Entrepreneurship and Project Management

This assignment explores the principles of social entrepreneurship, key theoretical influences of entrepreneurship, and the development of entrepreneurial skills in designing social enterprises within the community sector.

Entrepreneurship and Project Management
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Table of Content
Introduction................................................................................................................................3
Principles Underpinning Social Entrepreneurship.....................................................................4
The Key Theoretical Influences of Entrepreneurship................................................................7
Development of entrepreneurial skills in identifying and designing a social enterprise within
the community sector...............................................................................................................10
Conclusion................................................................................................................................13
References................................................................................................................................14
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Introduction
The process of scheming, initiating and administrating a new business is referred to as
Entrepreneurship. The people who generate such type of businesses are usually called as
entrepreneurs and these businesses generally begin as a small business. The term
entrepreneurship can be further defined as the enthusiasm and ability to create, systematize
and administer a business undertaking including the different risk factors with the intention of
making a profit. In contrast, project management is the regulation of starting, planning,
carrying out, domineering and concluding the job of a team to attain unambiguous objectives
and convene precise achievement criterion at the unambiguous period. The key confront of
project management is to accomplish all the project objectives within the specified time
frame.
In this assignment, the principles behind social entrepreneurship in the framework of
community based practice with indication to equality, empowerment and diversity will be
discussed in details. The project will also shed lights on the main theoretical persuades of
entrepreneurship comprising the motivational theory, social and community enterprise,
emotional flexibility and leadership and management. In addition, the project will include the
development and growth of entrepreneurial skills in recognizing and conniving a social
enterprise inside the community sector.
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Principles Underpinning Social Entrepreneurship
Social entrepreneurship refers to the use of the start up companies and erstwhile
entrepreneurs to build up, finance and put into practice the solutions to cultural, social or
environmental problems. This conception may be functional to a number of organizations
with different aims, sizes and beliefs (Ridley-Duff and Bull, 2015). However, there are
several challenges that are faced by people who look into into this field in view of the fact
that the world of social entrepreneurship is comparatively new. In the first place the
entrepreneurs are trying to forecast, concentrate on and act in response to the problems in
future. Most business entrepreneurs address the present market deficiencies, however, social
entrepreneurs embark upon theoretical, unobserved or over and over again less-investigated
topics, for instance, indefensible energy sources, over-populace and food scarcities.
Beginning flourishing social businesses on simply possible resolutions can be almost
impracticable as investors are to a large extent less enthusiastic to sustain uncertain business
undertakings (Sepulveda, 2015).
The following principles of Social Entrepreneurship define the intentions of a social
entrepreneurship:
 The principle of continuation for any social entrepreneurship can be termed as the
first principle of social entrepreneurship. This principle states that the primary
objective for social entrepreneurship will be to rise above dearth and poverty or make
arrangements with a number of difficulties like food, learning, surroundings and
environment, health and safety and facilitating technology admission for the
browbeaten and not just earnings or share-holders capital exploitation.
 The economic and financial sustainability comes under the second principle of social
entrepreneurship (Dentchev et al, 2016). This is both from the viewpoint of the
organization in addition to those who it aspires to dole out.
 The return on investment is the third principle of social entrepreneurship. The
investors in social entrepreneurship are not authorized to take funds further than their
investment. There is no bonus or surplus payment provided on the specified
investment.
 Social entrepreneurship is hypothetical to be accountable to the security of the
environment. They are supposed to play a key function for the betterment of the
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environment both unswervingly or circuitously. Circuitously means in the course of
their processes they will make certain that they do no hurt to the environment.
 Since social entrepreneurship is formed not with the purpose of profit exploitation. As
a result only individuals who encompass an obsession for causative to the
environment and the society will sprint a social entrepreneurship business. This states
that business will run in surroundings of ecstasy and not anxiety (Zhu et al, 2016).
In the past few years, the Community and Social entrepreneurship based entrepreneurship
have increased in importance since more people and organizations from all over the world are
becoming interested in issues relating as to how to encourage a sustainable world for future
generation. In collaboration, both social entrepreneurship and community-based practices
engage supportive association in which funds and capital are bartered to produce
advantageous worth for all the associates concerned. In view of the fact that the social
entrepreneurship and community-based practice has the capability to change the society,
there are several governments worldwide who persuade both social entrepreneurship and
community-based practice.
