The Future of Social Entrepreneurship

The future of using business and other entrepreneurial means to solve the problems that society faces is definitely a dynamic one. For one, social entrepreneurship is going to dissolve into an independent field. This is to mean that it is expected that it will develop into a discipline of its own. It currently provides a platform to lobby resources into the social sector by drawing attention to the need to solve social problems through innovative business solutions. This role and scope of social entrepreneurship is however expected to expand in the next few years. This expectation is not only based on the new frameworks that the sector is stimulating but also the new enterprises that are in incubation. Gradual growth will lead the discipline of social entrepreneurship into evolving to an integral lens through which all fields of study and all sectors are understood.

It is however cautious to be prudent in the expectations of social entrepreneurship dynamism. This is to mean getting a balance between enthusiasm in impact investing and practical realities, especially in profit margin estimations. The traditional hardship that comes with breaking even in any business undertaking should not be taken for granted no matter the optimism. This is especially so when entrepreneurial success is linked to a social mission. In a pragmatic point of view, social entrepreneurship is more financially sustainable than it is profitable.

Another anticipated stride in this field is the sophistication of social impact assessment. This expectation is based on the increasingly new tools and models of assessment in development for use in service and product analysis. The reconfiguration of teams and skills in the employment sector is also bound to eventually affect this discipline. This phenomenon is solely based on the trends in the employment sector. In aligning businesses to these expected changes, incremental shifts as opposed to revolutionary ones should be considered.

Who are Social Entrepreneurs

Like the cloud was a concept back in the 90s, social entrepreneurship has also been a concept which has emerged from using resources and reinvesting them to solve issues of a society. One of the ways in which it can be done is by either individuals, or businesses who earn through profits. As per the concept of competitive capitalism which was outlined by Milton Friedman, it is important for a business to ensure that they reinvest the resources they earn through profits, back for the welfare for everyone. It includes the environment, the citizens and the ways in which an individual can improve their quality of life.

Although Freidman had a concept which was involved in the working of a business entity, it can be easily applied to an individual too. Those who use the resources from their surroundings and do not return them the favor are known as parasites, which is something humans do not wish to be associated with. So to ensure that an individual and a business does not get referred to as a parasite, they need to invest their time, knowledge, financial and intelligent resources to help their surroundings and environment grow. One such way is how investment banks work. Although they use pension money to fund their financial products or asking for cash from wealthy individuals to make them more money, not telling them the market risks and risks that may lose their money is what parasites in return do. There needs to be a proper understanding of what makes a shareholder different from a stakeholder.

Social entrepreneurs are more inclined towards stakeholders, which just not include those who invested through funds, but those who would be getting the returns from those funds. Social entrepreneurs provide a change by being actors of social change. They accept missions, bring ideas back to reality and engage in a process that is constantly innovating. They are a distant form of leaders, teachers and innovators. They provide electricity and education to Africa, help farmers in Central America, give clean water to Asians and provide education to the underprivileged in war-torn countries. Social entrepreneurs are amazing, they have a vision, which makes them unique. Everyone amongst us can be one, it’s our society and we need to strive for its betterment.

Lessons for creating Social impact

Social Impact fosters positive social and economic changes. Want to create social impact that Iasts? Here are some lessons from my experience that can help social impact:

1. Assess your Ideas: However brilliant your ideas may seem you, but there is every possibility that they won’t work in the same manner you expected. Always remember, you are not the only creative one. You may need to fearlessly struggle to keep up the momentum.
2. Don’t Seek Perfection: To create social Impact, it is very important to remain close to the ground. Keep yourself closer to the realities on ground and test your ideas in their natural state.
3. Accessibility: A social Impact that is has wider accessibility lasts over a longer period of time.
4. Design: Creation of social impact is all about design and implementation of vision through this design. It could be a new product, service, business, policy or procedures, etc.
5. 5.Perception: The design process is informed and inspired by the research but a viable perception develops with time. You do not perceive things uniquely in the first place.
6. Learn from Experience: Yes, there are several professional instances that experience can help you engage with social issues and create a social impact on a large scale. However unique your idea may seem to you, there is always something that you can learn from other’s experiences.
7. The Internet is not enough: Although the latest communication technologies, like internet and mobile, are vital to leverage, personal involvement has always been the best tool to make a social impact.
8. Be Consistent: No impact lasts for long, if you do not stick to your ideas for a long time. Be determined to be consistent with your ideas.
9. Watch Your Celebration: Do not celebrate your social impact success too early. There might be ideas that have captured the imagination of a wider audience but they might have major challenges in the field.