Social entrepreneurship has struck an extremely receptive chord and it’s a concept that is very well suited for the current business era. While this phrase can mean different things to different people, to fully comprehend this concept, we need to understand who a social entrepreneur is.
The business field realized a long time ago that there is, arguably, nothing as potent as a new idea in the hands of a first rate entrepreneur. Social entrepreneurs are people who propose innovate and creative solutions to some of the most pressing social problems and these individuals are determined, persistent and extremely dedicated to this cause. Instead of the leaving societal requirements solely under the responsibility of the government of business sectors, social entrepreneurs take a close look at what’s not working, how to solve the problem by changing the system, spreading word about the solution for it and encouraging societies to move in different directions. To do this, they have to be extremely possessed with their ideas and they should be willing to commit their entire lives to changing the course of this field. This factor alone makes social entrepreneurs devoted visionaries but they are, at the same time, realistic individuals who are also concerned about the practical implementation of their mission. Doing this is no easy task, which is why they present understandable, ethical ideas that will generate widespread support. In short, the are the role models who are the walking examples of citizens who dedicate themselves and transform their ideas into actions and can achieve practically anything.
The foremost defining aspect of social entrepreneurship is the existence of a social problem that is in the foundation of a venture’s process and goals. While at the heart of a commercial enterprise is an economic opportunity, social-environmental issues are of the center of social ventures and this provides a viable opportunity for social entrepreneurs to recognize social needs and understand market failure. In commercial entrepreneurship, the by-product of the economic value that is created in social wealth and in social entrepreneurship, the primary focus is on social value creation.
The second building block of this theory is entrepreneurship. A very common misconception many people hold is that every business owner is an entrepreneur. However the fact is that entrepreneurs innovate and they do this in a number of ways. For example, they invent something or apply an existing innovation into a new situation in a new way. In short, their innovations appear in how they arrange their programs and how they establish their resources to fund their work. Being able to expand our ideas and innovate is the essence of entrepreneurship. The same applies for social entrepreneurs as well- they identify social problems are attempt to solve through innovative solutions.
Business ventures that have a social purpose, such as hybrid organizations and non-profit community developments, have two major building components which includes social mission and innovative entrepreneurship activity. Driven by social innovation, social entrepreneurship has helped transform various fields such as health, environment, education and enterprise development. With a huge goal to alleviate poverty with entrepreneurial passion, this concept encourages innovative practices that will go on to build sustainable organizations.