Social entrepreneurship is an idea quickly gaining popularity. The purpose behind social entrepreneurship is to bring together the best parts of NGOs and the best parts of businesses to make real and lasting impact in innovative ways. But what does this mean in practice?
What is social
All humans are social beings, interacting and cooperating with each other to achieve common goals. The “social” part of social entrepreneurship refers to helping other people. Historically, NGOs are the most directly involved in this goal but often run into difficulties with innovation, management, and sustainability.
What is an entrepreneur
An entrepreneur is an innovator who optimizes available resources and adopts new strategies to start a new business. Entrepreneurs are thought to have the business mindset necessary to find opportunities in places previously overlooked. Entrepreneurs play a crucial role in the economy. They intend to bring new innovative ideas to market.
Combining to make social entrepreneur
Social entrepreneurship applies the tools of business accompanied with empathy to address the prevalent issues in the society. Social entrepreneurs focus beyond generating a profit- they also measure their business performance in terms of social impacts. By foregoing some profit in return for greater social impact, social entrepreneurs can achieve in areas previously very difficult for NGOs or businesses to work in. Not every businessperson is a social entrepreneur, nor do all social entrepreneurs require a profit motive. Unlike Corporate Social Responsibility programs, which are often just side-projects of a larger core business, social entrepreneurs have social responsibility baked into the core of their business strategy.
Examples of Social Entrepreneurship
Examples of social entrepreneurship include micro-finance institutions, educational programs, providing banking services in remote areas, etc.
Or building orphan center such as Maggie Doyne, 2015 CNN Hero of the Year, founded the Kopila Valley Children’s Home and School in 2007, where 300 orphan children are having a better education with proper love and care.
FundsforNGOs is also an example of a social enterprise by providing free and low-cost fundraising intelligence services to NGOs in developing countries.
The ultimate goal of social entrepreneurs is not only to earn a profit but rather to benefit all surrounding beings in a sustainable way. Social entrepreneurs are change makers who are clear with their visions to bring positive changes in the society. They are persistent and obstinate to achieve their missions. They create social innovations to fund their work stepping on their core programs.