Social entrepreneurship is not just a thought process or stance for new-age organizations. Still, it is an essential ingredient for the success of a business. The change an organization makes to the world affects its investors, customers, and media as they see it.
Each successful business owner combines the characteristic traits that appear in their way of thinking and actions. Reading books and articles about social purpose-driven entrepreneurs gives you the opportunity to not only provide templates for success but also give you lessons about setbacks and failures.
What is Social Entrepreneurship?
Social entrepreneurship definition is given by Duke University’s Centre of Advancement of Social Entrepreneurship as recognizing and pursuing opportunities to create an innovative Approach To Address Important Social Needs And Values. Social Entrepreneurs Are Creative And Resourceful.
How can Social Entrepreneurship Play a Pivotal Role?
Social entrepreneurship is a way of life. It is a realization when one is in the position of success and privilege how they can give back to the community by taking action in the best interest of people. Social entrepreneurs are not always concerned about profits but also see how their products and services are beneficial to the surrounding communities.
To put this in perspective, some famous social entrepreneurship examples include Elon Musk. He can safely be called the pioneer of social entrepreneurship through his companies such as Tesla, SolarCity, SpaceX, and now Twitter Inc. Through Tesla, with the electric cars, Musk has been trying to offer clean and renewable energy play a crucial role in a cleaner environment. With SpaceX, he has pushed the limits for the exploration of space.
How to Make Business More Successful?
Global business has been dominated for a long time by those with vested economic interests only and with little regard for the damage to the environment and health being of the community. A dynamic shift has taken place over the last few years where global consumers are willing to accept only those products that are safe from dangerous chemicals. Many nonprofit organizations ensure managing risks and how to use chemicals safely. These efforts are what make social entrepreneurship so crucial today globally. Companies that comply with chemical regulations can safely be called social entrepreneurship companies as they implement processes to improve the overall protection of human health and the aspects related to the environment by minimizing the risks developed due to chemical substances.
How are Social Enterprise Startups Playing a Critical Role in Society?
Social entrepreneurship need not be complicated. It has a clear mission statement where the startup needs to have a specific social objective to serve its primary purpose. Social enterprise wants to maximize its profits and, at the same time, benefit the environment and society. Profits are typically used to fund social programs.
A case in point is the startup company Mi Terro. The biotech company founded by Robert Luo produces protein fiber from milk waste. The sustainable fibers from milk leftovers can play a massive role in replacing plastic in fashion, packaging, and medical industries and protect the environment.
Conclusion
To be successful in business, citizens need to look through the prism of social entrepreneurship.
