entrepreneurship

entrepreneurship

A new trend is emerging among businesses. Many companies are aiming to be more socially responsible. Companies are adopting a social mission as part of their core operations. This is not to make a profit but to improve the world. These are social entrepreneurs.

Social entrepreneurship is a way to implement innovative strategies that will drive positive social action. There are many types of social entrepreneurs, both for-profit and not-for-profit. Some professionals have their own private practice and provide social services to those in need. The power and potential of these organizations becomes evident when we examine their operations. 

Social Entrepreneurship Models

Social Sector Business A “Social Sector Business” can be defined as a business that is profitable and has a social mission. It aims to maximize profits while maximizing profit. These companies offer services and products that address specific social needs. These businesses pay their way with their own earnings.

One of the most prominent examples of social entrepreneurship is Grameen Bank. Muhammad Yunus founded it in 1983 to provide microloans for rural Bangladeshi slum residents. This model has been a huge success, with 7 million borrowers at December 2007, and a 95% repayment rate. This repayment rate is amazing! This bank won the Nobel Peace Prize for its extraordinary profits.

Earned income Non-profit

The Earned Income Nonprofit is another model. This non-profit is focused on a social cause and makes its profits by selling its products and services to people who can afford them. They don’t rely on grants and donations. These organizations are called’social enterprises’.

The Delancey Street Foundation is an example of social entrepreneurship. John Maher and Mimi Silbert started the foundation in 1971 to help homeless people, drug abusers, and ex-convicts in San Francisco. The organization doesn’t rely on government funding. The foundation is funded by the profits of clients’ businesses. Client businesses, which include a printing shop and a moving business, account for 65% of the foundation’s funding. This business has had a positive effect on at least 14,000 people. It teaches skills and offers clients marketable job options to help them make a difference in the lives of others.

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Pro Bono Practice

Pro Bono Practice refers to a group of professionals who are lawyers, doctors and consultants. They help clients who can’t afford to pay and contribute to society. This practice generates money and funds clients who cannot pay by charging the ones who can. They can also sell products and services, or reach out to sponsors for funds.

This model of social entrepreneurship is demonstrated by Dr. Juan Campos in San Francisco, who is a chiropractor. He has offered chiropractic services in El Salvador once a year since 1988. A group of chiropractors travel with him, who cover their own expenses using the income from private practice.

Entrepreneurship has grown in importance over the past 10 years. According to the Global Entrepreneurship Monitor, (GEM), approximately 330 million people or 14% of all adults in 35 countries are involved in starting new businesses.

People are changing how they view business, whether it’s the desire to be their boss, pursue their own ideas, or the possibility of financial rewards. There are four main demographics in entrepreneurship that are growing faster than ever.

Women Entrepreneurs

According to the U.S. Census Bureau, 6.5 million women owned businesses in 2002. This number is 20% higher than 1997. Women-owned businesses have been most common in the professional and health services sectors. Surprisingly, construction, agricultural services and transportation are the fastest-growing areas for women-owned businesses.

Minority Entrepreneurs

Over the same time, the number of minority-owned companies has also increased dramatically. From 1997 to 2002, the rate of growth in African-American-owned businesses has increased by 45%. At a rate of 24%, both Native American-owned and Asian-owned businesses have seen an increase.

Senior Entrepreneurs

The U.S. Census Bureau doesn’t collect data specifically on senior-own businesses but there is strong evidence that more seniors are involve in entrepreneurship. This is due to the decline in corporate size, rising concerns that seniors will need more income to pay future healthcare expenses, and a growing desire by older workers to find personal fulfillment in their retirement years.

Young Entrepreneurs

Young people are the most active group in entrepreneurship. Gallup found that 71% of high school students would like to start their own business. On college campuses, entrepreneurship is also gaining popularity. There are currently 1992 colleges and universities that offer at least one course on entrepreneurship.

Entrepreneurship is a growing trend worldwide, regardless of who is creating all these businesses. It is becoming less popular to be a corporate eight-to-fiver. When are you going to get on board?

 

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