The business entrepreneur is driven to innovate within a commercial market, to the ultimate benefit of consumers. … To the social entrepreneur, wealth creation is necessary, but not for its own sake. Rather, wealth is simply a tool the entrepreneur uses to effect social change.
A business entrepreneurship defines wealth as dollars made through these actions. … A social entrepreneurship values wealth accumulation and the profits generated by their company. However, a social entrepreneur sees money as just a tool to affect real change throughout the world.
While in business enterprise the profit is shared among the shareholders, social enterprises use their profits towards whatever social aims they want to achieve in the first place.
Similarities are both of them have the ability to find opportunity and make a significant impact on society. Differences are commercial entrepreneurs try to meet people’s needs, while, social entrepreneurs seek to reduce the needs.
The entrepreneur participates in entrepreneurial venture with the aim of earning profit. On the other hand, the social entrepreneur participates in profit seeking business ventures if only to use the profits generated to create valuable social programs for the whole community.
A social entrepreneur is interested in starting a business for the greater social good and not just the pursuit of profits. Social entrepreneurs may seek to produce environmentally-friendly products, serve an underserved community, or focus on philanthropic activities.
What is the meaning of business entrepreneurship?
An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures.
In short, an entrepreneur not only creates wealth and generates profits from the business venture, but also they also create jobs and the conditions for a developing society.
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Corporate Entrepreneurship vs Social Entrepreneurship.
| Basis | Corporate Entrepreneurship | Social Entrepreneurship |
|---|---|---|
| Main Objective | Building a business and maximizing profits | Creating social change |
Mission- The essential purpose of social entrepreneurship is creating social value for the greater public good whereas commercial entrepreneurship targets at creating profitable operations resulting in private gain.
Entrepreneurs will want money while social won’t care much about it because they want to have members of society to be integrated and happy. This way social entrepreneurs are more philanthropic than business entrepreneurs. So business entrepreneurs are about the economy while social entrepreneurs – about society.
Types of social entrepreneurs
- The Community Social Entrepreneur. This entrepreneur seeks to serve the social needs of a community within a small geographical area. …
- The Non-Profit Social Entrepreneur. …
- The Transformational Social Entrepreneur. …
- The Global Social Entrepreneur.
7 Essential Characteristics of Social Entrepreneurs
- Curiosity. Social entrepreneurs must nurture a sense of curiosity about people and the problems they face. …
- Inspiration. …
- Resourcefulness. …
- Pragmatism. …
- Adaptability. …
- Openness to Collaboration. …
- Persistance.
Social entrepreneurs combine commerce and social issues in a way that improves the lives of people connected to the cause. They don’t measure their success in terms of profit alone – success to social entrepreneurs means that they have improved the world, however they define that.