Description of Challenge
A Social Entrepreneur is a person who pursues an innovative idea with the potential to solve a community problem. While a business entrepreneur might create entirely new industries, a social entrepreneur comes up with new solutions to social problems and then implements them on a large scale. Building entrepreneurial skills to help make a positive change in the community along with raising the economy.Social Entrepreneurship involves creating groundbreaking solutions for direct social problems, generating ideas, and building the competencies and resources needed for sustainable social transition. This solution helps to create social entrepreneurs, who tackle major social issues for broad-reaching change. Social entrepreneurs find what is not working and find solutions by changing the system, disseminating the solution, and inspiring entire societies to take new leaps.
Solution
Social entrepreneurship is about recognising social problems and achieving social change by employing entrepreneurial principles, processes and operations. It is about investigating and defining a particular social problem and then organizing, creating and managing a social venture to attain the desired change. The change may or may not include a thorough elimination of a social problem. It may be a lifetime process focusing on the improvement of the existing circumstances.
While general and common business entrepreneurship means taking a lead to open up a new business or diversifying an existing business, social entrepreneurship mainly focuses on creating social capital without measuring the performance in profit or return in monetary terms.
The entrepreneurs in this field are associated with non-profit sectors and organizations. But this does not eliminate the need of making profit. After all, entrepreneurs need capital to carry on with the process and bring a positive change in the society.
Along with social problems, social entrepreneurship also focuses on environmental problems. Social entrepreneurs can be those individuals who are associated with non-profit and non-government organizations that raise funds through community events and activities.
Examples of social entrepreneurship include microfinance institutions, educational programs, providing banking services in underserved areas and helping children orphaned by epidemic disease.
The main goal of a social entrepreneur is not to earn a profit, but to implement widespread improvements in society. However, a social entrepreneur must still be financially savvy to succeed in his or her cause.
