Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. Social entrepreneurship has been defined as entrepreneurship with a social goal.
Social enterprise represents a business established for a social purpose, to create positive social change; it is, fundamentally, about using a market-driven business model to address key social and environmental issues. It is an emerging field with diverse and shifting interpretations. Social enterprises are independent businesses, autonomous of state/government control. They are owned and controlled in the interests of the organisations social/environmental mission. Social enterprises should earn at least 50% of their income through trading, rather than through grants or other funding.
Social entrepreneurs have been regarded as change agents. A successful social entrepreneur does not just have a good idea — they also have the practical business knowledge to turn that idea into a reality. A social entrepreneur’s solution considers market demand and research, finances, resources, and the restrictions and opportunities in their community and country.
Types of social entrepreneurs
- The Community Social Entrepreneur
- The Non-Profit Social Entrepreneur
- The Transformational Social Entrepreneur
- The Global Social Entrepreneur
Remember, there can be no social mission without money, but the first goal of SOCIAL ENTREPRENEURSHIP is mission.