneficiaries to develop skills and direct them to solve their problems. They consider the social problems as challenges and opportunities for social uplifting. It is not necessary that all social entrepreneurs or organisation have no profit objectives rather they generate the income along with social change and use the profit for community building or for further activities. It is not just fund raising rather it is fund development. For e.g Md Yunus, a noble prize winner, from Bangladesh who founded Grameen Bank, innovated the concept of micro financing for poor and beggars. The Grameen bank is For profit organisation but its objectives are to develop the rural and poor community also helping the poor to avail finances for their own development. Social entrepreneurs identify the needs and problems of society or community, innovate the sustainable solution, accept the problems as opportunity and bring the change in the society. The solution or model is sustainable, cost effective and replicable.

Flow chart of entrepreneurship

Recognition of Social needs and social assets and resources
Innovative, sustainable and productive ideas
Business model and operating strategy
Use of opportunity Social outcome and impact

Characteristics of Social Entrepreneurs

Creative and innovative
Pursuance
Leadership
Focus
Dedication and committed
Passionate
Value of long term consideration over short term
Strong ethical and human values
Wiliness to Self correct

Benefits of social entrepreneurship

• SE generates the social economy by working with the disadvantaged, poor and underprivileged group. Empowering them with training and providing opportunities to them improves the overall capital generation of a society.
• Social entrepreneurs innovates a solution which is cost effective and which can address a larger group. Hence, it reduces the Govt efforts and capital. Sometime the creative idea even accepted by Govt or Authority as a law or policy.
• Since, social entrepreneurship is a business with a triple bottom of social change; it provides employment to people in this sector.
• Overall the objective of social entrepreneurship is to develop community so, it hasten the development of a sustainable and healthy community

Difference between the business entrepreneurship and social entrepreneurship

The business and social entrepreneurs are not opposite or against to each other the difference exists in 3 words, the vision, objectives and triple bottom line. For a business entrepreneur the vision is profit generation, objective is financial development and bottom line is benefits and business networking. In case of, social entrepreneur the vision is community development, objective is development of resources and bottom line is quality of life of people or benefits of people. For business the financial returns matter where as for social entrepreneurs it is social return that matter.