Social entrepreneurship
[2] For-profit entrepreneurs typically measure performance using business metrics like profit, revenues and increases in stock prices.
These websites enable social entrepreneurs to reach numerous people who are not geographically close yet who share the same goals and encourage them to collaborate online, learn about the issues, disseminate information about the group's events and activities, and raise funds through crowdfunding.
[8] The dynamic nature of the object and the multiplicity of the conceptual lens used by researchers has made it impossible to capture it, to such an extent that scholars have compared it with a mythological beast.
[15] Such support from organizations in society, such as government-aid agencies or private firms, may catalyze innovative ideas to reach a larger audience.
Yunus was the founder of Grameen Bank, which pioneered the concept of microcredit for supporting innovators in multiple developing countries in Asia, Africa, and Latin America.
Others, such as former Indianapolis mayor Stephen Goldsmith, addressed social efforts on a local level by using the private sector to provide city services.
[32] Muhammad Yunus says about this characteristic, "He (or she) competes in the marketplace with all other competitors but is inspired by a set of social objectives.
"[33] Because the world of social entrepreneurship is relatively new, existing now for over a few decades, there are challenges facing those who delve into the field.
[36] Founding successful social businesses on merely potential solutions can be nearly impossible as investors are much less willing to support risky ventures.
Though social entrepreneurs are tackling the world's most pressing issues, they must also confront skepticism and stinginess from the very society they seek to serve.
However, social entrepreneurs must find new business models that do not rely on standard exchange of capital in order to make their organizations sustainable.
Despite the established definition nowadays, social entrepreneurship remains a difficult concept to define, since it may be manifested in multiple forms.
[42] A broad definition of the concept allows interdisciplinary research efforts to understand and challenge the notions behind social entrepreneurship.
Another notable British social entrepreneur is Andrew Mawson OBE, who was given a peerage in 2007 because of his urban regeneration work including the Bromley by Bow Centre in East London.
During the nineteenth and twentieth centuries some of the most successful social entrepreneurs straddled the civic, governmental and business worlds.
[5] Researchers note that there is a need to understand the ecosystems of social enterprises, as they often operate in a context which is highly localized, interacting with small, local actors, but may also be intimately connected to other systems operating at a broader (regional, country level or even global) level which influence their immediate environment.
Socio-economic enterprises include corporations that balance earning profits with nonprofit goals, such as seeking social change for communities.
In addition, there are support organizations dedicated to empowering social entrepreneurs, connecting them with mentors, strengthening their enterprise models, and preparing them for capital investments.
One well-known social entrepreneur from South Asia is Muhammad Yunus, who founded the Grameen Bank in 1976.
He 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.
[50] Larger countries in Europe and South America have tended to work more closely with public organizations at both the national and local level.
In The Power of Unreasonable People, John Elkington and Pamela Hartigan describe social entrepreneurs' business structures as falling under three different models, applicable in different situations and economic climates: There are also a broader range of hybrid profit models, where a conventional business invests some portion of its profits on socially, culturally or environmentally beneficial activities.
[42] The North American organizations tend to have a strongly individualistic stance focused on a handful of exceptional leaders.
[58] In the 2000s, the Internet has become especially useful in disseminating information to a wide range of like-minded supporters in short amounts of time, even if these individuals are geographically dispersed.
This enables social entrepreneurs to achieve their goals with little or no start-up capital and little or no "brick and mortar" facilities (e.g., rented office space).
[15] Policymakers around the globe may need to learn more about social initiatives, to increase the sustainability, effectiveness, and efficiency of these projects.
[61] One challenge is that in some cases, social entrepreneurs may only propose short-term solutions, or that they are unable to scale up their virtual, online organization to a larger degree to maximize the number of people who are helped.
This lack of inter-sectoral collaboration may lead to stagnation, if the motives and goals of social enterprises and of those in policy-making and programs are not aligned.
Increased participation draws more attention to social entrepreneurship ventures from policymakers and privately owned corporations.
Simultaneously, research shows that as social entrepreneurs attempt to widen their impact and scale their efforts, external institutions will have a key role to play in their success.
