What is social entrepreneurship? Meaning and advice for new social entrepreneurs

What is Social Entrepreneurship?

Social entrepreneurship uses business to offer new ideas for wide-scale social and environmental impact.

Social entrepreneurship unites the passion of a social mission with an image of business-like discipline, innovation, and determination. Many social entrepreneurs launch whole new ventures applying innovative and often risk-taking approaches to create scalable solutions, which includes inventing new products and services. Others join existing social enterprises aligned with their interests and passions.

Entrepreneurs create sustainable organizations, which can be set up as nonprofit or traditional companies, with the overall goal to achieve large scale, sustainable and systematic change through new ventures.

Advice for Social Entrepreneurs

San Francisco University held a day long conference focused on social entrepreneurship and innovation. During one event a panel of social entrepreneurs and investors offered advice to young, emerging social entrepreneurs:

1. Start small and build momentum

Being a social entrepreneur can be very difficult, you are constantly in a field dominated by changing dynamics, you will often face business challenges, and you have to start small and build your enterprise from the ground up. You must be resilient, realistic, and passionate about your goals and the impact you are trying to achieve. 

Ali is the founder and CEO of AngelHack, the world's largest hacker community, driving innovation of tech products through hackathon programs. She suggested to “put your money where the good is” and to raise your voice for causes you believe in. She also said that empathy and sympathy are important qualities for social entrepreneurs because you must connect with your consumers. 

2. Change is the only constant

Early stage companies might have a very clear vision of what they want to create, but they may have to change or find a new product to fit with market demand, explained Brenner. Clara Brenner is the co-founder of Tumml, an organization that provides social entrepreneurs with the tools to help scale their impact and enhance quality of life in cities everywhere.

3. Use foundations as allies

If you’re pivoting or facing challenges, be transparent with your investors and don’t wait until a report is released. As Jayson Morris suggested, foundations can help support social entrepreneurs through difficult situations in a myriad of ways. Morris is himself a social entrepreneur and the portfolio director for the Peery Foundation. 

4. How to acquire funding?

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Funding a Social Impact Venture

Want to learn more about Social Entrepreneurship? Check out other advice from experts and visit ourSocial Entrepreneurship portal.