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 Social entrepreneurship usually emerges when companies, charities and governments fail in their attempts to correct social dysfunction. In Europe the interest in the topic of social entrepreneurship is strongly driven by the growing recognition of the role social enterprises play in fostering social inclusion, inclusive growth and environmental or economic impact. Social EntrepreneurshipSocial entrepreneurship is at the intersection of social inclusion, market orientation and innovation. It encompasses the activities and processes undertaken to discover, define and exploit opportunities in order to enhance social wealth by creating new ventures or managing existing organizations in an innovative manner. Moreover, social entrepreneurship has attracted an increasing attention because of its potential to tackle crucial societal issues and achieve a wider social impact. In the meantime, environmental and welfare issues, an increasing economic inequality and lack of basic healthcare, energy or clean water in different parts of the world have triggered an enormous social entrepreneurship wave to discover new ways of finding a solution to all these global problems including hunger, access to education and combating climate change. New Business Models for Global IssuesAccording to the Millenial Impact Report, 94% of the millennials are interested in using their skills to benefit a cause and they appreciate the power of making choices focused on finding value. Social consciousness and responsibility are obviously on the rise and companies that support causes are gaining traction with the Millennial customer. To briefly summarize, an article of Harvard Business Review describes very well what business models actually are and why they matter. They outline the simplicity of what a business model is, that it actually is a story explaining how an enterprise works and that a good business model answers Peter Drucker’s questions such as: who is the customer; what does the customer value; how do we make money in this business; what is the underlying economic logic that explains how we can deliver value to customers at an appropriate cost. Therefore, put in a short sentence: a 'business model' describes how a company creates and captures value. Additionally, after reviewing an article by Forbes about 5 reasons why social entrepreneurship is the new business model, we would like to summarize them briefly below:
The difference between business models and social entrepreneurship business models is that those of the social entrepreneurs serve to tackle environmental, societal, economical and other issues that we face nowadays. As Forbes states the new business models have a higher purpose than just making profit. Rather, social entrepreneurs find motivation to help others and connect to the purpose of their living. Social Entrepreneurship as a Success FormulaPeople are generally more interested in making a positive impact on the world and social entrepreneurship is taking off as a success formula. Social entrepreneurship offers insights stimulating ideas for more sustainable business strategies, which contribute directly to sustainable development and greater social responsibility. Author Partners @BASET KISMC & CABAN |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
August 2019
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The Boost Aid for Social Entrepreneurship through Training /BASET/ Project No. 2017-1-BG01-KA204-036360 has been co-funded by the Erasmus+ Programme of the European Union.
This website reflects the views only of the author, and the European Commission cannot be held responsible for any use which may be made of the information contained therein.
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