The sphere of social enterprise is one that has continued to grow by leaps and bounds in recent times. A social entrepreneur comes up with brilliant ideas and works through seemingly impossible situations but still manages to succeed in creating new products and the kind of services that improve the lives of people. They are people who take on social problems and meet them with innovative or path breaking solutions.
Funding has, without a doubt, been a major problem. Even though they may be intended to run as non-profit organizations, they still need funds to meet their day to day needs. To keep themselves in business, some are able to generate some income from the sale of socially valuable goods and services. Other sources of income may include corporate investments, donations and government funding. As these entrepreneurs soon find out, it is not always easy to approach investors as many fear that they may not recoup their investments being that these enterprises mainly focus societal value rather than profit generation.
Many people who decide to get into entrepreneurship often venture into new areas with the intention of making profits. However, those who chose the path of social enterprises are socially responsible, and are obliged to contribute to the well-being of the society in which they operate. They usually make it a primary goal to ensure they impact the society positively and the profit making part is always secondary.
There are a number of other ways in which the benefits of these ventures can be passed to the community. For instance, the entrepreneurs may choose to give a donation of their profits in order to fund some specific programs in society. They are also known to make partnerships with the government, existing charities or target communities in order all of which are ways in which the society can benefit from them.
The entrepreneur aims to deliver more than just commercial value, but also social value. This is what in most cases is responsible for the passion of their passion. However, these social values cannot be easily measured and hence make it difficult to communicate to donors, investors and the community at large.
The entrepreneur also needs to have more passion for what they do rather than a mere interest in making profits. Just as happens when running any other business venture, one should use business techniques to ensure operational efficiency. Combining the passion and the appropriate business techniques will keep the venture alive even in the most challenging of circumstances.
Despite the fact that this form of entrepreneurship is meant to address social needs, the entrepreneur should not ignore the factor of funding or profits. They should put in mind that they need a clear vision, a plan and enough funding, to see to it that the kind of vision they have can be seen through.
Just like all other sectors, the enterprise is also faced with numerous challenges that hinder its growth and development. Such challenges need to be looked in to in order to ensure the development of the entrepreneurship sector. Governments and the corporate sector are best placed to collaborate with small start-ups to help them remain afloat in the ever competitive business environment.
Funding has, without a doubt, been a major problem. Even though they may be intended to run as non-profit organizations, they still need funds to meet their day to day needs. To keep themselves in business, some are able to generate some income from the sale of socially valuable goods and services. Other sources of income may include corporate investments, donations and government funding. As these entrepreneurs soon find out, it is not always easy to approach investors as many fear that they may not recoup their investments being that these enterprises mainly focus societal value rather than profit generation.
Many people who decide to get into entrepreneurship often venture into new areas with the intention of making profits. However, those who chose the path of social enterprises are socially responsible, and are obliged to contribute to the well-being of the society in which they operate. They usually make it a primary goal to ensure they impact the society positively and the profit making part is always secondary.
There are a number of other ways in which the benefits of these ventures can be passed to the community. For instance, the entrepreneurs may choose to give a donation of their profits in order to fund some specific programs in society. They are also known to make partnerships with the government, existing charities or target communities in order all of which are ways in which the society can benefit from them.
The entrepreneur aims to deliver more than just commercial value, but also social value. This is what in most cases is responsible for the passion of their passion. However, these social values cannot be easily measured and hence make it difficult to communicate to donors, investors and the community at large.
The entrepreneur also needs to have more passion for what they do rather than a mere interest in making profits. Just as happens when running any other business venture, one should use business techniques to ensure operational efficiency. Combining the passion and the appropriate business techniques will keep the venture alive even in the most challenging of circumstances.
Despite the fact that this form of entrepreneurship is meant to address social needs, the entrepreneur should not ignore the factor of funding or profits. They should put in mind that they need a clear vision, a plan and enough funding, to see to it that the kind of vision they have can be seen through.
Just like all other sectors, the enterprise is also faced with numerous challenges that hinder its growth and development. Such challenges need to be looked in to in order to ensure the development of the entrepreneurship sector. Governments and the corporate sector are best placed to collaborate with small start-ups to help them remain afloat in the ever competitive business environment.
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