MGSM869 Social Entrepreneurship
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Added on 2021-04-20
MGSM869 Social Entrepreneurship
Added on 2021-04-20
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STUDENT NAME ................................................STUDENT NUMBER ...........................................MGSM869 Social EntrepreneurshipTerm 1, 2018Final Assignment ANSWER PAPERQUESTION 1(a)Entrepreneurship plays a pivotal role in the growth of any economy. It refers to starting a business based on a new idea. The person who starts the business is known as an entrepreneur. Social entrepreneur is the process of starting a business with the aim of addressing social issues existing in the society (Dees, 2017).The United Nations has established the end of poverty as the first sustainable goal of 2030. In order to achieve this goal there is still a long way to go. The World Bank reports that the number of people living below the poverty line has fallen to 702 million people in 2015. This is number is about 9.6% of the global population. This is a remarked improvement from 12.8% people living under poverty as reported in 2012 (CNN Money, 2015).However, it is important to note that poverty is not the problem of the poor but it is the problem that we all must take onus for. Everyone benefits from helping the poor. At present we are living in an increasingly open and independent world and therefore by improving the prospects of those who have been disadvantaged will eventually improve the prospects for all of us (Townsend, 2014).The poor do not lack talent but what they lack is basic education as well as opportunities. Looking at 12 years from now, the goal of eradicating poverty seems achievable owing to the fact that if efforts are made to provide necessary education and training to the poor today, then it would resultin the benefit as well as overall development of the society in the future.It is important to achieve this goal in order to make sure that the equality in the world is maintained and at the same time every individual is provided with an equal opportunity to address his or her economic situation. For the growth and development of every country, it is important to
STUDENT NAME ................................................STUDENT NUMBER ...........................................ensure the growth of its citizens. Efforts towards eradicating poverty would ensure that all the individuals of the society would reach a similarly leveled platform.Eradicating poverty would also lead to improved economic situation of the country, provide competent human resources in leading organizations and in turn lead to the success of these organizations (Hughes, Irfan, Khan, Kumar, Rothman & Solórzano, 2015). Every year government spends billions of dollars on the poor by providing them subsidies, free facilities and insurance benefits. Rising poverty among children is sure to impact our countries in a harmful manner. Children who are born into or live with families who are below the poverty line pose a greater risk of lowered cognitive development. This in turn would be the beginning of the vicious circle leading to lack ofjobs and further increment in poverty. Such children are far less likely to contribute to the society when they grow up.Poverty also poses various health risks. People living under poverty are far more likely to have a lowered birth weight, higher rates of income, disability and diseases in the world. Life expectancy of people living below poverty line is also much lower as compared to others. In some countries, poverty is also known to weaken families. Couples living under poverty have to face a lot more pressures than others and this leads to internal conflicts and increased divorce rate.QUESTION 1(b)Social entrepreneurship is idea of building an enterprise from scratch with the intention of addressing a social problem prevalent in the society. The predominant difference between an entrepreneur and a social entrepreneur is that social entrepreneurs address societal needs and entrepreneurs address consumer need. These social enterprises may or may not run for profit. There are various social enterprises who are addressing the issue of poverty in the society. In order to eradicate a massive social issue which has impacted our world for hundreds of years will take a lot more than traditional charity or growth of traditional business. This is where the roleof social entrepreneurship comes into the picture. Social entrepreneurship can address the issue of poverty in an effective manner because differing from traditional charity which are entirely not forprofit and traditional business which are strictly profit oriented, social enterprises aim at achievingmeasurable social impact along with financial return (Zaefarian, Tasavori & Ghauri, 2015). This makes social enterprises sustainable in the longer run, effective and efficient. Social entrepreneurs aim towards making a direct impact within the society. An impact which is measurable and sustainable for the years to come. These entrepreneurs have also devised strategiesPage 2 of 10
STUDENT NAME ................................................STUDENT NUMBER ...........................................in order to measure the societal change created by them in the business. With this approach, the role as well as the impact of social entrepreneurship becomes all the way more pivotal in eradication of poverty from the face of this planet.The key to eradicating poverty is generation of income and employment enhancement programs. These programs are stimulated effectively by the poor who are supported by social enterprises. Social enterprises are attempting to fill a gap in the society by addressing social issues that plague the society. It is important to note that poverty is not an independent problem but there are variousissues combined which eventually lead to poverty. Therefore social entrepreneurs who are working towards eradicating unemployment, gender inequality, lack of education, corruption are all eventually helping in alleviating poverty. With the advent of internet and social media, the overall reach of social enterprises has improved drastically (Tuten & Solomon, 2017). Today it is easy for an organization in Australia to work towards alleviating poverty in Africa by funding resources from America. This mammoth reach and availability of resources strengthens the role played by social entrepreneurs in eradicating poverty of the world.QUESTION 2(a) Social entrepreneurs are the founding members of social enterprises across the globe. Working towards addressing a social cause requires consistent perseverance, strong motivation and a severeproblem with the status quo. There are various characteristics of social entrepreneurs which help them succeed in their ventures. These characteristics help them serve the purpose of working towards the addressed issue. Social entrepreneurs are highly motivated and determined towards bringing the necessary change in the society (Bacq, Hartog & Hoogendoorn, 2016). There are various challenges that a social entrepreneur may face including unavailability of resources, lack of measurable impact, reduced support and an absence of recognition. In the face of these challenges, it is essential that entrepreneurs remain motivated.Social entrepreneurs also need to have a strong sense of purpose in order to critically address issues hampering our society. A strong sense of purpose helps them stay on the tight track and continue working with longer term goals in mind. Innovation and creativity is a strong suit of social entrepreneurs. As discussed before, social enterprises differ from traditional charities and traditional businesses. Therefore in order to Page 3 of 10
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