group 10

A social entrepreneur is a person who explores business opportunities that have

a positive impact on their community, in society or the world and have the
potential to solve community-based problems.Social entrepreneurship is a new,
innovative business venture that influences change. The main goal is to create
lasting social change through business.

Types Of Social Entrepreneurship

1. Community Social Entrepreneur: Community social entrepreneurs are small-
scale changemakers. A community social entrepreneur can be a young individual
teaching underprivileged kids in a town, a group of college students running
sanitation and plantation drives in a city or one or more organizations working for
social good.Community social entrepreneurs work in specific geographies and
communities but for a wide variety of causes. From hygiene and sanitation to
employment and food distribution services and from plantation and environment
safety to providing employment to deserving ones, they do it all.These types of
social entrepreneurs are the ones who bring about instant change and strive for
more.

2. Non-Profit Social Entrepreneur: These social entrepreneurs believe in

reinvesting profits. So, along with the initial cost, they put their profits into the
cause.For instance, if the initial project was to educate kids from underprivileged
backgrounds and they received more funds than required to facilitate the
initiative, they will utilize the surplus to educate women and expand their
portfolio.People who have a business-oriented mindset prefer this type of social
entrepreneurship. Not just that, but companies and organizations chose non-
profit social entrepreneurship to utilize their social goodwill for the cause.

3. Transformational Social Entrepreneur: These entrepreneurs focus on

establishing a business that can solve a purpose that government initiatives and
other businesses can’t.Transformational social entrepreneurship is more like
running an organization where you hire skilled people, think of newer ways to
stay relevant in the market, follow the guidelines issued by governments and do
everything that an enterprise does.The larger picture for transformational social
entrepreneurs includes a collaborative set-up of multiple businesses serving
society collectively and individually.Some examples of transformational social
entrepreneurship are CRY (Child Rights and You), Goonj and JusTea.

4. Global Social Entrepreneur: Global social entrepreneurs think on a larger scale

and focus on changes required at the global level. They put social responsibility
above profits.They usually collaborate with organizations working on similar
causes in specific regions/countries. One of the most relevant examples of this
type of social entrepreneurship is the Make A Wish Foundation. Headquartered in
Phoenix, Arizona, it actively works in around 50 countries, fulfilling the wishes of
critically ill children.

6’s P:
People:Most social entrepreneurs start their endeavors by identifying what
people they want to benefit. Sometimes, this is the people in their specific
geographical region. Other times, this is people within a certain demographic (i.e.
people with low income). Without a clear definition of who the social
entrepreneur wants to serve, they will face difficulty in appropriately defining the
scope of their enterprise. This puts the yet-to-be-created entity at risk of not
having a clear vision.

Problem:Social entrepreneurs try to fix problems. More specifically, social

entrepreneurs identify a problem that the people in the previous section face.
Usually, during the brainstorm phase of an entity, the social entrepreneur will link
the two together. For example, social entrepreneurs may try to defeat
homelessness in their region. A social entrepreneur in this situation tries to help
certain people (low income individuals) with a problem (lack of available housing).

Plan:With the people and problem identified, a social entrepreneur must devise a
plan to solve the problem. Social entrepreneurs not only strive to create a
business plan to operate an entity, they must also determine how this type of
entity will receive funding and remain financially sustainable. The social
entrepreneur must also evaluate how external parties can help it achieve its social
goals.

Prioritize:One of the largest challenges for a social entrepreneur is a lack of

available resources to tackle the problem they wish to solve. Whether that means
not enough money, not enough specialized knowledge, or external forces that
cannot be controlled, social entrepreneurs face many constraints. This means
they must prioritize what they try to solve, how they go about operating, and
what expansion looks like.

Prototype:Because resources are limited, social entrepreneurs often test out

solutions in small markets before expanding. This means creating prototype
products, services, or processes. It also tests out how different funding and
resources can help it achieve its goals. Though this stage may not foster trust in
those who have provided an upfront investment with the social entrepreneur,
other upfront investors may appreciate seeing a minimum viable product or
prototype.