The idea of entrepreneurship is entrenched inside the communal prospect concerning as to
how constituents must perform and therefore, the society has transformed. As per the existing
norms within the society and business, the entrepreneurs must be good citizens and focus on
the community initiatives. Being a part of the current society, both social entrepreneurship
and community-based practices have gained much acknowledgment (Dey and Steyaert,
2016). Therefore, the learning of community-based and social entrepreneurship ought to have
special consideration as they are distinctive types of entrepreneurship that are essential
fundamentals of a worldwide society.
Social entrepreneurship is a procedure of fetching jointly all possessions to concentrate on a
social requirement. This engages the lively assessment and detections of occasions as a
means for social transformation. Social entrepreneurship offers an occasion for individual,
society, organizations and the government to concentrate on any unconvinced social concern.
It can be attained via both government disbursements and humanitarian disbursements that
entail the private and public sector.
However, the conventional boundary sandwiched between the private and public sector is
indistinct by social entrepreneurship as it offers pioneering methods to extravagance social
problems (Upward and Jones 2016). The organizations as well as the government are
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ringleaders of social entrepreneurship through the configuration and endorsement of for-
profit and not-for-profit program. For-profit program include local community agencies that
partner with businesses to employ disadvantaged youth. On the other hand, not-for-profit
program comprises of programs that are frequent in government agency proposals that give
confidence to the community-based entrepreneurship for instance, community expansion
banks (O'Dwyer and Unerman, 2016).
The community is a significant aspect of social entrepreneurship as it makes available a
favourable environment that persuades the categories of entrepreneurial actions that come to
pass. One of the crucial characteristics of community-based entrepreneurship is that several
communities have a social base. For that reason, when a community works both as the
venture and the entrepreneur they are attaining community-based entrepreneurship. There is a
reciprocated dependence by altered individuals and organizations that give confidence to a
symbiotic association (Kucel and Vilalta-Bufi, 2016).
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Key Theoretical Influences of Entrepreneurship
The entrepreneur produces or notices business opportunities that he/she then makes use of
through small and medium-sized organizations, in general contributing in financial
supporting the investment for that organization, precedes the responsibility of authority or
plainly puts up for sale the idea of the business development. The corporate entrepreneur of
huge organizations ought to also be well thought-out. This stature is no-longer restricted to
economically supervising the organization’s possessions and organizing and overbearing its
performances; in the present type of weather, he/she must expect, eloquent and administer
change. In other expression, they ought to reinvent the organization on a regular foundation,
producing new enterprise and build up organization systems (Kuratko, 2016). While talking
about the outline of the commercial entrepreneur, one ought to also think about the main
shareholders that take part in the organization, by the side of the managers that contribute to
the manufacturing of the organization’s fundamental proficiencies.
Maslow’s Need Hierarchy Theory
The Maslow’s need hierarchy theory is based on the needs of the people. It can be said that
the Maslow’s need hierarchy theory is one of the safest motivation theory. Here, Maslow
categorizes all the need of people into a hierarchical way from the minor to the superior order
(Moss et al, 2015). He believed that once the provided level of need is satisfied, it can no
longer motivate people. Therefore, in order to motivate the people, a higher level of
motivation needs to be implemented.
Figure: Maslow’s Need Hierarchy Theory
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Source: Kuratko, 2016)
The five levels of need are:
Physiological needs: This includes the basic requirement of an individual. They basic
requirements are food, shelter, clothing, etc. This is the initial level that needs to be
acquired before acquiring the higher levels. Once this need is fulfilled it no longer
motivates the individuals. The social entrepreneurs need to maintain the physiological
need of the employees in order to run a successful business in the community sector
(Munoz et al, 2014).
Safety needs: once the physiological needs are fulfilled the individuals seek for the
security and safety needs. These include protection from physical danger and
economic security. The social entrepreneurs must consider these factors so as to run a
successful business in the community sector.
