Introduction to social entrepreneurship

Social entrepreneurship

Entrepreneurs often seek to maximize their profits for the benefit of themselves and the company. Entrepreneurship is at the core mindset of entrepreneurs, which enables entrepreneurs to be innovative, creative and highly capable of doing something. Entrepreneurs are the ones who plan the business, which now has become the driving force of modern economic growth. The profits that they gain (although not all entrepreneurship) is both positive for their country in terms of the economy and also for themselves.

Unlike the conventional definition of entrepreneurship, social entrepreneurship shifts its focus from profit to social sector or public sector. Social entrepreneurship seeks to tackle one of the society’s problematic issues and use their business plans in order to solve the problematic issues in our society. As a result, they make peaceful, altruistic and philanthropic approach to their way of business so that not only themselves but also the society itself benefits from their innovation. In that respect, social entrepreneurship is much more preferable than the conventional entrepreneurship on the grounds that they satisfy individual actors (consumers) and contributes to the societal development. Although the pursuit of profits in such a meritocratic world engages entrepreneurs to conventional entrepreneurship, some key social entrepreneurs used their creativity and imagination to help the society, proving that their approach is necessary to the society. Since social entrepreneurship is different from normal business, social entrepreneurs apply different business model in setting up their social enterprise or social venture, which are innovative and distinct.

Most entrepreneurs tackle social problems such as the environment, ecology, poverty, marginalization of the poor, and the inequality. These are the problems that originate from market failure and government failure. Since the market functions based on capitalism, not all the people are allocated with sufficient amount of food. The government also tends to neglect the environmental problems while focusing on the economic development. Therefore, I believe that entrepreneurs are modern day ‘super heroes’, as they solve issues that the current government and the market are failing at.

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