Why Social Needs Can Be The Foundation Of Entrepreneurship
Traditionally, the end goal of entrepreneurship is to develop ideas that generate economic profit. In other words, it’s about making money. But what about the social needs of a community – can they really be the foundation of entrepreneurship? Is it truly possible for an organisation to address pressing social problems in a way that is also profitable?
What is social entrepreneurship?
The answer is simple – social entrepreneurs have a primary purpose to create social change, address social problems and make people’s lives better. The success of a social entrepreneur is measured in terms of this social capital. Monetary profit is secondary, but still important. Some social entrepreneurs aim to break even, while others are successful in generating an income.
Some examples of social entrepreneurship include non-profits such as women’s rights organisations. A socially aware business venture may also focus on job creation – thereby assisting the community while also making money. Often social entrepreneurship merges with eco entrepreneurship, for example recycling initiatives that involve the community.
Why is social entrepreneurship important?
Entrepreneurs are problem solvers. It’s fair to say that most of the ‘big’ problems faced in everyday living are social problems – poverty, unemployment, access to education, discrimination, human rights. It’s only natural that today’s entrepreneurs want to find solutions to the issues that they see and experience in their local communities.
- Step in where government and traditional business has failed to find solutions.
- Recognise that addressing social issues often has a roll-on effect on the broader economy.
- Are passionate and persistent about finding solutions.
- Are usually immersed in the community, giving them a deeper understanding of challenges and possible solutions.
- Are leaders in creating change, encouraging others to follow their example.
Social entrepreneurs can change the world. If you want to learn more about entrepreneurship so that one day you too can make your life-altering idea a reality, join our FREE online academy!