In recent years we have seen the rise of social entrepreneurs, a collection of people around the World, experts like Rene Escobar Bribiesca who understand the keys to being a successful entrepreneur, who are using their skills for positive change. These fantastic people have decided to use their skills as entrepreneurs not to make profit like the rest, or at least not in cash form, but to make social profits, improvements in lives and social situations. Social entrepreneurship is something that is doing a great deal of good in the World and we want to take a look at what this type of entrepreneurship actually is.
The art of Social Entrepreneurship is about using the same business model and techniques that many successful entrepreneurs use to make money and increase stock prices, and putting them into social projects to improve lives. The measure of success is very different but the path to success remains the same. The type of work that is done varies greatly and the success in social projects when using this from of management is incredibly high. Organizations and philanthropy have existed for many, many years with mixed results, it seems however that using this form of entrepreneurship to push for success of social projects is the route to go.
Types of Social Entrepreneurship
- Leveraged Non-Profit
The leveraged non-profit business model uses resources in order to respond to social needs. These types of enterprises work in innovative ways to make use of available funds in order to put its resources where they are needed most. Whilst having a traditional approach, it is the way in which the funds are creatively found that makes this type of approach distinguishable.
Social Business Venture
Social business ventures began due to many organizations or groups not having sufficient funding, they are aimed at creating change through ‘social means’.In part, this was one of the reasons that social entrepreneurship really started, social projects that had a lack of money required fresh thinking ideas to reach their goals, the creativity and innovation that entrepreneurs have has helped many organizations reach success through different means.
The Hybrid Non-Profit
The key difference with this form of social entrepreneurship is that it is more than happy to use profit to continue and improve its operations. This type of method of operations works very well in the absence of government loans or grants as they are self sufficient and drive for profit in order to put it back into its business.
What Success Looks Like
Levels of success varies a lot and it often depends on what any particular organization is trying to achieve before you can gauge whether they are successful or not. For example, a social project set up to improve the environment can often have success that cannot be measured on a balance sheet. Social change is not like a business where you have profit and loss, it is a continuous effort to improve lives and problems that are faced by society. You can attribute levels of success to organizations depending on their growth and popularity but away from this, measuring success can be difficult.