Social entrepreneurship is a concept evolved in 1980, but firstly this word was used in literature in the middle of 1953 by H. Bowen in the book Social Responsibilities of The Businessman. Bill Drayton is known as the father of social entrepreneurship, after founding his Ashoka enterprise organization in 1980.
We can define social entrepreneurship as the working of any group, association, start-up company, or any particular that works for the environment at the basic level by raising funds, creating a solution, or searching for easy ways to survive in society. The work done such as raising funds for solving the cultural and environmental issues, or the issues associated with the welfare of society can be termed as social entrepreneurship. On the other hand, we can say any person or group who develops a facility that gives a positive result in their community, into the society, or environment is a social entrepreneur.
For example, any organization which aims at feeding hungry people and providing shelter to them. They may run a restaurant as a non-profit business, this raises money and food which indirectly helps them to get shelter for the homeless. Such organizations and the people doing it will come under social entrepreneurship.
In short, we can say that the most basic level of working or doing any business for the environment’s goodness, social cause, or for the public welfare, or any act which gives benefit to the society will be social entrepreneurship. In other words, we can say the entrepreneur working for the welfare of the society by raising funds or investing money is said to be following and supporting social entrepreneurship. The welfare of society may include raising the standards of living of those who need it and can’t afford it.
Who are Social Entrepreneurs?
They are individuals and self-independent businessmen, acting as agents who work for the betterment of society with the support of helpers or volunteers. Moreover, they connect people’s chains to get good changes in society.
A social entrepreneur attempts or tries to add innovation, opportunity & resourcefulness to critical environmental challenges and social issues. They do not count their success as in their profit. For them, success is how much they improve the society, environment, or world.
Therefore, a social entrepreneur is any group, groups, or a particular person who works for the welfare of the society by giving innovative and modern ideas, works, opportunity, basic requirement or health care or anything which directly or indirectly gives improvement or benefit to the society without gaining any self-profit.
How Do Social Entrepreneurs Work?
Social entrepreneurs work by connecting people and creating a chain to give maximum resources. For example, social entrepreneurs build orphanages in the local area for those whose parents die in a disaster or pandemic. Furthermore, they keep their worthy people as caretakers which directly give houses, jobs, etc. Also, it gives indirect opportunity to others like their local shopkeepers, vegetable hawkers, school canteen owners, and many more. Hence, these works help in the improvement of society.
Urvashi Sahni is on the top of the list of leading entrepreneurs in India. Urvashi was born on 22nd March 1955, is a great educationist and social entrepreneur, the Founder and Chief Executive Officer of Study Hall Education Foundation (SHEF). The main purpose of her start-up was to provide education to all women in India.
How to Be a Social Entrepreneur?
A CLEAR PROBLEM
Without it, any social entrepreneur is incomplete because a good problem or issue always produces a great solution. So, you should be clear about what problem you want to remove from society.
Always seek the people who are best in their field. Choosing skillful people for business is the basic thing to run any organization either profitable or non-profitable. Skillful people or experts could make or break your chain which is drawing you down. Therefore, if all people only do what they know finely, all things will be fine because not knowing something and blaming others is the basic thing that beginners do.
Let me be clear, a helping hand is the most necessary part of social entrepreneurship. Without a volunteer and mentor, you can’t take a step further, because a supportive mentor will tell you what good things are going on. And a volunteer will do the work anyhow.
Always be polite and never lose to getting a suggestion and feedback. If you want to be the best social entrepreneur, then be ready for other people’s suggestions every time.
The legal structure of your social business could affect governance, tax, rule & law, investors, and partners. If your intention is good but without a proper legal plan or structure, you won’t be able to go for it. It prevents you from many other hurdles of your work as a social entrepreneur. Thus, analyze your idea, review your plan, then work for its legal body to get it in work according to the law.
Only a good working plan can tell what result will come out in the end. Without a proper or best plan, you will have to face defeat. With a good plan, a social entrepreneur could help society not only in entrepreneurship but in every area.
A good business plan could define the following:
- Your aims
- To do work
- Working strategies
- Successes ratio and probability
- Your efforts
One of the greatest challenges for the social entrepreneur is getting or finding the resource of money to start work. The main struggle in social entrepreneurship is that an entrepreneur has to engage investors or fund givers.
Types of Social Entrepreneurship
The main purpose of this entrepreneurship is to provide good work without profit. Any organization that uses its income or revenue to obtain its mission of helping the society in place of distributing its revenue for origination profit comes under non-profit social entrepreneurship. The non-profit social entrepreneur puts all money towards solving the issue of the society without earning profit.
Bill Drayton, Mark Koska, Urvasi Shani, Agastya Foundation, Akshaya Patra Foundation are the few leading examples of non-profit social entrepreneurs.
In this entrepreneurship, entrepreneurs measure their execution by using business metrics like profit, income, or revenue. These entrepreneurs want to earn their profit along with benefiting society. For example, a for-profit social entrepreneur makes a public toilet in the slum area and keeps it at the lowest price for the public.
Microfinance is the leading organization that provides banking services to low-income, or unemployed individuals or groups.
Social Entrepreneurship for the Youth
It is not wrong to say that youth are the backbone of society. They are the only reason to bend the environment in any direction. Youngsters as social entrepreneurs could reduce the issue and can focus on making a much-unified labor market that would have a good place for all. In youth, people who want to change the atmosphere could get more in social entrepreneurship than in the other way of working. In addition, social entrepreneurship is for the youth because their way of thinking is modern and modified.
What is Ashoka?
Ashoka is a multi-level international non-profit organization, which tries to promote social entrepreneurship. Their main aim is to shape the world and act like a change-maker. It was inspired by Mahatma Gandhi and got the name after the Mauryan emperor Ashoka the Great. The organization claims that it is not accepting money or any values from any government. Bill Drayton is its Chief Executive Officer and Chairperson.
We all are familiar with Bill Drayton, who was born in 1943 in New York. He founded social entrepreneurship at a young age. As a student, he founded the base of the great organization, Ashoka Enterprise on 3rd June 1980. He pioneered the area of social entrepreneurship, upgrading global associations of over 3900 leading social entrepreneurs and volunteers who come together to make the world easier.
Difference Between Social Entrepreneur and Business Entrepreneur
This question always comes to our mind: what is the difference between a social entrepreneur and a business entrepreneur?
So, the answer is that social entrepreneurship mainly focuses on the benefit of the society, and solving the issues associated with the society by taking a stand or investing their money. Social entrepreneurship can either be non-profit making entrepreneurship or profit-making entrepreneurship. They aim to make an opportunity, products, job, food, medication, or anything which would benefit the society.
On the other hand, business entrepreneurship mainly focuses on their welfare as well as the welfare of society. Their aim of working is to earn profits. Therefore, they want to generate money from the work they are providing.
How will Social Entrepreneurs Change the World?
Social entrepreneurs have the power and ability to help the environment and society. They work to give innovative ideas which impact the world with discipline, innovation, and determination of their works. Moreover, their innovations may improve the standard of life by creating the easiness of wealth. Therefore, social entrepreneurship affects directly or indirectly their surroundings which make the world better day by day. This process can be slow but is continuous. Further, social entrepreneurs can change the world by giving opportunities and platforms to those who want to work. And, they can also provide food and shelter to the needy.
Thus, this was all about social entrepreneurship. Hope you like our blog. Stay tuned with BloggerBunny for such more informative blogs. Meanwhile, read our blog “Corporate Entrepreneurship”.