Social Entrepreneurship

Reflection Paper
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Reflection Paper
All the course readings for the week appear to focus on one central theme or issue. Specifically, the three readings analyzed below effectively clarified a theme connected to helping or finding relevant and long-term solutions for the social realm, whereby entrepreneurs (through social entrepreneurship), philanthropists, charity organizations, businesses, etc., show great concern for the community and humanity at large.
First and foremost, Peredo and McLean (2006) establish that social entrepreneurship is currently a well-known and reputable concept in most businesses today. This modern concept can have an appropriately flexible clarification. Most importantly, social entrepreneurship turns out to be a reality whereby an individual or some individuals target either entirely or in some specific ways to generate the significant social value of some sort and seek to pursue the goal via the integration of identifying and exploring unique chances to generate the required or expected value, applying innovation, enduring risks and, most importantly not accepting shortcomings in the readily available resources. According to them, some qualities make social entrepreneurship ‘entrepreneurship.’ For example, an entrepreneur in the social space will undoubtedly be an individual who arranges and runs a company or business which considers and prioritizes social goals for the people directly and indirectly involved. The basis of a social enterprise includes following a business-oriented inventive tactic to enable crucial societal services. Creating emergent social-based business undertakings is only a single social entrepreneurship component. Another one entails increasing revenue creation from specific plans by employing values from profit-centered businesses without abandoning the specific mission in question.
Moreover, social entrepreneurship is increasingly part of ‘entrepreneurship’ because these entrepreneurs showcase a stable judgment, comprehensible element of action, and determination amid complexity. The authors state that this permits any social entrepreneur to stabilize the multiple stakeholders’ interests and sustain their sense of purpose in moral obscurity. These entrepreneurs are excellent at identifying, appreciating, and using gotten opportunities to provide, in a larger manner, the specific social value they always look forward to providing across societies. These individuals also showcase within the social space the inventiveness, risk-tolerance, and activeness that commercial entrepreneurs often exhibit in their surroundings. Additionally, the entrepreneurial feature of social entrepreneurship includes identifying and chasing new prospects or chances to advance the element of forming social value to greater heights, constant involvement in innovation practices, and taking bold moves regardless of the existing resource constraints. The emerging recommendation is that the above elements of acknowledging chances, inventing, and exhibiting resourcefulness must be included as primary candidates in the expanded entrepreneurship concept.
Secondly, Hewins (2019) reports about Newman’s Own brand that offers 100% of its revenue or profits generated to charity which, in turn, implies an important social role across societies. Most importantly, this element of social entrepreneurship should be encouraged in every corner of the globe. According to the author, since the company’s formation in 1982, it has contributed positively to charities by donating an amount surpassing $525 million. The huge funds helped the needy in communities, including starting society-b...