Pursue:With the test case down, social entrepreneurs identify what went well and
what didn't go well. It often surveys those that helped put the solution together
as well as those receiving the benefit. This last step closes the full loop of activity,
though a social entrepreneur should periodically evaluate each aspect and
continually monitor for ways to better make their social change

aspects

1. Social Impact: Social entrepreneurship aims to make a positive impact on

society and address social or environmental issues.

2. Innovation: Social entrepreneurs come up with creative and innovative

solutions to tackle societal challenges.

3. Sustainability: Social entrepreneurship focuses on creating sustainable

solutions that can continue to have a lasting impact.

4. Empowerment: Social entrepreneurs empower individuals and communities by

providing them with opportunities, resources, and support.
5. Collaboration: Social entrepreneurs often collaborate with various stakeholders
including government agencies, nonprofits, businesses, and the community to
achieve their goals.

Social entrepreneurship in a society

Work within the structures of the business world to influence social change. It is
mainly associated with progress, development, and innovation. Social
entrepreneurship is not new. It has only gained popularity in more recent
times.For example Florence Nightingale, who created the first nursing school in
1860 and reformed the health care industry is said to be a social entrepreneur.

FUNDING A SOCIAL ENTREPRISE

Social entrepreneurs have to be creative with how they raise money, and
crowdfunding is a popular option(Crowdfunding is a way of raising money to
finance projects and businesses. It enables fundraisers to collect money from a
large number of people from online platforms. Crowdfunding is most often used
by startup companies or growing businesses as a way of accessing alternative
funds.)

Crowdfunding websites such as Kickstarter not only help you raise money to get
your idea off the ground but also expose your mission to a community that exists
on the very premise of supporting projects and causes they believe in.

There are also a growing number of grants you can apply to for social enterprises
that meet specific requirements, and the trend of “impact investing,” (A way to
make a difference with your investments while generating financial returns.) For
example an investor wants to invest in a renewable energy company instead of oil
company where the return on investment expected isn’t just financial but
includes social and environmental impact as well.

Benefits

1] Audience reach:A social enterprise might reach a wider audience than other
companies. The target audience for these organisations is typically much larger
than those of others. This is because many consumers support businesses that try
to create a positive impact.

2] Employee motivation:Working for a social enterprise that values social and

environmental interests can motivate employees. Representing a brand you're
passionate about can inspire you and could increase your productivity. A
motivated professional might pursue a more active organisational role to
contribute to a significant objective. In addition, these enterprises may have an
advantage when attracting prospective employees. An individual might want to
find a social enterprise with goals like theirs.

3] Customer loyalty:Customer loyalty is another potential advantage of an

organisation being a social enterprise. When a customer builds a strong
professional relationship with a certain brand, they're often likely to continue
purchasing products and services from that brand. If the customer feels
passionate about the positive impact the social enterprise is intending to create,
they may want to offer their support regularly.

4] Productivity:This quality is another social enterprise advantage. Inspired and

driven employees are more likely to increase productivity. High levels of
productivity can improve employees' work quality and efficiency.

5] Better Standard Of Living:One of the important advantages of social

entrepreneurship is that it ensures a better standard of living for the people. In
this way, they are able to improve their lives

EXAMPLE

Shaheen mistri is the CEO of Teach For India, an educational nonprofit

organization who founded the akanksha foundation in 1989 which was
established for providing the two year fellowship program and higher quality of
education to the children who belonged to communities and families with low
incomes.when shaheen realized that the city’s slums have no access to education
and had no skills which was required she brought about the akanksha centre with
only 15 children and aslo had employed her college friends as
volunteers.eventally the centre became the akanksha foundation after 25 years
the 15 children and one centre had become 1400 children and 51 centres in 16
schools. As the recognition of Akanksha’s work grew, Shaheen saw an opportunity
to expand her reach even further and work for more transformative changes
when she met Wendy Kopp, the founder of Teach For America. Along with five
colleagues, Shaheen launched Teach For India in 2008. Since then, the
organization has recruited, trained, and placed nearly 1700 Fellows in schools
across seven cities. More than 1200 Teach For India alumni are now working to
realize the organization’s mission from within and outside of education