Social entrepreneurship can be described as the practice of merging a number of things such as resources, innovation and opportunities in order to look at the critical environmental and social concerns and challenges. It can also be described as attracting growing amounts and attention of a number of sectors using talent and money in order to gain more money and popularity. Social entrepreneurs mainly focus on transforming practices that cause poverty, environmental decline as well as circumstances leading to loss of human dignity. Writers who offer strategic management assignment help<\/a> at Edudorm essay writing service notes that such social entrepreneurs may come up with either for-profit or not-for-profit organizations with the aim of creating sustainable systems change. Social entrepreneurship is aimed at coming up with techniques and strategies that will see startup companies and entrepreneurs develop and implement solutions to social, cultural and environmental concerns. Social entrepreneurs may either want profit or no profit in return since their main aim is giving back to the society. Social entrepreneurs mainly focus on providing solutions to social, cultural and environmental problems that affect the society. For instance they provide healthcare, reduce rates of pollution and come up with community development projects that ensure people in that community benefit. Therefore, this paper will focus on discussing social entrepreneurship while contrasting social entrepreneurship with regular entrepreneurship<\/p>\n\n\n\n Creativity- this is the ability to come up with innovative solutions even when others have no solutions and think that it is impossible. The entrepreneurs are innovative and able to lead major social enterprises since they always think outside the box.<\/p>\n\n\n\n Self confidence- being confident ensures people believe in themselves and thus ensuring other people believe in them too. Self confidence ensures that one tries to come up with solutions to problems other people failed to (Breslin, 2013). The entrepreneurs aim at coming up with changes and solutions to problems affecting the people thus, they have to remain confident in themselves. The entrepreneurs handle difficult situations hence they have confidence in themselves since doubts end up causing failure.<\/p>\n\n\n\n Perseverance- Social entrepreneurs have no room to give up. They must succeed thus try harder than others in order to bring changes to the community and to the world at large. Successful social entrepreneurs never give up since they have to come up with possible solutions that other people have failed to. They have to ensure that the community is a better place where people live free from major problems that have solutions such as provision of health care services.<\/p>\n\n\n\n Leadership- social entrepreneurs have to have good leadership qualities since they have to ensure people come up together and support the community development projects. They have to inspire people so that the project can be accepted by the people. The entrepreneurs therefore have to engage the community people and ensure the projects are development in a sustainable manner. These entrepreneurs should have the best leadership qualities for them to be accepted and implement the projects within the community.<\/p>\n\n\n\n Team spirit\/solidarity- social entrepreneurs have to collaborate with all other stakeholders since team spirit is important in ensuring success is archived. Social entrepreneurs have to come up with a number of ideas which will provide solutions to problems affecting different stakeholders. Team spirit is a necessary trait since without involving the people a project cannot succeed.<\/p>\n\n\n\n Adaptability- social entrepreneurs are flexible people and able to adapt to the world that keeps on changing since they want to come up with problems which other people have already given up on. Experts who offer MBA assignment help<\/a> at Edudorm essay writing service indicates that the world is faced by many pressing problems and without social entrepreneurs the world would not be a better place since most people give up on finding solutions to problems affecting them. Social entrepreneurs ensure they contribute positively to the community through coming up with health care services, transportation services and better the education sector in different communities.<\/p>\n\n\n\n Positive vision for the future – social entrepreneurs are hopeful that the world will be a better place in future. They see the potential solutions to common problems affecting the people and come up with preventive measures to some problems in order to ensure that the world will be a better place in future. Unlike other people, they are optimistic and hopeful that the future will be better compared to the present. They urge people to support their projects since people will not only benefit in the present but in the future as well. The entrepreneurs therefore are persistent people whereby they will not stop until it works since they believe in themselves and ensure everything works.<\/p>\n\n\n\n Regular entrepreneurship is known as commercial or business entrepreneurship which aims at generation profits to the business with the resources provided by the entrepreneur. The entrepreneur aims at achieving the set goals with the main goal being profit generation (Azmat, Ferdous & Couchman, 2015). Therefore, commercial entrepreneurship aims at generating profits out of the risks and opportunities the entrepreneur is willing to take. On the other hand, social entrepreneurship is aimed at coming up with all possible solutions to problems facing the people be it social, cultural or environmental problems. Social enterprises identify common problems facing people and join hands with the community in identifying possible solutions that will ensure the problem is solved.