Guide to Social Entrepreneurship

With the growing needs of accountability and responsibility from companies, many business models have been resurfacing lately to resolve the social problems. Social entrepreneurship is a unique concept because its motive is not to seek profit but to contribute to social justice, nation-building, environment protection and many other objectives. rnWhat is Social Entrepreneurship?rnSocial entrepreneurship has way deeper meaning than the usual corporate social responsibility that most corporations employ. Its essence lies in helping but it does not only rely on the external charity. This game changing business model adopts a new formula for success- combining capitalism with good deeds mentality. When social mission marries business discipline, social entrepreneurship takes birth. While businessmen work for their aim to create market for their products with the sole purpose of making profit, the social entrepreneurs work for their community and make every effort to face the challenges and bring about positive change. rnThere are some basic characteristics which are common in every social entrepreneur – sustainability, reach, innovation, social impact, healthy impatience, feedback hungry and values monitoring and measuring.rnTypes of social enterprisesrnSocial enterprises can be broadly classified into three-rnHybrid non-profitrnFunds are primarily used to support its operations and causes. Apart from grants from the private sector, funding comes from government and market failures.rnLeverage non-profitrnUses traditional way to face the challenges and tackle the issues. Incorporate innovative ways to fulfil and aim.rnSocial business venturernUses set-up businesses in line with the enterprise to support its initiatives. rnDifference between social entrepreneurship and commercial entrepreneurship rnThe major aspects which differentiate a social entrepreneurship from a commercial entrepreneurship are-rnGoal/objectivernGreat impact and sustainability are the two priorities of social enterprises and profit takes the back seat. On the other hand, commercial enterprises are only after money and their expectations always revolve around profit. The needs of society come secondary when enough money is earned. They always focus on the surplus which can be spent on the corporate social responsibility.rnCreation of wealth rnWhen we talk about money, commercial enterprise takes all its endeavors to gratify the needs of customers so that profit comes rolling in. On the other hand, Wealth is not a primary concern for social enterprise but it uses it to support its causes.rnWhy social entrepreneurship is the new business model-rnMotivation is the ultimate factorrnThe biggest requirement of any business to reach the zenith of success is doing something which keeps one motivated. When it comes to social enterprise, making a real and lasting impact on people’s lives is what keeps one going.rnClose connection with your life purpose rnSocial motives give your life a real purpose to achieve. There is no better way to serve the world selflessly. rnOpens the world of happinessrnWhen you help others to find their life purpose, you feel an internal satisfaction that cannot be compared with any happiness of the world. Even the projects and programs are also designed keeping in mind the real purpose of the organization.