Social Entrepreneurship

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HOW CAN SOCIAL ENTREPRENEURSHIP CONTRIBUTE TO SOCIETY?

Of late we have witnessed that many philanthropic and governmental institutions have failed to achieve the desired goals and outcomes. The social sector has been seen to be afflicted with the stigma of inefficiency, ineffectiveness and unresponsiveness. Thus, the need for social entrepreneurs in the society has emerged in the new century.

Table of Content

Table of Figure3
1. Terms of Reference4
2. Introduction4
2.1 Definition5
Entrepreneur and Innovation5
2.2 Meaning of Social Entrepreneurship6
3. Difference between Social and Business Entrepreneurs6
4. Characteristics of Social entrepreneurs8
4.1 Act as Change agents8
4.2 Adopt a mission to create and sustain social value9
4.3 Recognise and pursue new opportunities9
4.4 Engage in a process of continuous innovation, adaptation and learning9 4.5 Act boldly9
4.6 Exhibit a high sense of accountability9
5. Importance of Social Entrepreneurship10
5.1 Development of employment10
5.2 Innovation10
5.3 Social Capital11
5.4 Promotion of equity in society11
5.5 Living a life of purpose12
6. Conclusion13
References14
Appendices15

Table of Figure

Figure 1: Maslow’s Hierarchy of Needs Pyramid13

1. Terms of Reference

The report aims to define the concept of social entrepreneurship in the backdrop of the traditional and contemporary theories and definition on entrepreneurship, innovation and creativity. It studies the nature of social entrepreneurs and analyse the role of entrepreneurship in the economy and society. It highlights the importance of social entrepreneurship and its contribution to the society.

The second part of the report engages in a self-reflective exercise and objectively assesses my entrepreneurial behaviour and personality traits. It also acts as an indicator of the personal knowledge, skills and attitudes that might impact my personal or career aspiration thereby identifying the future development needs. This follows with a future action plan to exceed my potential as an entrepreneur based on the strengths and weaknesses identified.

2. Introduction

Over the years, the phrase social entrepreneurship has earned a great deal of attention from the marketing professionals and scholars. The phrase “social entrepreneurship” can be regarded as the one that is best suited to the present times as it serves as a combination of social mission and the discipline of business-innovation. The present scenario is the time which gives an opportunity to address the social problems with the entrepreneurial approaches.

Of late we have witnessed that many philanthropic and governmental institutions have failed to achieve the desired goals and outcomes. The social sector has been seen to be afflicted with the stigma of inefficiency, ineffectiveness and unresponsiveness. Thus, the need for social entrepreneurs in the society has emerged in the new century.

It is to be noted that the concept of social entrepreneurship might be new as an area of research and studies, but we have always had social entrepreneurs though they were called by different names. There have been examples of institutions that can be said to fall under the genre of social entrepreneurship. One of the examples is World Bank. However, the new phraseology “social entrepreneurship” is also important as it suggests the distortion of sector boundaries.

Social entrepreneurship is not just restricted to not-for-profit ventures, but it can include business ventures with a social purpose such community development banks that are for-profit in nature, or hybrid organisations with profit as well as non-profit elements or homeless shelters which begin with the business ventures to train and employ the people who stay there. The social entrepreneurs work with an objective to find the most effective way of serving and fulfilling their social mission...
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