Definition, Advantages and Disadvantages of Social Entrepreneurship
Social Entrepreneurship is about recognizing the social problems. It is also about making a research to completely define a particular social problem. Social entrepreneurship helps to achieve a social change by employing entrepreneurial principles, processes, and operations.
It is also about making research to define a particular social problem and then finding the appropriate method to solve them. Social entrepreneurship organizes, create and manage social ventures to attain the desired change but the change may or may not include a complete elimination of the social problem. It may be a lifetime process focusing on the improvement of the existing circumstances.
Social entrepreneur focus to deliver the best entrepreneurship technique to make the social change and they involve community members to achieve the goal. They find a problem in the society, look for a solution on the society and invite social members.
Social entrepreneurship is the combination of business mind and helping hands (volunteers). Social entrepreneurship mainly focuses on creating social capital without measuring the profit or evaluating the monetary value. Entrepreneurs in this field are associated with the nonprofit sector or organization. But this does not eliminate the need for making a profit. A social entrepreneurial business aims to make money while also solving social problems. Entrepreneurs need capital to carry on the process. Depends upon entrepreneurs, the way of collecting capital is different. Sometimes a group of people invests to make the capital for social entrepreneurship.
Hence, Social entrepreneurship is not only meant social working, it means business through small works or small changing steps that we carry out in order to change our society and for uplifting economic status as well.
Some possible benefits of social entrepreneurship,
- To create a stable level of employment
- Implementing social change
- Creating inspiring and innovative solutions
- Working as your own boss
- No boundary to work on
- Will help by members of society
Head is always followed by a tail. Social Entrepreneurship also has some disadvantages.
Some of them are listed below.
- Lack of support and funding
- Need hard work to get success
- Social factors will affect to achieve
- Hard to get trust from others
- Need to maintain accountability
People are often attracted or love this concept of social entrepreneurship because they can spend money to help in solving the social problem.
Do you have any special entrepreneurship model? Do you want to change your business model to the social entrepreneurship model? Please feel free to contact so that we can discuss further to implement your business model into social entrepreneurship model.
Cheers to all Social Entrepreneurs! 🙂