Social needs: Camaraderie, communal communication, belongingness and such other
factors come under the social needs of Maslow’s need hierarchy. The social
entrepreneurs need to take an account on the social needs of the employees of the
business (Nandan et al, 2015). The entrepreneur must make sure that he provides a
friendly environment to the employees of the organization in order to run a successful
business.
Esteem needs: Self-esteem and self-respect comes under the esteem needs. The
completion of esteem needs shows the way to self-assurance, potency and ability of
being constructive to the association. The social entrepreneur must make sure that
they do not make any employee feel left alone in the organizations. Every employee
must get equal attention and opportunity to participate in the business decisions.
Self-actualization needs: This is the final step under the Maslow’s need hierarchy.
This basically refers to completion. The term self-actualization refers becoming
actualised in what an individual is possibly excellent at (Nielsen et al, 2017). In other
words, self-actualisation is the individual’s inspiration to alter insight of self into
actuality.
Emotional Resilience
The ability of an individual to adapt to demanding crisis or situations is referred to as
emotional resilience. Additional resilience individuals are able to revolve with the thumps
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and become accustomed to hardship without permanent problems. However, less resilience
individuals have a tougher time with life transforms and pressure, both small and foremost.
Emotional or physical resilience is to some extent something that the individual is born with.
It is also related to certain factors such as, gender, age, experience to disturbance and many
more. Nevertheless, resilience can be developed with certain effort (Gray, 2017). If the
individual knows what to do, he can turn out to be more resilient even if he is in nature more
responsive to life’s troubles. The characteristics of emotional resilience are as follows:
 Emotional Consciousness
 Persistence
 Internal Epicentre Of Control
 Sanguinity
 Sustain
 Humour
 Viewpoint
 Mysticism
Social and Community Enterprise
A social enterprise is an organization that applies commercial strategies to maximise
improvements in social, financial and environment well being. It includes maximizing social
impact alongside profits for external shareholders. Social enterprises can be prearranged as
a commercial or non-profit, and may take the form of a joint organization, co-operative, a
disregarded entity, a benefit corporation, a social business, a company limited by guarantee or
a charity organization, a community interest company. On the other hand, a community
sector is a sub-sector contained by the broader social venture sector. The basic definition of
the community sector is similar to the social enterprise sector (Durkin, 2016). It can be
defined as organization dealing for social reason with profits reendowed to a certain extent
than departing to shareholders.
Leadership and Management
In order to run a successful business the entrepreneur requires being a strong leader as well as
an efficient manager. Leadership is all about making individuals understand and believe in
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the leader’s vision and to work with the leader in order to achieve the organizational goal.
However, managing refers to administering and making sure that the everyday job is
happening as per scheduled. The manager puts down the construction and hands over the
right and accountability whereas; a leader makes available ways by initialising the
organizational apparition and conveying it to the employees and stirring them to accomplish
it (Huang and Knight, 2017).
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Development of entrepreneurial skills in identifying and designing a social enterprise
within the community sector
Social enterprises functions in a lot of different business sectors. These enterprises aim at
fighting a diverse range of social problems. They also adopt a variety of different legal
structures. Social entrepreneurship has, in the past few years, gathered exacting concentration
from academics, practitioners, and the general public. It is a significant tool to undertake
social challenges and to act in response to them when the public and market sector do not.
The unmatched confronts at worldwide, nationwide and defensive levels command new
policies and tool to productively concentrate on them (Jaskiewicz et al, 2015). The state and
the market cannot control and resolve all the troubles on their own. Innovative advances are
required to undertake most important social subjects, most particularly in the attendance of
the methodical move away of the governments from the stipulation of community
possessions in the countenance of fresh supporting philosophy that pressurise populace’s
independence and give pre-eminence to the market-ambitious models of interests.
Social entrepreneurship is fraction of the explanation, as it unambiguously aims to offer
ground-breaking solutions to unexplained social issues; placing social worth formation at the
sensitivity of their assignment with the intention of improving communities and individuals
exists and augments their comfort (Moss et al, 2015).
