To understand the meaning of social entrepreneurship, we need to understand the word “entrepreneur” defined as “one who undertakes an enterprise, especially a contractor, acting as intermediately between capital and labor”.
Entrepreneurship is the act of being an entrepreneur. A social entrepreneur recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a social venture to achieve social and environmental goals. While a business entrepreneur typically measures performance in profit and return, a social entrepreneur focuses on social goals. Social goals refer to the enhancement of social wealth creation as opposed to private wealth creation and the desire to benefit society in some way.
Social entrepreneurship is increasingly recognized as an element of the economic, social, and environmental contributions to society (Ferri & Urbano, 2010).
It must be noted that the social entrepreneurship cannot be confused with charity. While charity reflects the benefactor’s compassion for humankind and is measured in terms of the generosity of donations to the less fortunate, social entrepreneurship reflects more than the good intentions of its practitioners who are not merely driven by compassion, but are also compelled by a desire for social change.
The purpose of charity is to donate funds to buy food to ease the poor’s hunger, but it is a temporary solution, social entrepreneurship uses its funds to make a lasting social impact.
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