What is Social Entrepreneurship?

[IamDozzy]

This may sound new to some people but there is actually a thing as Social Entrepreneurship. It is when individuals, business partners, group of persons or startups decides to develop ideas, implement and create innovative solutions to environmental, social and cultural issues. It is basically the act of doing business for a social cause. This should not be confused with Corporate social responsibility (CSR). This kind of entrepreneurs are either for non profit or they have a way of blending profit with meeting the basic needs of the society. There are basically 3 types of social entrepreneurs and they include;

1. Leveraged non profit
This is a kind of business that uses finances in a creative way to respond to societal issues.

2. Hybrid Non profit
These type of business owners use profit from some other activities fund businesses for societal benefits. They are majorly created to fill the gap government has failed in.

3. Social business venture
These are business models set up to create change in the society.

 

[Syldan]

Social entrepreneurship is the field in which entrepren- eurs tailor their activities to be directly tied with the ulti- mate goal of creating social value. In doing so, they often act with little or no intention to gain personal profit.