Social Entrepreneurship - Innovation of Ideas

Published by MBA Skool Team, Published on January 22, 2014

The most common definition of entrepreneurship is starting a new business. However the term has now been extended to innovation and transformation of the regular ideas into revolution which make the world turn back and take notice. The popular understanding of “entrepreneur” is “someone who has interesting ideas and makes a great deal of money from them.”

Entrepreneurship is becoming the buzzword nowadays. Today’s younger generations is teeming with energy and spirit and are striving to make changes in their world and revolutionize the traditional systems. This is a fact that has to be welcomed. Youngsters are ready to take risks and have developed a lot of self-confidence compared to the past generation. Now entrepreneurship is becoming the mantra of youngsters and the very latest buzzword is “Social entrepreneurship”.

Image Courtesy:, Stuart Miles

You may wonder what social entrepreneurship is all about. It’s nothing but the identification, evaluation, and exploitation of opportunities that result in social value. Social entrepreneurs run non-profit organizations which try to solve the problems of the society using new methods and helping to make big changes in places around the world.

Now I begin to wonder what the difference between commercial entrepreneurship and social entrepreneurship is. Organizations can pursue commercial entrepreneurship, social entrepreneurship, or some combination of both and these organizations are denoted as hybrids by some scholars. Nowadays we hear the statement, “I want to become a social entrepreneur.” not just from people applying for jobs, but from high school students, college students, and young professionals

Entrepreneurship has some social effects too. Recently, I came across an article about two companies in Haiti, both nonprofit organizations neck to neck about who would supply nutritious nuts to the public. Both the companies were unwilling to step down and there was some kind of deadlock. The other side of the coin is that many social enterprises are rising day by day and some are becoming the best social enterprises of all times lead by the world’s greatest social entrepreneurs.

Social entrepreneurship on its own has pros and cons. Social entrepreneurs alone cannot change the whole world. They need volunteers, directors, and communicators to voice their opinions, donors, and advocates across all sectors to turn their groundbreaking ideas into reality. They need fundraisers, supporters who can change policies, someone to create a brochure describing their work. If everyone wants to start a new organization, who is going to do all the work?

Social entrepreneurship also depends on the morals and values of the person. Since this involves a great deal of being responsible for the society, I would say that values and morals play an important part in the life of a social entrepreneur. Without the allure of potential returns, social entrepreneurs may face more difficulties in mobilizing financial resources.

Often, social ventures cannot afford to pay market rates for employees. Consequently, many social ventures rely on volunteers and employees who are more concerned with creating social value than earning and making profits. Finding employees with these motives is difficult for social entrepreneurs. While there is a huge debate over the necessity for social ventures to generate earned income, scholars seem to agree that social entrepreneurship includes both for-profit and not-for-profit organizations.

Entrepreneurship in general takes a lot of time and people who are so obsessed with job satisfaction and job security cannot wholly concentrate on starting a new venture. They would be plagued by doubts and fear of future. The process may seem like a slow moving one but surely it will reap benefits after a particular amount of years.In order to harness this generation's desire to create change, we must move away from which emphasizes what's in it for the individual and whether it will sustain their interest in the job or bring them fame and fortune.

Instead, we need to help young people start their professional lives by asking questions. What issues, ideas, people, and projects move them to do something about them? What problems are theirs to solve? How can they combine their heads and hearts to address those problems? What is their unique genius and how can it be of use to the world beyond themselves? Young people needn't be founders of new organizations to have an impact on the world. But they should be founders of their careers.

Young people can be change makers and supporters of the work in this world. They will be able to make make meaningful contributions to the world not by founding organizations but by bringing their heart and head to what they love doing the most. And they will do this in all sectors, not just in nonprofit organizations but also in government agencies, family businesses, and major corporations. The society would develop well and great changes can be brought about for the better good of the society.

This article has been authored by Gayathiri R from SSN School of Management and Computer Applications

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