In the world of entrepreneurship, you must have come across the term ‘Social Entrepreneurship’ and wondered what it exactly is, if you were not aware of it. Social Entrepreneurship is increasingly becoming the new business model entrepreneurs are embracing. In fact, a Huffington Post revealed that 94% of the millennials want to use their skills and resources to pursue social entrepreneurship.
So how exactly does it differ from regular entrepreneurship, and what constitutes a social entrepreneur. In this article, we will be discussing the dynamics of social entrepreneurship, why it is important, and some examples of great social entrepreneurship companies or entities.
What is Social Entrepreneurship
The essence of social entrepreneurship is doing business for a purpose. It means tackling social issues through entrepreneurship. A social startup or business is not primarily concerned with profits. Instead, it measures success by how it is improving the world, dealing with social causes, or creating a difference. One key thing to note here is that social entrepreneurship is not the same as what a Non-Profit Organization (NPO) does or is based on. Unlike an NPO, a social business does earn a profit. However, the major focus is on creating a change.
If you look around, there has been a major rise in the interest of social responsibility and doing good in the world. Social enterprises are now seen as an example of success, combining commerce with a creating good change mentality. Issues related to education, hunger, poverty, and fighting climate change are highlighted and tackled through these businesses. The same formulae of innovating to come up with a unique solution to a problem apply here as well. However, the only difference is that the problem here is a social one.
The process up to launch is not that different to a regular startup. A social startup goes through the same steps of validating their idea, acquiring funding and the vision to scale. However, there is a slight difference. Social startups or businesses achieve their high minded goals by seeking out specific partners, philanthropic entities, and even government support. It is easier to find and get people on board that are operating in the relevant domain to back you.
What it means to be a Social Entrepreneur
Social Entrepreneurs are not that concerned with profits or personal gains. They are all about creating a massive difference around them through their work. Social entrepreneurs can start by focusing within their own communities, and then expanding to global platforms. The central idea is the same as a regular entrepreneur. The need for change is what mainly defines a social entrepreneur. However, that in no way means that a social entrepreneur ignores profit or funding, it is just not the primary concern for them.
Social entrepreneurs are enthusiastic about their lifestyle because they are doing what they are passionate about. Their career has a lot of meaning which brings them immense satisfaction. Being a social entrepreneur means that your business brings you lasting happiness. When you have a positive impact on the lives of people, and facilitate good change, it brings you happiness that is unparalleled to any other.
Having social impact built into your business model allows you to live your life on purpose. The most fulfilling goods and services are those that connect us in relevant ways to other people and help us live in concert with our values.