entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues.[1] This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs.[2] For-profit entrepreneurs typically measure performance using business metrics like profit, revenues and increases in stock prices. Social entrepreneurs, however, are either non-profits, or they blend for-profit goals with generating a positive "return to society". Therefore, they use different metrics. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector[3] in areas such as poverty alleviation, health care and community development.

 

At times, profit-making social enterprises may be established to support the social or cultural goals of the organization but not as an end in themselves. For example, an organization that aims to provide housing and employment to the homeless may operate a restaurant, both to raise money and to provide employment for the homeless.

 

In the 2010s social entrepreneurship was facilitated by the use of the Internet, particularly social networking and social media websites. These websites enable social entrepreneurs to reach numerous people who are not geographically close yet who share the same goals and encourage them to collaborate online, learn about the issues, disseminate information about the group's events and activities, and raise funds through crowdfunding.[citation needed]

 

In recent years, researchers are calling for a better understanding of the ecosystem in which social entrepreneurship exists, and social ventures operate[4]. This will help them formulate better strategy and help achieve their double bottom line objective. entrepreneurs can include a range of career types and professional backgrounds, ranging from social work and community development to entrepreneurship and environmental science. For this reason, it is difficult to determine who is a social entrepreneur. David Bornstein has even used the term "social innovator" interchangeably with social entrepreneur, due to the creative, non-traditional strategies that many social entrepreneurs use.[10] For a clearer definition of what social entrepreneurship entails, it is necessary to set the function of social entrepreneurship apart from other voluntary sector and charity-oriented activities and identify the boundaries within which social entrepreneurs operate.[11] Some scholars have advocated restricting the term to founders of organizations that primarily rely on earned income (meaning income earned directly from paying consumers), rather than income from donations or grants. Others have extended this to include contracted work for public authorities, while still others include grants and donations.

Last Updated on: Nov 24, 2024