What is Social Entrepreneurship?
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. Social entrepreneurship is all about recognizing the social problems and achieving a social change by employing entrepreneurial principles, processes and operations. It is all about making a research to completely define a particular social problem and then organizing, creating and managing a social venture to attain the desired change. The change may or may not include a thorough elimination of a social problem. It may be a lifetime process focusing on the improvement of the existing circumstances. Examples of social entrepreneurship include microfinance institutions, educational programs, providing banking services in underserved areas and helping children orphaned by epidemic disease.
Who is a Social Entrepreneur?
A social entrepreneur is a person who pursues novel applications that have the potential to solve community-based problems. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives. While most entrepreneurs are motivated by the potential to earn a profit, the profit motive does not prevent the ordinary entrepreneur from having a positive impact on society.
Benefits of social entrepreneurship
Across the developing world, a great number of social challenges are evident. Poverty, economic inequality and underdeveloped health services present a real threat to those who call these nations home. Previously, much of the relief provided to alleviate these issues has come through aid from more prosperous countries, however growing levels of alternatives, such as social entrepreneurship, are now being actively pursued.
Social entrepreneurs are those whose goal is the achievement of systemic and sustainable social change. Often this is through innovation, perhaps through the invention of a new product or technology, or through adaptation of existing methods, such as making aspects of healthcare more affordable to those who require it.
For social entrepreneurs, the end goal is poverty alleviation or societal development, whether in a non-profit or business setting.
NGOs in Nigeria
NGOs are a great example of social entrepreneurship. They are very beneficial to the growth and progress of the economy and the society at large. Some NGOs in Nigeria are listed below:
- Old Peoples Support International
- Total Care Unit
- Ven Dr. Josiah Alozie Foundation
- Action Aid for the Unemployed
- Global Peace Development
- Society for Telemedicine and E-Health in Nigeria
- Lygel Youths & Leadership Initiatives
- Rural Urban Development
- House of Hilkiah Foundation
- Ambassadors of Succor
This piece is written out of the need to enlighten the general populace on Social Entrepreneurship and its benefits to the nation’s economy. Social Entrepreneurs play vital roles in poverty alleviation and societal development but often times they are ignored and not given the much-needed publicity that they deserve. One must understand that it is more human to be part of a cause bigger than oneself and one of the ways to do this is by always giving back to the society through social entrepreneurship.
Entrepreneurship in general entails solving a problem, meeting a need and so, social entrepreneurship places more emphasis on these. A social entrepreneur can never lose out as he is tries to ensure that the nation becomes a better place filled with better people.
This post is inspired by the House of Hilkiah Foundation