What is social entrepreneurship ?

What is social entrepreneurship ?

What is social entrepreneurship ? It is usual to hear about social entrepreneurship because it is nothing but an initiative that solves problems and brings about a positive change to society. I still remember the beautiful words of Bill Drayton, a famous social entrepreneur and founder of Ashoka, about the work of social entrepreneurs: “Whenever society is struck or has an opportunity to seize a new opportunity, it needs an entrepreneur to see the opportunity and then to turn that vision into a realistic idea and then into a reality and spread the new pattern all across society.” We need such entrepreneurial leadership at least as much in education and human rights as we do in communications and hotels. He says this is the duty of social entrepreneurs.

To be very simple, when an individual or a group of people work together to solve a problem or cause of a problem prevailing in society, by starting social ventures, non-government organizations, or non-profit businesses, including charities and orphanages, it doesn’t matter whether it is large scale or small scale, it matters that there is a positive change in someone’s life. This is the theme of social entrepreneurship.

The best-known example from India to which you can easily relate is Urvashi Sahni, founder and CEO of the Study Hall Education Foundation (SHEF). Harish Hande, CEO and Founder of Selco. Jeroo Billmoria, supervising several NGO’s. Anshu Gupta, founder of Goonj. Sumita Ghose, founder of Ashoka Changemakers. There are several other social entrepreneurs who work for the betterment of society. I think it is all clear about, What is social entrepreneurship? and there are various types of social entrepreneurship. A few categories are

1.           Global Social Entrepreneurship

This is large-scale social entrepreneurship, where the social entrepreneurs think in a wider way to rectify the problems worldwide. It’s not possible to change the world with one hand. These types of enterprises join hands and collaborate with other organizations that work for a similar cause in various parts of the country or regions. Moreover, it is a network that supports early-stage social entrepreneurs and teaches them. This network concentrates more on supporting people who thrive on becoming social entrepreneurs. It supports the existing organizations to become sustainable and effective.

2.           A Non-Profit Social Entrepreneur:

These entrepreneurs follow the reinvesting process. They put their profits, along with the initial amount they invested, into the cause. If they start a project to educate kids from underprivileged backgrounds and they have received more funds than they need, they will expand their portfolio and use it to educate underprivileged women. Many enterprises choose this type of entrepreneurship to increase social goodwill.

3.           Social Entrepreneur in the Community:

Even though they work for a wide variety of causes, they work within a community. It is a small-scale initiative that can be run by a group of college students to teach the underprivileged kids in a town or any other plantation for social goodwill. Food distribution services during natural calamities and pandemics, initiatives to safeguard the environment, etc. can be easily done by these types of entrepreneurs.

4.           For-Profit Social Entrepreneurship:

This type will be preferred by people with both a social care and a business mindset. These businesses focus on profits first but donate funds and raise awareness about any social cause.

5.           co-operative:

This is not like the above-mentioned types; it is a union’s attempt to start a business that works for the members within that union. Community grocery stores and REI are examples of co-operatives.

To become a social entrepreneur, you should have the following characteristics:

•            Leadership quality is a must: These organizations could not function without the assistance of teams and groups. An inspirational leader is a must to support them in every cause and motivate them.

•            Multitasking: In this field, you can’t drive in a single lane. More than motivating your team, you should also be involved in many activities. Only a multitasking leader could be sustainable for a long time.

•            Working with a wide range of people and organizations will help you reach many heights, which will help you attain success in your initiatives.

•            Make sound decisions because they may have an impact on people’s lives. Analyze the situation and make rational decisions to help people worldwide.

Never confuse social entrepreneurship with business entrepreneurship. They are totally different from each other. If you are interested in knowing the difference between the two, you can click the link to have an overview.