What are the differences between commercial entrepreneurship and social entrepreneurship?
Entrepreneurship has become very popular in recent years. The emergence of many types of entrepreneurship has been paved by the increasing value of creative business ideas, access to different parts of the world being just a click away, globalization, and the development of technology.
This article will focus on the concept of social entrepreneurship, crucial for NGOs and large companies in raising awareness.
Entrepreneurship usually involves implementing ideas to make financial gains. The situation is completely different in social entrepreneurship. There is no personal profit goal here. The income is used entirely for social benefit. The income obtained from this entrepreneurship serves the purpose of fulfilling social goals through commercial activities.
In commercial entrepreneurship, the main goal is to make a lot of money individually. In social entrepreneurship, the aim is to find a solution to a societal need.
Taking direct risks is necessary for commercial entrepreneurship. You can invest your savings in a new and unpredictable business, potentially earning huge incomes or losing money, with courage.
In social entrepreneurship, it is important to focus on areas that benefit society and generate incomes for society, rather than taking big risks.
Increasing the demand for a venture is achieved by making a difference in a commercial venture. To make high profits, focus on original business ventures. The goal in social entrepreneurship is to provide benefit, not just to make a difference.
An idea can be implemented even if it is not original as long as it solves a problem. Factors that lead social ventures to success include a clear mission, strong leadership, effective partnerships, and sustainable funding.
Social entrepreneurs are generally people with a good income level and living within certain standards. They do not expect individual commercial gain as a result.
In social enterprise projects, problems due to lack of budget are usually not experienced because social entrepreneurs can fund them with their own income.
A professional team carries out the management stages of the project. Achieving the project's goal is very effective.
All work in social entrepreneurship is carried out within the framework of transparency to achieve social benefit. All project participants are informed and have access to all work reports.
During the implementation phase of projects, disruptions due to financial reasons are usually minimal, and project details are created innovatively.
Social entrepreneurship projects prioritize the sustainability of a solution to a problem. The goal is not to meet the monthly water needs of a region experiencing water problems, but to permanently eliminate the water problem by establishing a sustainable system there.
Social entrepreneurship projects continue steadily despite any problems that may occur during their implementation.
Problems may cause some project details to be abandoned instead of being as comprehensive as planned, but only cause a temporary delay.