16 Facts About Social entrepreneurship

Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues.

In 2010, social entrepreneurship was facilitated by the use of the Internet, particularly social networking and social media websites.

Concept of social entrepreneurship emerged in the 1980s and since then has been gaining more momentum.

Simply put, entrepreneurship becomes a social endeavor when it transforms social capital in a way that affects society positively.

Social entrepreneurship entrepreneurs recognize immediate social problems, but seek to understand the broader context of an issue that crosses disciplines, fields, and theories.

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Unlike traditional corporate businesses, social entrepreneurship ventures focus on maximizing gains in social satisfaction, rather than maximizing profit gains.

Prominent individuals associated with social entrepreneurship include Pakistani Akhter Hameed Khan and Bangladeshi Muhammad Yunus, a leader of social entrepreneurship in South Asia.

Social entrepreneurship entrepreneurs are creative enough to have a vision of what they want to happen and how to make that vision happen.

World of social entrepreneurship is relatively new, there are many challenges facing those who delve into the field.

Social entrepreneurship is distinct from the concept of entrepreneurship, yet still shares several similarities with its business cousin.

Social entrepreneurship entrepreneurs seek to transform societies at large, rather than transforming their profit margin, as classic entrepreneurs typically seek to do.

Whether social entrepreneurship is altruistic or not is less important than the effect it has on society.

Social entrepreneurship is known as the "father of microcredit, " and established the microfinance movement, which aims to help millions of people rural communities to access small loans.

Since the concept of social entrepreneurship has been popularized in the 2000s, some advocates suggest that there needs to be some standardization of the process in scaling up social endeavors to increase the impact of these ventures across the globe.

Involvement and collaboration between private corporations and government agencies allows for increased support for carrying out social entrepreneurship initiatives, increased accountability on both ends, and increased connections with communities, individuals, or agencies in need.

Since social entrepreneurship has only started to gain momentum in the 2000s, current social entrepreneurs are encouraging social advocates and activists to develop into innovative social entrepreneurs.