I view social entrepreneurship as the decision made by a firm to value social impact over economic profits. There are many firms who have a component of social impact associated with them. Firms give back to the community all the time by mandating that their employees volunteer for a certain number of hours each year or by donating a portion of the profits of a firm to a social cause. While this is certainly admirable and something that should be encouraged, this in itself is not social entrepreneurship. The overall goal of such a firm is to still ensure that profits are made first and foremost. Social entrepreneurship flips the scenario, it emphasizes the importance of social impact. This is something that has a growing degree of importance in the world because it gives us the chance to fix some of the problems associated with a purely capitalist economy.
A capitalist economy is beautiful in the sense that it allows for efficient growth through continuous innovation. Greed is a primary driving factor behind such an economy and the drive towards larger profits often results in decisions that disregard the human component. Innovation comes that a price that is often very harsh for those who are unable to keep up. Social entrepreneurship offers a way to combine innovation while holding onto the human component. These are firms that find a way to bring together a social need while creating innovation. If we fail to recognize the importance of social entrepreneurship, our world will grow into a place where the only value will be perceived through wealth. The gap between the rich and the poor would grow to levels that are incomprehensible
One of the examples of social entrepreneurship that I’ve seen so far in Detroit is a bakery known as On the Rise Bakery. The goal of this bakery is not to just make money but to give people a chance they might have never had otherwise. The bakery is run by men who desire to truly change their lives. The bakers have recently been released from prison or have completed a substance abuse treatment program. This company has found a way to not only generate profits but to help those in need. They are training people who will have the ability to train others and change the lives of others. Places such as On the Rise Bakery are lighting a candle that will slowly light other candles and eventually illuminate all those around them.
A capitalist economy is beautiful in the sense that it allows for efficient growth through continuous innovation. Greed is a primary driving factor behind such an economy and the drive towards larger profits often results in decisions that disregard the human component. Innovation comes that a price that is often very harsh for those who are unable to keep up. Social entrepreneurship offers a way to combine innovation while holding onto the human component. These are firms that find a way to bring together a social need while creating innovation. If we fail to recognize the importance of social entrepreneurship, our world will grow into a place where the only value will be perceived through wealth. The gap between the rich and the poor would grow to levels that are incomprehensible
One of the examples of social entrepreneurship that I’ve seen so far in Detroit is a bakery known as On the Rise Bakery. The goal of this bakery is not to just make money but to give people a chance they might have never had otherwise. The bakery is run by men who desire to truly change their lives. The bakers have recently been released from prison or have completed a substance abuse treatment program. This company has found a way to not only generate profits but to help those in need. They are training people who will have the ability to train others and change the lives of others. Places such as On the Rise Bakery are lighting a candle that will slowly light other candles and eventually illuminate all those around them.
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