- measures performance in profit and return
- recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change (a social venture)
- individuals with innovative solutions to society’s most pressing social problems
- They are ambitious and persistent, tackling major social issues and offering new ideas for wide-scale change
- Rather than leaving societal needs to the government or business sectors, social entrepreneurs find what is not working and solve the problem by changing the system, spreading the solution, and persuading entire societies to take new leaps.
- Social entrepreneurs are most commonly associated with the voluntary and not-for-profit sectors, this need not necessarily be incompatible with making a profit.
- a social entrepreneur focuses on creating social capital
- the main aim of social entrepreneurship is to further social and environmental goals
- Social entrepreneurs establish ventures that fall in the middle of the continuum, between pure financial and pure social returns.
- These innovators are striving to create ‘blended value’, a non-divisible combination of financial, social, and environmental value that in turn generates blended returns.
- Merging entrepreneurial spirit and sound business principles with an interest in achieving social and/or environmental goals
- Social entrepreneurs are risk-takers and innovators that establish either for-profit or not-for-profit organizations addressing social or environmental needs using sound business principles.
- social entrepreneurs are gathering support by like-minded investors and consumers
- Ventures in the middle of the continuum measure their success based on profit as well as through their impact on, and commitment to, community and society. It’s what is commonly referred to as the ‘triple bottom line’ – people, planet and profit.
Both business owners and leaders of not-for-profit organizations are now proud to distinguish themselves as social entrepreneurs.
The social enterprises emerging from such innovation can address a range of global or local issues, from affordable housing, sustainable agriculture and green energy projects to poverty reduction, job creation and micro-finance initiatives.
The Center for the Advancement of Social Entrepreneurship, The Fuqua School of Business, Duke University