<\/p>\n\n\n\n Commercial entrepreneurship involves enterprises performing thorough research on the market before launching their products since the market needs demand for the product for the enterprise to generate profit (Azmat, Ferdous & Couchman, 2015). Therefore, the commercial entrepreneur should have wide ranges of people demanding the product thus should be able to advertise the product so that it can reach as many people as possible. On the other hand, social entrepreneurship does not require any form of advertisement since it involves mobilizing the community in order to come up with solutions that affect them such as poor health care and education services. Therefore, social entrepreneurship does not include market research since it is not introducing new products to the people.<\/p>\n\n\n\n Commercial entrepreneurship differs with social entrepreneurship in allocation and mobilization of resources. Commercial enterprises have to allocate some resources in recruiting employees and ensure they sustain the employees through providing good wages and paying employees on time. Tutors who offer operations management assignment help<\/a> at Edudorm essay writing service acknowledges that social enterprises have to give benefits and motivate their employees therefore they need to plan well for their resources. On the other hand, social enterprises lack enough resources to ensure they employ employees thus depend mostly on volunteers. Social enterprises lack enough funds to support their projects or organizations since they are not mainly aimed at generating profits (Haugh & Talwar, 2016). Social enterprises therefore have to depend on donors and volunteers since they cannot employ employees given that they would not maintain them because they are not generating much income.<\/p>\n\n\n\n Social entrepreneurs unlike commercial entrepreneurs consider different opportunities since their main aim is ensuring people live in problem free areas (Chell et al, 2016). Commercial enterprises will consider financial and economic gains since they are aimed at generating profits while social enterprises will focus on social gains where they ensure social concerns in the communities are solved. Social enterprises ensure they generate profits which they in turn use on ensuring the social problems are solved unlike commercial enterprises that will ensure they gain profits and use the profit to come up with more and better products (Chell et al, 2016). This shows that social and commercial enterprises offer different products types since they target different people and have different aims. The two entrepreneurships are different and since they have different purposes, missions, visions, objectives and goals they all want to achieve.<\/p>\n\n\n\n Both commercial and social entrepreneurship have one aim of generating profits but use the profit generated differently. Commercial enterprises use the profit to providing wages and benefits to their employees as well as expanding the enterprises (Chell et al, 2016). Social enterprises use the profits in expanding the services they provide to the people. For instance, they can expand healthcare and education services so that people can live in communities where social amenities are well provided. Example of social enterprise would be the Cooperatives UK which provides social services to the people (Chell et al, 2016).<\/p>\n\n\n\n Both commercial and social enterprises will have to mobilize resources since resources are important before coming up with organizations (Chell et al, 2016). The resources will ensure that both organizations achieve the goals they have set. Both organizations should consider human resources as well as financial resources. Commercial enterprises hire employees while social enterprises depend on volunteers since they do not have enough resources to hire the employees (Chell et al, 2016). Thus, both organizations need plans on how they will carry out their activities so they can remain successful eventually. They have to utilize resources in the best way possible so that they can achieve their goals.<\/p>\n\n\n\n There are three different models used to describe the concept of social entrepreneurship since it different from regular entrepreneurship. Social entrepreneurs have to consider the models before coming up with social enterprises since the models act as guidance on how to come up and maintain the social enterprises (Peris et al, 2016). Authors who offer corporate strategy assignment help<\/a> at Edudorm essay writing service points that social enterprises are aimed at giving back to the community thus the models increase creativity on how to form and run the social enterprises. Social entrepreneurs should ensure they align their goals with the business models in order to ensure they achieve their goals. Therefore, social enterprises have to choose either to become for profit or not for profit organizations but all aim at solving social, environmental and cultural concern. Therefore, the following models are used in ensuring that social enterprises remain successful and beneficial to the communities.<\/p>\n\n\n\n It is a traditional nonprofit type of social enterprise model which involves the social enterprise depending entirely on charitable contributions and depend on subsidies from the public sector. The business does not involve itself in income generation since it gets funds from the public or other charitable organizations (Yunxia, Rooney & Phillips, 2016). Social organizations should not entirely depend on government subsidies or charity organizations for funds. They should at least ensure they generate funds that will ensure they run the organizations in a smooth and successful manner. Depending entirely on outside funds can be challenging to the social enterprise since if the funds are cut short the business can be at a risk of failing. Social enterprises need to ensure they generate funds as well as get funds from outside in order to ensure they remain successful. Most social enterprises