Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs.
7 Steps to Becoming a Successful Social Entrepreneur
Write a mission statement.
Research the field.
Conceptualize your unique offering.
Reach out to team members for feedback and support.
Develop your business model.
Identify initial funding sources.
Write an action plan (and stick to it)
Social entrepreneurship uses business to offer new ideas for wide-scale social and environmental impact. Social entrepreneurship unites the passion of a social mission with an image of business-like discipline, innovation, and determination.
The most rewarding advantage of being a social entrepreneur is the potential to have a positive impact on society by improving quality of life for people in their community. A social entrepreneur has the freedom to explore and create innovative solutions for change—and can inspire others to do the same.
Social entrepreneurship fosters a more equitable society by addressing social issues and trying to achieve ongoing sustainable impact through their social mission rather than purely profit-maximization. In Yunus's example, the Grameen Bank supports disadvantaged.