While most entrepreneurs are profit-driven, social entrepreneurs’ ventures are mainly not for profit. They often target areas like poverty, healthcare, environmental issues and community development. This kind of entrepreneurship makes the most of out of social media to reach out to people for funds i.e. crowdfunding. Crowdfunding is when a business venture is funded by many people and is usually facilitated over the internet. People are more likely to contribute to a venture when they know it is for a good cause.
Capitalism plus social cause is what makes social entrepreneurship click. There is something called hybrid social entrepreneurship, which focuses on monetary gains while solving a pressing issue. Networking and collaboration are important aspects of social entrepreneurship. The larger, more focused network you have, the better your venture will turn out to be.
Now that we’ve understood the basics of social entrepreneurship, let’s have a look at what are some of its benefits to the individual, society and the country as a whole.
Creates employment - As with other forms of entrepreneurship, social entrepreneurship too creates employment opportunities for likeminded people. In this case, the employees will be morally driven since they are working towards a social cause. It will create more service-minded individuals working for the betterment of society. Many people are opting for this