Reproduced from: Grant 2010
There are grave flaws with the idea that entrepreneurship is similar to social entrepreneurship due to the fact that both of them have different denifitions which bring the meaning and clarify distinctions based on several academic research.
Entrepreneurship, as a field of a business, seeks opportunities to “create something new, new products or services, new markets, new production processes or raw materials, new way of organizing existing technologies arise and are discovered or created by specific individuals, who then use various means to exploit or develop them, thus producing a wide range of effects’. (Roberts, D & Woods, C 2005). On the other hand, social entrepreneurship is defined based on the five elements which are known as creating and sustaining a social value by adopting a new mission, serving that mission by pursuing new opportunities, a process of continuous innovation is engaged, ‘acting boldly without being limited by resources currently in hand, and exibiting a heightened sense of accoutability to the constituencies served and for the outcome created’( Gregory Dees 1998).
Differences between entrepreneurship and social entrepreneurship will be analysed.According to Roberts and Woods (2005, p.50) “Social entrepreneurs are motivated to address a social need, entrepreneurs a financial need”. This can be explained why financial results will be a measurement by entrepreneurship. Indeed, an ability to generate more or less profits to the owners will be determined for the success or failure of the company.On the other hand, the concern of social entrepreneurship not only the profit they earn but also the social returns as the profit will be reinvested for a new mission. It is of tremendous important to understand that the way of solving social problems of entrepreneurship and social entrepreneurship is denifintely different as the former is known for indirectly way and the latter applies the direct way....