What’s a Social Entrepreneur?

What’s a Social Entrepreneur?

 

Whether it is drilling boreholes in Sub Sahara Africa or building schools, social entrepreneurs come up with innovative and creative ways to address economic, social, or even environmental issues from a business perspective.

 

Although gaining traction, misconceptions about the work persist, according to the findings of the Thomson Reuters Foundation’s second global poll on the best countries for social entrepreneurs.

 

The survey of about 900 social enterprise experts found more than half said the public did not understand what they did. This compared to 58% in the inaugural poll in 2016.

 

Here are six frequently asked questions about the sector:

 

  • What is a social entrepreneur?

 

There is no specific definition of a social entrepreneur, but broadly a social entrepreneur is someone who uses commercial strategies to tackle social and environmental problems. The main focus is social good but also addresses financial viability to keep the business running.

 

  • When did the term become popular?

 

Bill Drayton coined the phrase in the 1980s after founding his US-based non-profit Ashoka to support individuals looking to make a positive social change through entrepreneurial means.

Currently, the term describes a broad range of activities from a mainstream business that has a social impact on individual activism.

  • Do governments support social entrepreneurs?

 

Many countries are implementing laws that aim to promote social entrepreneurship. This includes implementing legal definitions, tax incentives, and funding such businesses.

This year Thailand implemented a law to give tax breaks to registered social enterprises, who commit to reinvesting 70% of their profits.

  • What are some of the best known social ventures?

 

Some of the most popular social businesses include Grameen Bank in Bangladesh, Britain’s Big Issue, and India’s Barefoot College, which provides training such as solar engineering to women in rural areas.

Source: https://www.moneyweb.co.za/mymoney/moneyweb-personal-finance/whats-a-social-entrepreneur-and-other-frequently-asked-questions/

 

Top tips for business on a mission to do good

Top tips for business on a mission to do good

 

Money, hard work, and golden contacts are some of the vital ingredients that can turn a startup into a thriving, profitable business.

Social entrepreneurs and impact investors during a two industry get-together this week listed their top tips for newcomers to the fast-growing sector.

 

  • Dan Gregory
  • Of International And Sustainable Development At Social Enterprise UK

 

“Hard work. If you are trying to run a business for it to make a profit and have social impact then you are doing three or more things than the average business at any time. It is tough.”

 

  • Imran Khalid
  • Fellow At The Sustainable Development Policy Institute In Pakistan

 

“Getting registered. In Pakistan, people register as a not-for-profit. This can mean problems about accessing financing. If there was a model for social enterprises, this would ease the way to funding.”

 

  • Maeve Curtin
  • Advisor For Social Enterprise, World Forum

 

“Accessing high risk capital. Very few organizations will invest at a rate of less than $100,000, or even $500,000, while many social enterprises are after about $5,000. Some fund managers perceive it as high risk as they are unlikely to get the returns they want. We need to change the narrative.”

 

  • Ellen Chilemba
  •  Of Social Enterprise Tiwale In Malawi

“For young entrepreneurs, you start something and have a vision and have to keep up with constant changes in society and innovation around you. It is challenging to work with partners that are not as flexible to change.”

 

  • Thane Kreiner
  • Director Of The Miller Center For Social Entrepreneurship, Santa Clara University, United States

 

“Getting appropriate financial capital is a real challenge for a lot of social entrepreneurs because there is mismatch between the kind of impact the entrepreneurs are generating, and the intention … of impact investors.”

Source: https://www.reuters.com/article/us-entrepreneurs-social-challenges/top-10-tips-for-business-on-a-mission-to-do-good-idUSKBN1X4071

 

Top Countries to be a Social Entrepreneur

Top Countries to be a Social Entrepreneur

This week a joint survey between Thomson Reuters Foundation and Deutsche Bank’s CSR Made for Good Global enterprise program was released. The study conducted every three years highlights the best countries for social entrepreneurs to live and work in. The last survey was published in 2016.

The 43 top countries were weighed under 12 metrics detailing what’s like to run a social entrepreneurship business in the said countries. The nations were ranked independently under the 12 parameters.

The top ten countries for social entrepreneurship include:

  • Canada
  • Australia
  • France
  • Belgium
  • Singapore
  • Denmark
  • Netherlands
  • Finland
  • Indonesia
  • Chile

In 2016, the United States topped the list followed by Canada, and the United Kingdom took third place. New entrants include Australia, Belgium, Denmark, Netherlands, Finland, and Indonesia. Those that are not in the 2019 list but features in 2016 include the USA, the UK, South Korea, Hong Kong, Israel, and Malaysia.

The most improved country was Australia. It climbed 24 positions to clinch position 2. Besides, it recorded the most significant jump in the public’s understanding of social entrepreneurship.

The biggest upset went to the United States. It has always advocated for social entrepreneurship, hence clinching position 1 in 2016. This year, it dropped to #32 and almost lagged in all metrics. When it comes to access to the investment, it dropped from position3 to 41.

This year’s biggest surprise was Pakistan. It jumped from position 32 to 14. Although the U.S News pointed Pakistan as the worst place to live in, the country managed to clinch spot 1 as the best country to make a living.

Source: https://www.forbes.com/sites/khaitran/2019/10/26/the-best-country-to-be-a-social-entrepreneur-in-2019/#7946aeb8dd37

 

 

 

Doing good is a tool on social entrepreneurs

Doing good is a tool on social entrepreneurs

Passionate and dedicated business leaders, ready to offer solutions to ever-pressing global issues, are increasingly coming up against an unexpected hurdle – burnout.

Social entrepreneurship is on the rise across the world. More and more people are setting up “for-profit” businesses with the aim of helping the community. Most want to address unemployment, education, mental health, and many more.

But these ethical responsibilities can take a toll on the entrepreneur’s mental and physical health according to health and academics professors.

“Creating a business that does good while simultaneously ensuring that the business itself is sustainable is not an easy task.

“The goals of ‘doing good’ and ‘making money’ may be incompatible, as making progress towards one of these goals requires actions and decisions that can undermine progress toward the other,” says Gabriella Cacciotti, assistant professor in entrepreneurship at the U.K.’s University of Warwick.

Such is the story for Rebecca Kaduru. In 2014 she started KadAfrica, a passion fruit farming social enterprise. But through the entrepreneurial journey, she almost threw the towel.

“What was so taxing as a social entrepreneur is you’ve got this idea and this dream, and you have to go out and convince other people to give you money to make it happen,” she says.

A severe car crash that had her seek for the medication in the United States abruptly halted her social entrepreneurship. However, KadAfrica continued without her.

Unfortunately, there are no figures to show or measure burnout, but according to Dan Gregory, director of international and sustainable development at Social Enterprise UK, it is on the rise.

Source: https://www.japantimes.co.jp/life/2019/11/03/general/good-taking-toll-social-entrepreneurs/#page