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Entrepreneurship and Social Enterprises Assignment

   

Added on  2021-05-31

9 Pages2265 Words90 Views
Entrepreneurship and Social Enterprises 1SOCIAL ENTRPRISES AND ENTREPRENEURSHIPByClass (Course)Professor (Tutor)Name of the SchoolCity and StateThe Date

Entrepreneurship and Social Enterprises 2IntroductionBoth social enterprises and entrepreneurship have been the force behind economic growth in many countries for a long time. In the recent decades, the number of non- profit organizations have been on the rise, which is a clear indication that many people are embracing the establishment of social enterprises and entrepreneurship. The core mission of such organizations is to make a difference in people’s lives by offering solutions and making their lives better. Unlike commercial and profit- based organizations, the social enterprises and entrepreneurs are not driven by profit. Instead, they focus on the mission of impacting lives through innovation andidentifying new opportunities to make the world a better place. In the current economy where many nations are faced with hard economic times due to poverty and other natural calamities, these non-profit enterprises have played a vital role in creating avenues for solving such problems. The purpose of this essay is to evaluate the roles that social enterprises and social entrepreneurship play in promoting economic growth in the current century. Secondly, the issue discussed in this essay is the different business and financial models as well as business planningused in the two businesses (Li 2011, p. 4).EntrepreneurshipLately, there is a lot of discussion about work and entrepreneurship. An entrepreneur is a person who identifies a market gap and then uses his/her innovation and creativity to come up with a new product or service to cover the gap. Economists define entrepreneurs as people who come up with products that did not exist in the market before to meet the demands of the customers (Smith and Chimucheka 2014, p. 79). In America for instance, entrepreneurship is seen as is an indication of self-image and identity. Although most of the entrepreneurs start a business with

Entrepreneurship and Social Enterprises 3the aim of making a profit, they have played a vital role in economic growth. One of the ways entrepreneurship has contributed to economic growth is job creation. With so many young people pursuing education with the aim of getting a white color jobs, there has been an increase of job seekers whereas the job opportunities are minimal. However, thanks to entrepreneurship because it has been one of the ways through which youths can secure employment. Naturally, when a new business starts, it needs employees to work there. The people employed there can geta source of income, and this means that their standards of living will be improved automatically. Secondly, they are a source of revenue for the government. Every year in the United States, the government uses billions of dollars to provide the public with social amenities such as infrastructure, healthcare, and education (Coursera 2018). The government collects that money from businesses through taxes and licenses. With public access to such products and services, theeconomy is then considered to be stable. Entrepreneurship promotes economic growth by offering a solution to environmental challenges. With environmental challenges that we face today such as global warming and gas emission, creativity will remain the only solution to such problems. Coming up with new ways to promote agriculture, electricity, and roads will increase productivity hence economic growth (Braunerhjelm 2008, p. 450).Social entrepreneurshipAs earlier mentioned, social entrepreneurship has been flourishing recently. Unlike entrepreneurship, the primary purpose of social entrepreneurship is to promote social value to thepeople they serve. They operate under the mission of using innovation and new methods to solvesocial and economic problems such as poverty, hunger, and climate problems. The difference between a social entrepreneur and a business entrepreneur is that the social entrepreneur uses his/

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