Social entrepreneurs form the minority among those entrepreneurs who are seeking financial freedom. Though they are perhaps the least in number, social entrepreneurs are focused on solving some of the world’s biggest problems. They utilize the latest technologies and innovations, and are driven to create an impact that will improve our lives and environment. Making money is not enough for them. They seek to add meaningful value to the world. Social entrepreneurship creates long-lasting impact in many ways;
Social entrepreneurship is a source of inspiration and meaningful impact
Social enterprises have both entrepreneurial passion and impact. The entrepreneurs do what they love, something they are passionate about, while at the same time they solve a meaningful issue that in turn contributes to our society by making our environment more sustainable. Most of these entrepreneurs no longer rank money as the number one criteria but rather go for meaning, purpose and fulfilment.
“Social enterprises fulfil a pressing desire to work with purpose and align people’s efforts with their values.”
In a nutshell, social enterprises enhance the link between purpose and work. Social enterprises however, truly fulfil this pressing desire to work with purpose and align people’s efforts with their values. They tend to highlight the opportunities for employees to switch from working for salary to working for purpose. Even better: beliefs stating that “doing good” cannot be turned into a viable business finally fade away. So yes, you can survive, financially speaking, while tackling a social or environmental issue.
Social entrepreneurship responds to customers’ needs.
All over the globe, sustainability awareness has been rising in the past years. The Guardian states that even the crisis “has not dented people to minimize their impact on the environment and their spending on ethical products”. This proves the demand of market for businesses with social mission at the core of their operations.
Social enterprises fulfil not only the clients’ needs but also the beneficiaries’ needs. As these enterprises fulfil the clients’ needs they directly or indirectly fulfil the needs of other beneficiaries.
However, the current trend for environmentally friendly and ethical products dispels doubts about the lack of opportunities for social businesses to be profitable. In brief, as long as there is a need to fulfil and a viable business to develop, there’s no reason for you to shy away from the customer segment challenge.
Social entrepreneurship build relationships beyond economic purpose
Social enterprises also have the ability to build strong relationships between individuals in social and economic networks. As opposed to traditional commerce and other business connections, social relations facilitate exchanges that are nourished mainly by emotional support provided not only to people in need but also to the entrepreneurs.
By the same token, sharing information and resources amongst communities can be beneficial to similar social groups from different parts of the world. For instance, international humanitarian initiatives like fair trade have proved that social entrepreneurship can also help create networking opportunities between two or more countries and reinforce those who are being economically and socially marginalised.
Social entrepreneurship is more responsive in creating economic and social value
This fast-growing sector can solve social problems and exploit new market opportunities more responsively than traditional businesses. Social enterprises do not rely only on the priorities of governments and that is why they can respond to social problems more efficiently. Additionally, not depending on limited funds from official institutions make it easier to meet the needs of our society.
What is more, being change agents for the community and significantly contributing to the global economy, social entrepreneurs deliver solutions in a way the State does not. This is also why social entrepreneurship is important –it offers alternative solutions when the administration is not acting effectively to supply the urgent needs.
Social entrepreneurship makes the world a better place
Going by the motto “do well by doing good”, social value and social change are at the heart of any social enterprise operation. Monetary profit becomes just a tool for entrepreneurs to accomplish people-centred goals. Certainly, social entrepreneurship is more than an economic activity –it gives society positive world-changing solutions at a time when we need them.
Social entrepreneurship matters because it maximises social benefit. Entrepreneurs from the third and the fourth sector consider it as their obligation to give back to the community. And to do so, they find unique ways of creating sustainable solutions to either global or local pressing social issues such as healthcare, homelessness or child labour.
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