Social Entrepreneurship is one of the many categories in the field of entrepreneurship that has evolved with time. It has become more diverse and varied. Experts have created many categories under the umbrella term Entrepreneurship. Every business falls under one or the other category based on its business approach, the product it sells, or its impact on society. One such category is Social Entrepreneurship about which you will find below:
1. In simple terms, social entrepreneurship is an approach by businesses, individuals, or startups in which solutions to social or cultural issues are developed, funded and implemented.
2. It is a broad term, and it may encompass a wide range of businesses, both big and small. They may also vary in their aim and beliefs.
3. Social entrepreneurs are different from for-profit entrepreneurs. An average for-profit entrepreneur focuses on profit, revenues and stock prices. These are the metrics through which a for-profit entrepreneur measures business.
4. A social entrepreneur, on the other hand, may run either a non-profit business or a business that generates profit while “returning something to society” at the same time.
5. They are generally associated with the voluntary sector. Furthering environmental, social and cultural goals is the primary goal of a social entrepreneur.
6. Businesses in the health care sector or community development, such as schools, fall under social entrepreneurship.
7. Sometimes, profit-generating social enterprises are established not for individual gain but for community development. The generated revenue goes to the betterment of the community.
8. Social media popularized social entrepreneurship in the last decade. Using social media platforms, social entrepreneurs can reach out to numerous people, even people in other countries, to generate support for their cause.
9. Opening a restaurant with homeless people as employees will not only provide them with employment but a step forward in removing their “homeless” status.
Social entrepreneurship is a relatively new field. It showcases how social media can be used to effectively promote businesses and garner support for a cause. Since it is a new field, it is being heavily studied by researchers and experts alike.
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I am Rakshit Aswal, a recent graduate of English Hons. from University of Delhi. I like to play videogames and read books while on my pursuit to experience amazing stories.