Since covid 19 entered our lives, social entrepreneurs have become all the more important, not only for our financial well-being but also for general survival for many people!
Introduction to social entrepreneurship:
Social entrepreneurs are positive changemakers. They spend a substantial amount of time researching and recognizing a social issue, working backwards to help and bring about a transformation and not centre their goals on creating profits. They innovate applications that lead to solving community-based problems. Although this type of entrepreneurship is only a decade old, it is quickly gaining popularity. Many graduates are leaving their well-paid jobs to focus on social-economic welfare!
To give you a little insight, let’s have a look at different types of social entrepreneurship that exist:
The Global Social Entrepreneur
These are the entrepreneurs who work at solving social issues globally, like Bill and Melinda gates foundation. They will usually get together with other social entrepreneurs to form a global community to achieve the desired change in the society; however, risks are also more prominent. In case the mission fails, the impact is much higher compared to a smaller organization.
The Transformational Social Entrepreneur
These are the entrepreneurs who act as more of an accelerator. With social benefits as his primary goal, he establishes interconnected business relations between the innovative social entrepreneurs and government bodies or companies/organizations who then implement these youth-led applications and solutions lead to helping their social communities and their shortcomings.
The Community Social Entrepreneur
These are the entrepreneurs who work individually or in a very small organization and directly deals with the community. This type of entrepreneurship is mainly for the underprivileged members to make sure they get equal opportunities, are employed and create a safe community for them. These kinds of individuals or organizations yield long-term solutions with instant results. This a great starting point for someone looking to kick-start their career as a social entrepreneur.
The Non-Profit Social Entrepreneur
These kinds of entrepreneurs focus on social well-being over material profit gains for the company. NGOs are usually funded, but the extent of the funds depends on the success of the mission. Most of the profit made by these organizations is put back into the business. One should be very well versed and business savvy to venture into this model of entrepreneurship.
Social entrepreneurship is a highly responsible job, where it’s not just one’s future that is at stake but also all the people whose lives one has taken the onus to change. One small step in the wrong direction could take an already adverse situation, a few steps backwards.
Hence it’s important to be sure of your intentions, determination and perseverance of seeing through the completion of your project before you set your mind to start it. Wealth Dynamics has an excellent profile test defining social entrepreneurship that can help you determine if social entrepreneurship is the right path for you.