Literature Review Three decades ago the evolution on the usage of the terms social entrepreneurship, social enterprise or social entrepreneur had their roots taken from the study of many researchers and those personalities who contributed for the development of the society in different ways. This paper talks about the evolution of the industry from its birth in UK when William Drayton started Ashoka foundation with the inspiration of “Land Gift Movement” led by Vinoba Bave, follower of Gandhi to the present market with many incubation centers and the foundations who support capable individuals in transforming the social issues to business opportunities with their innovative ideas which help in the growth of people.
Definitions:
Authors & year Definition of Social Entrepreneurship
Austin, J,
Stephenson, H,
& Wei-Skillern.J., 2006 Social entrepreneurship is an innovative, social value-creating activity that can occur within or across the non-profit, businesses or government sectors.
Johnson, 2000 Social entrepreneurship is emerging as an innovative approach for dealing with complex social needs. With its emphasis on problem solving and social innovation, socially entrepreneurial activities blur the traditional boundaries between the public, private and non-profit sector and emphasize hybrid model of for-profit and non-profit activities.
Nichols, A., 2007 Social entrepreneurship entails innovations designed to explicitly improve societal well being, housed within
Annotated Bibliography Bakshi, M. (Producer), & Miller, B. (Director). (2011). Moneyball [Motion Picture]. United States .
No longer satisfied to depend on limited perceptions of aid, or to view businesses as their adversaries, nonprofits have finally discovered methods to work within the economy and support companies to do good deeds as they prosper. Until recently, nonprofits had been paradoxically viewed within our economic sectors of society. Traditionally, these organizations are expected to make an extraordinary impact on their social purpose yet, they are frowned upon when they choose to amplify their shoestring budget to fulfill this charge. It is a “double bottom line,” this requirement for nonprofits to balance between monetary return and social impact (Worth, 2013, p.7). Nonprofits can effectively utilize the strategies discussed by “Making Markets Work” to bring awareness and financial stability to its social purpose.
With the increasing number of NGOs, the competition for funds and grants are rising as well. It can be traced back to the tendency of behaving like for-profit organizations. If the non-profit organizations’ aim is to be self-sufficient, they should get in the market by taking risks and implementing strategies which is blended with NGO’s mission and vision. Moreover, creativity is an essential factor which can change the mindset of the people who will pay for the product or service. It is crucial to understand that the new sources of revenue may alienate the organization from its main objectives.
Find that special thing you can bring to the movement. This is the advice I received from human rights activist Cleve Jones at a speech he gave recently on Western’s Bowling Green campus. He said everyone has something special about them that they can contribute to the movement for social change and toward a goal of equality and peace for all people. Cleve Jones has fought for this goal for most of his life, and he has seen great social change occur. However, there is still much to be done.
One for one strategy may every social entrepreneurs want to follow the same idea but may they face some problems. The sustainability is a must for a business ,that why it is difficult to apply it on non-profits like charity which is depending on fundraising. What every company must learn from TOMS is that a business man not a require to have the money to start business as much as having the right business idea in the right time to continue in the market. The company should focus on their work and tender offer, and not spending on advertising and marketing because our customers will do it for us and effective manner.
Business organizations operate for the benefit of generating revenue for their share/stakeholders, but very often during this process they forget that it is obligatory for them to be equally beneficial for the society as well. Social responsibility refers to the obligation of a business to act according to the objectives and values that are desirable in a society. It defers from the term legal responsibility, this is because legal responsibility may be fulfilled by mere compliance with the law, while social responsibility involves an element of voluntary action for the benefit of society. The Life is Good video demonstrated how the leaders in the organization uses social responsibility as the driving force that inspire them to be involve
In this article, the author Milton Friedman advocated the only thing that the business should do is to gain great profit for the shareholders and the companies. Only the individual should have social responsibilities, not organization. Social responsibility is based on the idea that business operations must meet the requirements of sustainable development. It can establish good relations between enterprises, improve business efficiency, and also increase profits. Therefore, for many companies, they all involved in.
