What is Social Entrepreneurship?
A social entrepreneur is a person who pursues novel applications that have the potential to solve community-based problems. These individuals are willing to take risk and effort to establish positive changes in society through their initiatives.
Social entrepreneurship is, at its most basic level, doing business for a social cause. They don’t measure their success in terms of profit alone; success to social entrepreneurs means that they have improved the world.
Definition Of Social Entrepreneurship:
As per Google say,
Social entrepreneurship is an approach by start-up companies and entrepreneurs in which they develop, fund, and implement solutions to social, cultural, or environmental issues. This concept may have to pertain to a wide range of organizations, which vary in size, aims, and beliefs.
According to Shopify,
Social entrepreneurship is doing business for a social cause. It might also be related to altruistic entrepreneurship.
Importance Of Social Entrepreneurship:
Let us tell you some valid reasons why social entrepreneurship is essential, as mentioned below:
- Social entrepreneurship is important because it is a defensible business model which means to acquire sustainable emergence through environmental problems.
- Social entrepreneurship is also chief because of its approach by start-up companies and entrepreneurs in which they generate, fund, and enactment resolutions to social, cultural, or environmental concerns.
- Social entrepreneurship is a commercial association that has precise social objectives that avail its primary meaning.
- Social enterprises dig out to enlarge profits while extending benefits to society and the environment. Their incomes are principally used to finance social programs.
- Social entrepreneurship has proved to be vital because it offers a scheme for businesses to find their success in the conflict of helping others. It’s a constant source of motivation for employees, which is progressively cynical about the traditional corporate work environment.
- An economically notable value that social entrepreneurship originates is the most apparent one because it is divided with entrepreneurs and businesses alike job and employment development. Social enterprises generate and apply deviation significant to social and economic development and promote new goods and services.
Types of Social Entrepreneurship
Take a closer look at what kind of Social Entrepreneurship exists in our market.
- Community-based organization.
- Non-profit Organization.
- Co-operative (Co-op)
- Social Enterprise.
- Social Purpose Business.
Characteristics Of Social Entrepreneurship
Any business faces ups and downs, so does social enterprise. Social entrepreneurs know that they must have to follow several steps before achieving a point of success.
And they don’t stop at that point. Instead, they keep making a difference socially and bring a positive difference.
Social entrepreneurs are found around the world and in every industry, but the characteristics that make them successful are similar no matter their location or innovation.
- Practical Business Knowledge
- Creative And Innovative
- Creative Mind
- Always motivated
Social Entrepreneurship Example
There are several ways you can go about searching for social enterprise examples. Seeing examples of social enterprise in action is one of the best ways to get inspired for what you might want to create.
Examples of social entrepreneurship include,
- Microfinance institutions
- Educational programs
- Welfare Programs
- Banking services
Their efforts are connected to a notion of addressing unmet needs within communities that have been overlooked or not granted access to services, products, or base essentials available in more developed societies.
Scope of Social Entrepreneurship in 2020
Youth unemployment will remain persistently high in 2020, but the great success stories will be coming from social enterprises working with those most eliminated from the jobs market, generating new jobs for draw-backed people and in areas of poverty and deprivation. In many areas, the only tasks that subsist will be those made by social enterprises. It is in this area that we can presume to see young people commanding the solutions themselves, through high impact businesses.
There will be a new flow of environmental entrepreneurs in future years, mounting up and running social enterprises to intercept the issues of water, energy, and climate change. They will offer practical leadership, escalating operative practice across Europe and beyond, supplying global solutions while governments negotiate over short-term national interests. And the success of these social enterprises will not be guarded purely in terms of their social outputs, or financial sustainability. It will be studied in part by how efficient they are at developing an environment where an accurately exceptionable for-profit sector can wield and at paving the way for effective government action.
The term ‘social enterprise sector’ may not be recognised by 2020. But the concepts and ideas of social enterprise will be spreading rapidly into all corners of society. All organisations, whatever their ownership model, will be judged on a spectrum of social impact.
Top 5 Social Entrepreneurs
These leaders can successfully grasp social issues while generating profit for shareholders at the same time. Widespread usage of ethical practices such as impact investing, conscious consumerism, and corporate social responsibility programs facilitated the success of social entrepreneurs.
