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Social Entrepreneurship - Now is the Time
Social entrepreneurship is the use of start-ups and other entrepreneurship methods to create solutions as well as implement them in social, cultural and environmental issues. They are also responsible for finding funds for them. Social entrepreneurship is becoming very popular these days. There are various online entrepreneurship courses available for those who want to make a career in this field.
The metrics for success used by social entrepreneurs are different than those for commercial, for-profit entrepreneurs. While commercial businesses track KPIs like revenue, profit etc, social entrepreneurs judge their performance by metrics that show improvement in social causes. Social entrepreneur attempts to create an improvement in social, cultural or environmental scenarios like poverty alleviation, better healthcare facilities or cleanliness and hygiene, amongst others.
This field is one of the most talked about sectors globally these days. There are people who want to make a difference in the lives of people around them by serving the needy or saving the environment. They believe in creating a sustainable way of reaching out to more people in the long term. As a result of their belief, they create a scope of working for those social goals through launch of innovative projects.
The role of social entrepreneurship is especially relevant in today’s time. This is so because the world is facing several pressing issues that need immediate attention. The problem of climatic change has become more threatening than ever. This is coupled with the burst in human population due to drop in mortality rates. Depletion in natural resources due to overuse and emergence of man-made calamities like global warming has created an appalling situation. All this is the after effect of years of callous approach of organizations and governments towards environment. The focus of organizations laid solely in making profits. While great financial and technological advancements were achieved by human kind, the environment paid the price of this development.
This has resulted in depletion of ozone layer, dangerously high levels of pollution and chemicals in the food chain. Over time, organizations, authorities and individuals have realised the importance of protecting the environment resulting in increased focus on its protection. Bottom line is being focused on not just profits but people and planet as well. This trend can be named as social entrepreneurship. This approach combines both profits and social development. Today’s businesses want to create a better world through their initiatives.
Social Enterprise UK released a report called ‘State of Social Enterprise Survey 2015’ showed that the social enterprises are on the rise. Compared to SMEs, social enterprises are growing 40% more and 50% of them already reported profits while 26% broke even.
Social entrepreneurship ventures aim towards the greater good of the society. When they do well and make profits, they end up increasing the social value of the community in which it operates. In most cases, the profits earned by these social set ups are put back into the community or the cause it serves. It has been observed that the social entrepreneurial ventures in the UK are far more inclusive and diverse than other entrepreneurship models. 40% of social enterprises are run by women and 40% have a director in their team who is challenged with a physical disability. Similarly, studies in Canada has proved that social entrepreneurs have deep rooted faith in their enterprise which overlaps with the business opportunity that the enterprise has been working on. Social entrepreneurs can leverage this to market advantage as they pursue social goals for personal satisfaction.
The rise of social entrepreneurship is driven by the world’s current situation and a deeper drive among individuals to bring about meaningful and sustainable change. Social entrepreneurship is a way to introduce sustainability to social goals.
Social entrepreneurship is a resourceful, result oriented and pragmatic approach to business that leads to social reforms. Because it is aimed simultaneously towards profit and social good, it manages to stay afloat and sustain itself in the longer run. Its achievements are the achievements of a society and of the planet. It spells good news for everyone. Social entrepreneurs bring a fresh perspective and drive innovation. They provide the social change that is easier to accept by masses because of its financial appeal.
Social upliftment and business can come together as a commendable force. Social entrepreneurship is a testimony to this fact. An entrepreneur is always trying to solve old problems in new, cost effective and unique ways. Put in a social setting, an entrepreneur can bring about solutions to social problems which were not thought possible earlier. It is important for them to support each other through knowledge sharing and collaboration. The time has come for the world to bring in collective change. Social entrepreneurship thus, is now more relevant than ever.
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