Social Entrepreneurship: What It Is and Why Everyone's Talking About It

 Entrepreneurs used to be those who had an idea, started a company, and made money. They wrote a business plan , circulated the document to a bank for capital, and worked tirelessly to scale their company and drive profits for themselves and their investors. But, now, we’re a startup nation. Actually, we’re a startup world. Entrepreneurs have different motivations for starting a business, just as consumers have different motivations to buy.


I’ve noticed a significant uptick and interest in companies that have a basic alignment in social responsibility, meaning the mission is not just to grow and make money, but to do good in the universe. Enter, social entrepreneurship. 


In this post, we’ll discuss social entrepreneurship, outline how it’s different from entrepreneurship, and give examples of businesses, organizations, and people that exemplify social entrepreneurship.



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What is a socialpreneur?

A socialpreneur is a person that sets out on an entrepreneurial venture with the intention of addressing social issues and contributing to the social good. These businesses can have a for-profit, non-profit, or hybrid model, but funds are typically used to support operational costs and develop programs to support target markets.


While socialpreneurs still practice the core entrepreneurial principle of starting a business, there are key differences between the two groups. 


Socialpreneur vs. Entrepreneur

The most significant difference between a socialpreneur and an entrepreneur is the end goal. The former is less interested in defining their successes through high profit margins, but instead by how their operations benefit communities of interest.


In addition, some social enterprises may not follow the typical organizational structure — they can be run entirely by volunteers who do not receive a paycheck or individual contributors that participate on their own accord. For example, mutual aid funds are community organized. These funds exist to meet a social need and began from an entrepreneurial idea, but are run by community members that participate as they please. 


While social entrepreneurship is typically a standalone venture, entrepreneurs can start for-profit businesses that fund programs to support social issues. Let’s go over some real-life examples of small business social entrepreneurship, as well as larger enterprise businesses that engage in social ventures. 

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