Even though social entrepreneurship as an action is just beginning rapidly in the region of the
social modernisms are coming into view all over the place, these are both comparatively
current fields of research, study and practice and the philosophies are still vague. An
expression like social entrepreneurship have a propensity to extend beyond with conditions
such as third sector, social economy, non-profit sector, social entrepreneur and social
enterprise. Some of these are also vague and overlaid. Furthermore, descriptions are
background responsive, in the intelligence that the environmental and literary background
subject (Munoz et al, 2014).
Social entrepreneurship is such a skill that in turn provides various innovative solutions and
resolves many social problems. It helps to improve the lives of people by providing unique
solutions and by bringing social changes. There are many social entrepreneurs whose unique
approaches can easily tackle several social problems. In many developing and
underdeveloped countries, several social enterprises have been established for which
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entrepreneurial skills are needed (Nielsen et al, 2017). Different challenges are faced by the
social entrepreneurs while designing and identify the social enterprises.
All the social entrepreneurs always try to bring several positive changes for the society. They
have lots of entrepreneurial skills, strategies and ideas that need to be incorporated to develop
a social enterprise. Many social issues hamper the overall society by creating many
significant problems. These issues are diverse and vast in nature. Not any issues are limited to
any specific region or community but all of these are global. Most significant problems that
are faced include health hazards, environmental threats, inadequate education, inefficient
governance and political system, unemployment, poverty, gender gap, caste issues, enhancing
crime rates and many more. The main aim of the social entrepreneurs is to change the mind
set of those people and the overall mode of working (O'Dwyer and Unerman, 2016).
However, to tackle these issues and to empower the communities, various resources will be
developed by the social entrepreneurs.
For developing social enterprise, simple and comprehensible ideas are prepared and utilized
by those social entrepreneurs that can be easily understood by the general people.
Convincing the community is not at all very huge problem from the entrepreneurs because
they know how to successfully identify the issues and resolve those problems by applying
innovative solutions (Carter and Tamayo, 2017). In order to develop a social enterprise, it is
very much important to clearly focus on the issues. The social enterprises are categorized into
the following categories,
Enterprises based on community: All the enterprises that are based on communities include
societal ventures. In order to empower these enterprises, the community uses its capital.
The enterprises based on social conscientious: These are that kinds of enterprises, which
particularly focus on various sustainable developments with the help of social gains (Ridley-
Duff and Bull, 2015).
Enterprises that depend on social professionals and service organizations: For enhancing
the social capital, it is required to take help from several social service professionals. The
main aim is to enhance the capital of these organizations, community and individuals.
Socio-economical enterprises: All these enterprises always try to focus on increase the profit
and bring these to individuals. These profits can also be taken from several non-profit
organizations in one community.
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There are many other enterprises and organizations that only focus on the empowerment of a
lot of social entrepreneurs (Sepulveda, 2015). For doing this, one platform can be created in
order to connect social entrepreneurs with mentors, minded people and several other funding
agencies. Further help, fortification and strengthening from entrepreneurs are required while
developing any kinds of social enterprises.
Function of a Social Entrepreneur
The social entrepreneur needs to first analyse the social issues that needs to be undertaken.
They further need to find out the underlying cause of the problem, this can be done through
thorough social entrepreneurship research, surveys, field analysis and observations. The
social entrepreneur needs to link and learn them in reference with the breathing communal
prototypes and rising social entrepreneurship tendencies in the society. The entrepreneurs
also require to strategies and develop modifications in the state of mind of the individuals,
therefore, bringing modifications in their attitude and standard of living (Nandan et al, 2015).
The social entrepreneurs work in association with social financers, modernizers, leaders,
social workforce, and community organisations to carry forward effectual continuing social
modifications in the world.
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Conclusion
From the above assignment, the principles behind the social entrepreneurship in reference to
the community-based practice have been explained. Furthermore, the theoretical influences of
entrepreneurship and its relation with the Maslow’s needs of hierarchy has been talked about
in details including the factors such as, management and leadership, community and social
enterprise and emotional resilience. Finally, the project has shack illumination on the
development of entrepreneurial skills in relation with categorizing a social enterprise
surrounded by the community sector.
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