Social Entrepreneurship: Objectives, Innovation, Implementation and Impact on Entrepreneurship

Abstract

The study examines social entrepreneurship from the perspective of: objective and philosophy (why social entrepreneurs are social entrepreneurs), opportunity identification (how social entrepreneurs recognise opportunities), implementation (how social entrepreneurship is implemented), and social entrepreneurship’s contribution to entrepreneurship. The dual objective (some profit, social impact), and strong focus on social impact of the social entrepreneur are highlighted. Although certainly possible, opportunities are encountered and experienced, and thus recognised, rather than actively sought. There are both strong similarities and differences between social entrepreneurship and entrepreneurship opportunities. Innovation is as much a component of social entrepreneurship. Also, the proactiveness and innovativeness of social entrepreneurship are important aspects and concepts. Social entrepreneurship can also be radical and disruptive. Implementation of social entrepreneurship entails both the micro- and macro-level. Both the individual implementation of social entrepreneurship, and the overall extent and sophistication of social entrepreneurship opportunities and practice at a broader level, are relevant. Sustainability is a very important consideration for the social entrepreneur. Emphasis has shifted to self-sufficiency and financial sustainability. Both government and corporations can collaborate with social entrepreneurs more. Startup is much the same for the social entrepreneur, compared to the entrepreneur. The social entrepreneur generally requires business understanding and acumen just as much as the entrepreneur. Business experience benefits the social entrepreneur. Social enterprises are run as businesses just as much. Social entrepreneurship can contribute to entrepreneurship, through the distinct perspective it provides. Organisations increasingly find that they can build competitive advantage around social impact and responsibility. Social entrepreneurship also contributes to economic development and activity, through personal development, and can precede entrepreneurship in this way. Social entrepreneurship and entrepreneurship can be compared on a number of grounds, including the level of risk and the level of difficulty. The view is that it should not be too difficult for social entrepreneurs to switch to entrepreneurship, and vice versa. Avenues for future research abound, and are discussed.