have used the dependency model and have been successful but currently organizations need to generate profits rather than fully depending on outside funds sources. Profit generator model can be highly effective but poses risks to the organizations thus new social enterprises need to consider their sources of funds (Yunxia, Rooney & Phillips, 2016). Social organizations should ensure they generate profits then use the profits to ensure the community runs smoothly and that all social problems are sorted out. Social enterprises should ensure they generate profits on their own rather than depending fully on charity organizations and other well wishers. The enterprises are important and beneficial to the communities since they are aimed at providing solutions to the common problems people go through. They need funds to run and help people thus they need to remain profitable in order to help the people fully.<\/p>\n\n\n\n Trade Off model explains how social enterprises look for sources of funds such as government subsidies, funds from charity organizations and generate income as well. Here, social enterprises do not depend fully on the charity organizations and government subsidies but rather generate income on their own as well (Renz & Herman, 2016). The business generates further income on its own rather than depending fully on the outside funds like in the case of the profit generator model. The social enterprise has to sell services and products to the community people so that it can generate income to run the enterprise smoothly and successfully. The business will not depend fully on outside funds since if they are cut short the organizations will end up failing (Renz & Herman, 2016). Thus, the social enterprise will balance between generating financial profits and providing social returns. There will definitely be a trade off whereby the business gets income and use the income in ensuring the social concern are sorted out in a sustainable manner. Mentors who offer business development assignment help<\/a> at Edudorm essay writing service recognizes that the social enterprise may increase its social impact to the community by reducing the financial gains and vice versa as well. This will ensure that outside investors come up in the organization but ensure the social impact is felt within the community. Other stakeholders will be invited to provide services and sell products to the community with the main aim of ensuring the goals of the organization are achieved. The main goal is ensuring the organization provides social gains to the community such as better education, transport and healthcare services (Renz & Herman, 2016). This model ensures that a trade off becomes possible whereby the community gains from the organization while the organization gains from the community as well.<\/p>\n\n\n\n Social impact is seen to increase or decrease in every step with the financial returns. These types of social enterprises are possible in highly competitive areas. The level of financial returns that can be achieved by the model 3 may be seen in a commercial enterprise rather than a social enterprise (Brown, 2015). An example of such social enterprises is a wind farm which would provide energy to the community while the community people pay fully for the service. The organization brings development to the community and in turn people pay fully in order to get the service since the organization wants to generate some profits to ensure it maintains even its employees. If the people fail to support the project, they cannot get the services since people will be required to pay for them to benefit. Such social enterprises are more of commercial enterprises thus need to venture in highly competitive areas where they provide such social services in affordable and standardized prices compared to other commercial enterprises (Brown, 2015). Such enterprises generate income on their own thus need more funds to run smoothly in order they can remain successful. Such organizations do not need to depend on donations since they are capable of generating their own income through selling their services and products to the community at affordable rates. People will definitely prefer their services since they are easily affordable and available compared to services provided by commercial enterprises (Brown, 2015). Such organizations are in better positions compared to those organizations which depend fully on donations to run them. The challenge of self-sufficient social enterprises is increased pressure to provide funds to the enterprise on long term basis.<\/p>\n\n\n\n There is no best business model since all of them are applicable and useful as well (Brown, 2015). A social enterprise should use the model that suits it best and ensures it remains successful since success is the key goal. The best model though would be model two which ensures that tradeoffs are possible where the social enterprise provides services to the people and in turn generate profits. Social enterprises should not fully depend on outside donations since it is risky thus need to generate funds on their own. Model 2 is used currently since social enterprises provide social services to the people and in return generate income since people will partly pay for the services. The enterprises do not provide services freely since they want to pay their staffs and ensure the enterprises run smoothly.<\/p>\n\n\n\nCharacteristics of Social Entrepreneurs<\/h2>\n\n\n\n
Differences Between Social Entrepreneurship and Regular Entrepreneurship<\/h2>\n\n\n\n
Similarities between Social Entrepreneurship and Regular Entrepreneurship<\/h2>\n\n\n\n
Models\/Frameworks of Social Entrepreneurship<\/h2>\n\n\n\n
Profit Generator Model for Social Entrepreneurship<\/h2>\n\n\n\n
Trade Off model for Social Entrepreneurship<\/h2>\n\n\n\n
Lock Step for Social Entrepreneurship<\/h2>\n\n\n\n
Which Social Entrepreneurship Model is best?<\/h2>\n\n\n\n
Conclusion<\/h2>\n\n\n\n