My chief objective in studying business at Ross is to determine the beginnings of my research on how to construct realistic means and measures to adjust social imbalances by addressing critical investment funding limitation issues for peoples’ efforts to create new or to expand growth-oriented small businesses within the context of their societies. A subsequent objective is to craft a practical, standardized investment management mentoring program for people with feasible ideas to launch and sustain their companies effectively beyond current micro loans, incubators and innovation laboratories processes to make ventures more appealing to a larger pool of potential investors, including governments. Could standardized presentation settings for all citizens’ ideas to be heard for expert evaluation to foster a more democratic advancement for any new company’s development, helping level the playing field for all socio-economic classes to access financing, product and market development currently limited to the few? With capital sources knowing their funds are part of a well formulated, professionally monitored methodology to help assure an investment’s success, local
To understand what exactly a social business is, it is important to understand the differences between them and non-profits and for-profit businesses. As stated earlier, a social business is a cause-driven business in which no personal gain is desired by the investors. Non-profits, on the other hand, have some differences. What makes an organization a non-profit has to do with purpose, ownership, and public support. Charitable non-profits typically have a mission that focuses on activities that benefit society, public ownership where no person owns shares of the corporations or interests in its property, and income must never be distributed to any owners but recycled back into the organization (THE BALANCE SMB).
Being socially responsible is the idea that businesses should balance profit-making activities with activities that balance benefit society; it involves developing businesses with a positive relationship to the society which they operate. Social responsibility is an ethical theory, in which individuals are accountable for fulfilling their civic duty but the actions of an individual must benefit the whole of society. Social and civic responsibility should be an automatic thing that should come to people’s minds when trying to improve society. The main concept of social responsibility is that every individual, has to perform so as to maintain a balance between the economy and the ecosystems.
Therefore, there is a great deal of overlap between those who engage in philanthropic model for reputational reasons and those who follow the economic view of business' social
Business contributions to financial resources or executive time, such as contributions to the educations, arts or the community, are the examples of philanthropy. The point which distinguishes the philanthropy and ethical responsibilities is that the former are only desired and not expected in an ethical and moral help. Philanthropy is more voluntary or discretionary on the part of businesses. Communities desire firms to contribute their funds, facilities and time to the social programmes or purposes, but if the firms do not provide the desired level they are not regarded as unethical. As a part of philanthropic responsibilities it is important that managers and employees participate in charitable activities in their local communities, they provide assistance to private and public educational institutions and assist voluntary to those projects which enhance the communities’ “quality of
Indeed together with the economical benefit of the Shared Value strategy, Porter often emphasize on the positive social outcome that this practice would foster (Porter 2013, p.65). These aim appear In line with the typical social entrepreneurial goals willing to "enact goodness and social good that others value" (Chell et Al, 2014). Yet the author fails to take in consideration some ethical considerations that should be relevant for the social entrepreneurial ventures. I believe that Porter grounds part of his paper on an unsupported assumption. Porter assumes that the creation of economic value in the developing countries is the preferred option
Entrepreneurship in the Philippines is currently booming and one of the best things a person can do today is start taking action in putting up its own business or acquiring a franchise (Louren, 2017). Entrepreneurship is a state of mind. It is not identified or measured with the type of business a person is in the success of that business but rather it is the total way of life for entrepreneurs. Being an entrepreneur requires distinct personality traits such as having a risk-taking personality, need for achievement, internal focus of control, tolerance for ambiguity and having a type A behavior or striving to achieve more in less time and general competitiveness (Gilles and Mondejar, 2008). Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit” (www.businessdictionary.com).
• New goods and services can meet unmet social needs • It creates social capital which is an important element for sustainable economic growth • It fosters a more equitable society Therefore, economic development policies should consider the following challenges that social entrepreneurship faces: • First, the access to finance is difficult. Banks often ask collaterals which cannot be provided by the small business. In Mauritius, the setting of the Small and Medium Enterprise scheme have helped a lot in the development of small firm. •