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Lecture 7

ECON 202 Lecture 7: SocialEntrepreneurship

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ECON 202
Fiona T Rahman

Technically, a social business entrepreneur is someone who applies entrepreneurial principles to create and manage a venture that tackles social problems in order to create social change. In a social enterprise, generating social change is the number one priority, and their profits are used to fund those efforts. Traditional entrepreneurs create enterprises with the goal of turning a profit. The focus of social business entrepreneurs and traditional entrepreneurs is one main difference: one measures performance by furthering social and environmental goals, while the other measures performance by the profits they generate. Traits of Social Business Entrepreneurs All entrepreneurs possess common traits which include passion, vision, perseverance, confidence, creativity, and dedication, amongst others. Social entrepreneurs apply these traits to develop solutions to social problems, rather than to solely moneymaking efforts. Social business entrepreneurs possess a desire to make an impact. They don’t just sit around, waiting for change to happen- they find ways to make it happen. Where You’ll Find Them Traditional entrepreneurs are found in the for-profit business sector. Social business entrepreneurs are commonly found in the non-profit sector, but can also be found in the for-profit sector. Creating social and environmental change doesn’t have to be done on a voluntary basis; social business entrepreneurs establish for-profi
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