In the following post, I explain what social entrepreneurship is but since I also feel that the more fundamental question has it’s roots in the reason behind social entrepreneurship, I will focus more on thoughts like: “why social entrepreneurship is important“, and “why social entrepreneurship is something I feel will become mainstream very soon“.
So read on, and more importantly, share your thoughts!
What is Social Entrepreneurship? Why Social Entrepreneurship makes a difference.
Social Entrepreneurship is fundamentally a merge of two concepts ; socially responsible action and entrepreneurship. Put together, the term implies applying business principles to improve society.
So let’s delve a little deeper, shall we?
Why Social Entrepreneurship is important…to society
As you probably read on my page about the emergence of a Social Entrepreneurship Movement, there will be increasing pressure on small business to contribute to the betterment of society.
The benefits of giving and helping the less fortunate are obvious. Both for-profit and not-for-profit organizations can practice social entrepreneurship to generate funds to help those in need and can also help by teaching and enabling those in need to help themselves.
However, what will motivate these entrepreneurs to do so? This is really the question. I think the answer has more to do with living with purpose and fulfillment than it does with excess profits and societal pressures. Let me explain.
We all have basic needs – food, shelter, security, etc. Many of these needs can be satisfied with money. So in a capitalist society, driven by money, we can take care of these basic needs relatively easily. But there is more to life than that. The old adage – “Money can’t buy happiness” is true indeed, and directly correlates to what Abraham Maslow postulated in his hierarchy of needs. Interestingly, the higher level needs are not dependant on financial means. Consequently, failure to satisfy these higher level needs will result in an unfulfilled life in some form or another. This is why we see some wealthy, powerful, and/or popular people living seemingly unhappy lives.
We all go through life wondering why we are here. What is our purpose? We ask these questions because of our desire to satisfy our higher level needs of belonging, self-esteem and self-actualization.
Why Social Entrepreneurship is going to gain traction?
The wealth of tomorrow will be redistributed to those who embark in the Global Entrepreneurial Movement. These new rich will easily satisfy their basic needs but will quickly realize they don’t have a deeper purpose in their lives if they haven’t already found it. They will have more money than they need and as a result, they will seek to satisfy their higher level needs by using their wealth and helping the less fortunate.
They will realize why social entrepreneurship can help them gain self-esteem and actualization, and will feel good by “giving back”. In addition, they will also notice other new rich entrepreneurs among them and feel a sense of kinship by supporting common causes and developing socially responsible projects together. This will also help them to achieve a sense of belonging.
So you see not only why social entrepreneurship is important to those in need of help, but the underlying motivations for those who will practice it are driven by a desire to be living with purpose and fulfillment in their own lives.
Living with Purpose. Live Fulfilled.
I hope this short explanation of my thoughts has sparked some of your own. Indeed the answer to the question of why social entrepreneurship is important has several dimensions to it, so I look forward to hearing from you!