Over the past few years, there has been a noticeable rise in the number of entrepreneurs and popularity of the startup field as a whole. Successful entrepreneurs often create exciting innovations that enhance the way we live. While entrepreneurs commit to achieving their financial goals, they create more jobs and opportunities that help their industry and community to flourish. However, a global trend has emerged for social entrepreneurship that has created social value alongside the economic value created by traditional entrepreneurship. Social entrepreneurship strives to combine the heart of business with the heart of community through the creativity of the individual.
What is Social Entrepreneurship?
Social entrepreneurship is an approach by start-up companies and entrepreneurs where they combine business practices with their passion toward solving social issues. Social entrepreneurs are not only concerned with profits, but their success is also defined by how they positively impact the world. Unlike non-profit organizations, social enterprises aim to earn profits while focusing on the social and/or environmental impact created in the process.
What are the Key Qualities of Social Entrepreneurs?
Social entrepreneurs are a different kind of social leaders who apply practical solutions to social problems by combining innovation, resourcefulness and opportunity. They innovate by finding a new product/service to a social problem, focus foremost on social value creation, and are fully accountable to the communities they serve.
We could say that social entrepreneurs have four main qualities in common: creativity & innovation, entrepreneurial personality, urge for creating social change, and ethically-driven values such as dignity, access to opportunity, accountability, transparency, equality, and empowerment. Moreover, another defining characteristic of social entrepreneurs is being open to learning. As they are constantly trying to create a more effective solution to address a poorly met need.
Reasons why Social Entrepreneurship Matters
1. Inspirational Source of Impact
Social enterprises fulfil a pressing desire to work with purpose and align people’s efforts with their values. Thus, proving that doing good and giving back to the community can be turned into a viable and sustainable business, opposing to the notion that working for a cause can only be charitable and non-profit. Through their work, social entrepreneurs actively enrich the quality of our lives.
2. Creating social & economic value
Social enterprises aim to solve social problems by exploring new market opportunities more responsively & responsibly than a traditional business. Social enterprises have more freedom to offer an alternative solution to fulfil the needs of its customers effectively while creating profits.
3. A social mission to make the world a better place
Social entrepreneurship matters because it maximises social benefits, using monetary profit as a means to accomplish people-centred goals, while going by the motto “Do Well by Doing Good”.
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