Social entrepreneur is a fancy term that people like to use extensively and throw often in business conversations. But its meaning is still not widely understood.
What is a social entrepreneur?
Social entrepreneurs are individuals with high business ambitions and a strong desire for a social change. They are committed to their business idea that will create solutions to change society for the better.
Instead of leaving things to the government or the public sector, social entrepreneurs seize the opportunity and find out what is wrong with the system before working towards changing it.
Why social entrepreneurship is different?
Unlike traditional business entrepreneurs who are mostly driven by profits, socially responsible entrepreneurs are more focused on generating social value. Their job is to identify a societal problem and work towards it.
Now don’t confuse them with non-profit organizations. The objective behind social entrepreneurship is to create a sweeping long-lasting sweeping change in the society rather than providing an immediate short-term solution.
Social entrepreneurs are a cross between a business and a social-welfare organization.
Social entrepreneurs: A new wave
As millennials are entering the business world, there is a growing need among them to give back to the society. They believe that the success of their business enterprise should not be just measured in terms of its financial performance but also by the positive change it has brought to the society.
This generation is driven by its ambitions and social cause, finding ways to satisfy both economic and social bottom lines.
How to run a successful social entrepreneurship:
Social entrepreneurship is not for the faint-hearted. Trying to achieve the social cause along with making money is not an easy task. Here are some rules for running a successful social entrepreneurship:
- Identify an issue:
Identify a problem that not only brings an impactful change to the society but is also long lasting. For example, providing cheap laptops to poor students, bringing electricity or affordable medicines to disadvantaged people.
- Find like-minded people to work with you:
Be it a staff member or a partner, working with people who understand your goals, share your values and strive towards achieving them with you is very important.
- Run it like a business:
Though your primary goal is to bring a change in the society rather than making profits, but remember, your business is a business. Hence, like all businesses, it should have a strategic plan, strong organization culture and sustainable operational processes.
- Leadership skills:
To achieve your goals, you need to be a change leader. You should think and act like one. But engaging your team members in change and maintain collective drive throughout the process is not an easy task. At Cegos Asia Pacific, we have specially tailored leadership program that can help you demonstrate your leadership qualities.
- Don’t quit:
Any business whether traditional or social, doesn't run on good intentions alone. It requires money, guidance and motivation. There will be times when you will feel like quitting, don’t do it even when it seems like the most logical and obvious thing to do. Stay determined.
The objective behind this article is not to belittle corporations in any manner. They too contribute to the society; but they can and should give back to the society a lot more that will benefit the marginalized and disadvantaged and help themselves as well.
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