Every day we hear or read about social entrepreneurs. Do we know who they are and what they do? Let us try to find out the most important things about them together.
Entrepreneurs are people who have an innovative business idea. They are willing to take the risk of implementing that idea. Entrepreneurs are also the leaders of the company or organization – assuming full responsibility for its execution, success, or failure. Being an entrepreneur may associate with innovative and creative ideas for online use. This is the modern interpretation.
There are various types of entrepreneurs: business, lifestyle, serial, social and etc. Today we are going to discuss social entrepreneurs, who they are and what they do. A social entrepreneur refers to a person who has innovative ideas for social change. They can suggest new solutions to social problems and dedicate their time to bringing these ideas to reality.
Are social entrepreneurs really “entrepreneurs” or just individuals who are motivated by meeting social objectives to achieve social change?
A social entrepreneur hopes for a change. They can often start non-profit organizations as they work toward social change. Others may partner with established non-profits or private businesses.
The main goal of a social entrepreneur is to make changes that have social value. They seek to apply innovative ideas and practices that are usually used in business to create the type of change they look for. Profit is not the point of a social entrepreneur’s efforts.
A social entrepreneur typically becomes interested in a problem when society is having trouble finding solutions. It seems as though people are stuck with the problem. They are unable to move forward in any significant way. The task of the entrepreneur is to learn the cause of the problem and to find out why previous solutions have failed to make the necessary changes. Then he works to apply new ideas and business solutions to stimulate change and convince others to move forward as well.
Social entrepreneurs mostly work on solutions that are easy for others to use and understand. They want people to become interested enough to implement them in their communities. Entrepreneurs are usually concerned with making sure their ideas are ethical and be likely to gain a good deal of support. It is known that change in even a small area can become major if people in other areas get involved.
Mistakes Entrepreneurs Make
One of the biggest mistakes entrepreneurs make is that they come up with something they want to do that does not solve a big customer problem better than anyone else. You should first figure out the problem and then start solving it. If you see that you cannot come up with that better to keep looking. That is the key to making it.
Most entrepreneurs want to turn it into a business something that they are good at. But unfortunately, they are unaware of the business side. They just think that, if they do it, it will sell. This is not the way competitive markets work. It is crucial to understand your market, your competitors and etc.
When a social entrepreneur thinks he has what it takes to run a startup then he should get ready to work day and night. Also important to hire a team where every person is as motivated as he is to do the same. With the lack of that workaholic energy level, he has almost no chances to make it.
There are cases when some entrepreneurs are already short on cash and have no time to raise capital from the beginning. Businesses have to grow and that cannot happen unless you are constantly raising capital for the next phase. If you fail to do certain things and do them right, you will never get your startup off the ground.
There is increasing interest in the social entrepreneur and the process of social entrepreneurship. So having a strong leader with a solid team is half of the work. Every new founder has to learn the basics of project management and building and motivating a team. This aims to successfully run a venture. There are so many startups out there with founders that have no idea how to manage. It is sad but true that they fail in such important moment where key capabilities need to be all the time. Also focusing on doing just one thing is important to succeed.
The rules are always the same for the social entrepreneurs, great innovative ideas, good leader, motivated and strong team. Hopefully, now you have more idea of who social entrepreneurs are and what they do. Good Luck.