Social entrepreneurship is fueled by technological advances shaping our ever-changing ecosystem. In this new context, technologies that were not previously a priority are now the basis of our society. So organizations, businesses, the media, and even young boys and girls are stepping up to embrace new ways to advance change for a more just world.
This is social entrepreneurship, a concept that follows the business model of a kind of capitalist enterprise, but whose main goal is to solve social problems.
In today’s article, we’ll dive into the heart of social entrepreneurship and why it’s taking root in established systems today.
Table of Contents
What is social entrepreneurship?
A social entrepreneur is someone who uses a strategy that ultimately benefits society through projects that create social value in a company.
Therefore, the ultimate goal of social entrepreneurs is to create a more just society through the sale of goods and services. Therefore, social entrepreneurs are usually engaged in financing social programs, designing educational tools , and improving health care.
In fact, more than 11 million citizens in the European Union alone occupy jobs related to the spirit of social entrepreneurship. This is equivalent to 6% of total employment in the EU.
The Importance of Social Entrepreneurship
At first glance, it may seem utopian to think that solving social problems is the main goal of any for-profit enterprise. Still, it is important to keep in mind that the spirit of a social entrepreneur is not the same as a non-profit organization.
Instead, social enterprises also survive through the profits they generate. In any case, social entrepreneurs focus on activities beyond monetary gains.
Therefore, the importance of social entrepreneurs lies in the fact that society is increasingly concerned with moving towards a more sustainable world.
Consumers are demanding more and more, and businesses must adapt to these consumer demands. Thus, social entrepreneurship plays a key role in current business models.
The Spirit of Social Entrepreneurship: Benefits and How It Became a Trend
To understand the life of a social project, one must consider the niche in the market it occupies. The following factors explain why social entrepreneurship motivates:
- The need to respond to the current crisis and face austerity policies. After the current business model failed, consumers began to feel that the business did not meet human needs . It does not work for the common good.
- The emergence of influential publications stimulated the promotion of such organizations, which increased the spread of social values. It also created a favorable environment for social entrepreneurship within traditional enterprises.
- The emergence of courses, guides, and university degrees related to social entrepreneurship has trained and educated future entrepreneurs with social value.
- Technological innovation has opened up a new range of possibilities to simplify the creation of new business models and improve people’s lives.
- The weight of a ‘responsible consumer’ who recognizes purchasing power and follows ethical values. People are willing to pay more for products of social value. Thus, worldwide, 46% of consumers will pay more for products associated with programs that generate social benefits.
conclusion
Therefore, an analysis of the current system reveals that the key to social entrepreneurship lies in the way it redefines the success and profits of a company .
Today, both concepts are often associated with social responsibility, charity, and transformation.