Social entrepreneurship, comparatively a new term has emerged globally to define the world of entrepreneurship.
Nobody cannot survive without a society and it is undeniable that there lie numerous problems in society. They try to bring innovative solutions to disturbing social issues. We need the help of every person to make society better.In such a scenario, social entrepreneurs come into the picture. Many people call them the agents of social change. They usually form some initiatives for the greater wellness of society. Recently, a rising wave has been observed in social entrepreneurship globally. However, many myths are surrounded by it. These misconceptions can keep many people away from participating in a social cause. Let's debunk those myths about social entrepreneurship and entrepreneurs.
Myth: Social entrepreneurs don’t know about business, so these enterprises are mostly non-profitable ventures.
Fact: This is the biggest myth about social entrepreneurship. In reality, this is not true. The profit depends upon the way the owner wants it. Social entrepreneurship can be both profitable and non-profitable. Social entrepreneurs do know about business. It is a newer version of the business model. The business ideas mainly come from social issues. Social entrepreneurs try to bring people from every economic class and build a business model to the business which is equally beneficial to society. It can have sustainable options for profits.
Myth: Social entrepreneurs only focus on lasting impact rather than revenues.
Fact: This is a partial truth. The main objective of social entrepreneurship is to make a positive societal impact. Thus, the focus is always on lasting impact rather than making money. Social entrepreneurs always focus on sustainable solutions to an issue. In a long run, if it is really sustainable, then profits will automatically come. They do get revenues. Unlike other types, social entrepreneurs focus on both societal developments as well as profits from it. Thus, the term ‘enterprise’ comes for a special reason.
Myth: Social enterprises cannot be scaled higher.
Fact: The scalability of social entrepreneurship depends on various factors like strategic planning, business model, execution, overall growth, and so on. It is applicable to most enterprises. So, Scalability is applicable to social entrepreneurship too.
Myth: Social entrepreneurs are not real entrepreneurs.
Fact: Many people think that social entrepreneurs only think about society, so they cannot become good businessmen. This concept is utterly false. The journey of social entrepreneurs isthe same as other businessmen. It is their passion to do good for society. They try to identify the problem, then find sustainable solutions, and develop a business model out of it. It serves both the purpose of business and social service.
Social entrepreneurship is a budding domain considering the rapid rise in social as well as environmental issues Globally. You must motivate yourself and others to participate in this.
