Social Entrepreneurship: Everything You Need to Know

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Social entrepreneurship is an approach made towards the betterment of society. Any individuals, groups, start-up companies or entrepreneurs can be a social entrepreneur if they make an effort towards this approach. Here entrepreneurs can be creating, funding, and implementing solutions towards social issues. Social Entrepreneurship isn’t just for monetary gain, but, is also for centralizing on the welfare of the society.

Entrepreneurship and Social Entrepreneurship

Social Entrepreneurship

We often misinterpret the term entrepreneurship with social entrepreneurship. But, both the term plays a very different role in our lives and society. We commonly like to believe that self-made person that donates to some NGO is a social entrepreneur. While this is not true. Because, when an individual contributes their time and effort on doing something that contributes to the betterment of the society and its people, then this process can be coined as social entrepreneurship.

This concept suits a wide range of organizations, which vary in size, aims, and beliefs. Social entrepreneurship can be of various type Some of the examples can be a community Project, Non-profit Organization, Co-operative (Co-op), Social Enterprise, Social Purpose Business and more. As long as the company or the individual serves for the welfare of the community and work on addressing the societal issue the start-up business or the workplace serves the purpose of a social entrepreneurial organisation.

Qualities of a Social Entrepreneur:

Distinguishing between a business or individual as a social entrepreneur or social entrepreneurship is a very selective and definitive term. Here are some qualities that can be found on social entrepreneurship. If you find a business or individual working for or because of the following reason, then, you can consider them a social entrepreneur.

  • Working for the community: If an individual/group started a business for the community and work on addressing its problem while also making income for itself then you can recognize it as Social entrepreneurship.
  • Having a goal towards the Society: For this, we can take Facebook, it is a platform that made the world a smaller and approachable place. It made communication and reaching out easier and faster. So, it had a goal towards the society and Mark Zuckerberg is considered a social entrepreneur for creating Facebook.
  • Making a goal out of your passion that can influence change: If you are passionate about making a change in the society by any mean then you can be a Social Entrepreneur. It can be in any way either feminism, standing and fighting against norms and values and creating an organisation to work on that cause or anything that can help the people and humanity. That very work can be considered social entrepreneurship.

Similarly, if you are someone who is keen towards creating something for the interest and development of your community or world then you can also be a Social Entrepreneur.

Also Read: Why Entrepreneurship in Nepal? An Event for Youths & Aspiring Entrepreneurs

Pros and cons of Social Entrepreneurship

Being a Social Entrepreneur or an entrepreneur is not an easy task. It takes a lot of work in general and has both pros and cons to it. Some of the pros and cons of being an entrepreneur in either social or anyway are:

Pros

  • It can create enduring employment
  • Can prompt social change
  • Proves to create innovative solution
  • Creates Holistic space to work on
  • Contribute the society and brings Change
  • Develops great leadership skills

Cons

  • Shortage of funding.
  • Success can be hard to get.
  • Social factors can sometimes act as a barrier.
  • Hard to earn name and prestige.
  • accountability should be maintained.

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