You all may heard the word social entrepreneurship.
There is a lot of talk about social entrepreneurship these days.
Some even say the future is all with the social entrepreneurship.
let us understand What is social entrepreneurship?
Social entrepreneurship is the use of start up companies and other entrepreneurs to develop, fund and implement solutions to social, cultural or environmental issues.
In a simple way
It is a business where a product is launched into market and profit is generated
In normal entrepreneurship this profit is used for wealth maximization
Where as in social entrepreneurship this profit is used to solve social,cultural or environmental issues.
a person decides to construct houses for poor people ,to do that he needs some money. To earn the money he will start a restaurant and the profit made is used to construct house. He even can provide employment through that restaurant. He is a social entrepreneur.
Who comes as Social entrepreneurs?
There is a bit confusion and lot more debates for which individuals or organisations can be considered to be social entrepreneurs. And there is no firm agreement for the definition of social entrepreneurship as there are different fields, organisation types, disciplines associated with social work.
Philanthropists, social activists, environmentalists and other socially oriented practitioners are often referred as social entrepreneurs.
And much more discussion finally some scholars restricted the term social entrepreneurs to organisations or individuals who rely on earned income, rather than income from donations or grants.
Difference
The difference between "entrepreneurship" and "social entrepreneurship", however, stems from the purpose of a creation. Social entrepreneurs seek to transform societies at large, rather than transforming their profit margin, as classic entrepreneurs typically seek to do. Social entrepreneurs use a variety of resources to bring societies into a better state of well-being.
As time changes and the world is evolving with new technologies social entrepreneurship changes its way of operating.
Many entrepreneurs operate through internet sources like social networking, websites and social media generating positive return to the society.
Because, the world of social entrepreneurship is relatively new, there are many challenges facing those who are into the field.
One of the main challenge is self sustainability.
As social entrepreneurs will not accept any donations or funds they should rely on their own income source.
people who were recognized as successful social entrepreneurs rely mostly on their own income.
Many social entrepreneurs are unknown to people as they operate on non- profit margins they will never be rich. So they are given less space in coverage. There are known to society when they were awarded with some prestigious awards.