Why Social Entrepreneurship?

why social entrepreneurshipIn 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.

why social entrepreneurship fits in Maslow's hierarchy

Abraham Maslow, Motivation and Personality, 2nd ed., Harper & Row, 1970

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!

Share Your Thoughts!

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14 Responses to Why Social Entrepreneurship?

  1. Pingback: Tweets that mention Why Social Entrepreneurship? | A Purpose Driven Life -- Topsy.com

  2. Hi Patch,

    Thank you for sharing such a caring post. It is true that so many people “try” to seem happy but really are not as they don’t have purpose. Sure, they have a great deal of money but money does not buy happiness at all.

    Giving back to help others gives us purpose and I just love how you share that with many in this post. I have my success map laid out and I know where I will help out in my success. I’m looking forward to teaching my children the same.

    To Your Success

  3. Elizabeth Snyder says:

    Patch,

    I love the whole concept of Social Entrepreneurship. There is no comparison to the feeling of having truly helped someone out. Maslow was correct!

    Thanks for putting this out there.

    ~Elizabeth

  4. Bryan Clark says:

    Hey Patch,

    Great post. You’re right, this is the era of the “little guy,” Through “Socialpreneurship”, and a lot of discipline and focus, anyone can become a Social Media Powerhouse, and create wealth and abundance in their lives.

    The industry is forever adapting, so we had better roll with it…or get rolled over.

    Let’s Win Together!

    Bryan

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  8. Arc says:

    Social entrepreneurs are a rare breed. I say they are true living heroes and saints. They are visionary in curing the lost souls of society. One vicious issue, that social entrepreneurs assuage boldly, is Poverty.
    Poverty is always a threat to life, to peace and to equity in human dignity. This is a global happening felt in all corners of this earth. Dwelling deep into it, we can find poverty in physical need, spirituality, society, morality and in politics. All these started with the deprivation of the true value of the physical man.
    I am appealing to all people of good will to take the journey of social entrepreneurship to alleviate the pressing problems of society in all forms. Let us journey love in business action and do business action in details of love.
    Thank you for this post Patch!

    • Patch says:

      Amen. And thank-you for your call to action.
      I sincerely believe we are on the cusp of a societal shift here. I think that even small acts, such as tithing, will have a huge overall impact. Keep an eye out for an upcoming post that will illustrate this and provide a simple action plan to put people into action quickly.
      -Patch

  9. Boris N'DONG says:

    Hi Patch,

    Great post!

    I have just found out about the concept of Social Entrepreneurship (S.E). The amazing think is I ran accross this concept while I was browsing the web for ideas that will help realise an old project of mine to help the underserved people acquire education through low-cost or free material . So, it may be that I am endowed with a set innate S.E core values, ah… lol!
    See, in your post (in many other readings I made) the forturnate -with more money than they need, seem to be the ones successfully going into S.E. It is plain to see that, as is the case in going into business, it takes a minimum of material possession to go into S.E. In my case, I think I’m really starting from scratches! I have also notice that most of the global S.E-funding organisations tend to fund exclusively well-established internatioal or local social entrepreneurs. (Boris! You’ve been into it for 2 days only and now you draw conclusions! Huh!)
    Dear Patch,
    I’d be glad to share ideas about my project!
    Looking forward to hearing from you.

    • Patch says:

      Thanks for visiting, Boris! Anyone can practice SE by simply putting into practice tithing some of their profits as they grow their business. That is what I do until I reach a level where I can do more. I’d love to hear about what you’ve got in the works!

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