Social entrepreneurs can truly be socially and environmentally conscious. Here are a few top most successful social entrepreneurship examples:
Muhammad Younus :
In the world of top social entrepreneurs, you can never skip the name Muhammad Younus. He is the founder of Grameen Bank, an institution provides microcredit loans to those who are in need to help them formulate financial self-sufficiency. It founded in 1983, and the bank has brought in a net income of more than $10 million. Notably, his work with the organization landed him a Nobel Prize in 2006. Muhammad Younus has quite literally written the book on social entrepreneurship, sharing his expertise in micro-finance and social capitalism through some books.
Shiza Shahid is the co-founder and global ambassador of the Malala Fund. She manages the business operations for Malala Yousafzai, the teenager who became the youngest winner of the Nobel Peace Prize in 2014. Like Malala, Shahid was born in Pakistan. She initially reached out to Malala in 2009 and worked to organize a camp for her and other Pakistani girls. In 2012, Shiza flew to Malala’s bedside after she was targeted and shot by the Taliban for promoting education for girls. Inspired by Malala’s desire to continue campaigning for gender equality and education, Shahid decided to help Malala strategize her campaign.
Soon after, the Stanford University grad leads the creation of the Malala Fund, which helps empower women and girls, by advocating and spreading access to education.
Ibrahim Abouleish is the one and only who founded the comprehensive development initiative SEKEM. The organization began using biodynamic farming methods in Egypt, successfully demonstrating a model for sustainable agriculture in arid desert lands without requiring irrigation. Abouleish later expanded SEKEM to include a Waldorf school, a medical center, various businesses, and adult education initiatives ranging from vocational training to the establishment of Heliopolis University. Abouleish has also played a major role in developing new chemical-free methods to process cotton and developing Egypt’s first private pharmaceuticals company. His business has been so successful that experts and ideas from it are being exported to South Africa, India, Palestine, Senegal, and Turkey.
In 2003, he was awarded the Right Livelihood Award for “a 21st-century business model which combines commercial success with social and cultural development.” Later, he was also selected as an “Outstanding Social Entrepreneur” by the Schwab Foundation in 2004.
Akhtar Hameed Khan:
Akhtar Hameed Khan is one of the top successful social entrepreneurs globally. His dedication and activism in developing rural communities in Pakistan earned him a nomination for the Nobel Prize. Two of Khan’s most major projects during his life were the Comilla Cooperative Project and the Orangi Pilot Project. The Comilla Cooperative aimed to build local infrastructure in rural communities while also helping businesses grow through micro-finance initiatives. It would ultimately be unsuccessful but would be a major learning experience for Khan as he would move on to other projects, including Orangi. In contrast to Comilla, the Orangi Pilot Project would be quite successful, helping a squatter community solve their problems with sanitation, health, and housing while offering micro-finance, education, and family planning. Some aspects of Khan’s plan are still in use today in areas all over Karachi.
Indian social activist and entrepreneur Sanjit “Bunker” Roy has helped thousands of people in Asia and Africa to learn vital technical skills and bring solar power to remote villages. He founded the Barefoot College, an organization that specializes in educating illiterate women from poor communities on how to become doctors, engineers, and architects. What’s more impressive is that each of the college campuses is solar-powered and often built and designed by former students.
Roy’s purpose wasn’t to make a profit for himself but to help improve the economical production and quality of life of women throughout his native India (though some aspects of the project have spread to Africa as well). With women leading and running most of the Barefoot College’s operations, it’s clear that he’s been pretty successful in achieving that goal.
Why do we need Social Entrepreneurship?
Social Entrepreneurs have much to deliver to society. Their donation to the welfare of society is of a high order. In a world full of greed, we need more social entrepreneurs for its development and growth. A social entrepreneur contributes to the community in many ways, financially and socially. Social entrepreneurship is more than an economic activity. It offers organizations positive world-changing solutions at a time when we require them. Social entrepreneurship is this worlds’ need because it extends social benefit. When they become successful, they inspire social development. They pay out part of their wages in the enlargement of the delivery of needs of needy people. They put money into growing natural resources. They inspire young people to become accountable for their duty towards the nation.