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Social entrepreneurship is a relatively new term that refers to the application of sound business practices and effective strategic management to bring about “potentially transformative societal change,” (Osberg & Martin, 2015, p. 1). One of the ways social enterprises differ from standard nonprofits is that they tend to focus on niche issues, capitalize on the use of crowdfunding and social media, and “address problems that are too narrow in scope to spark legislative activism or to attract private capital,” (Osberg & Martin, 2015, p. 1). However, social enterprises also differ from traditional nonprofits in their strategic management principles: they not only have a social mission guiding their business and investment strategy but also aim to remain financially viable (Stevens, Moray & Brunel, 2014). Obviously, though, social entrepreneurship differs strikingly from typical strategic management because of the overarching importance of the social mission itself.
Social entrepreneurship shares some features in common with social innovation, but the two are also quite different from one another. Social innovation is a broader term that encompasses a wide range of activities ultimately dedicated to solving important social, environmental, or political problems. While I strongly support both social entrepreneurship and social innovation, the former offers greater focus and long-term pathways to success. Social innovation can also be built into the overall business strategies of social entrepreneurship. The good thing about social entrepreneurship is that the leader of the start-up can hand off the legacy to others in the organization, or expand the enterprise.
This week’s learning resources have broadened and changed my perspective on social entrepreneurship. I have learned that social entrepreneurship is not a fuzzy concept, but a concrete one involving sensible and evidence-based business strategies. Similarly, I have seen the ways social entrepreneurship is actually necessary, to change the tenor of the business community, promote ethics and social justice as normative behaviors, and to transform the ways all businesses operate.
References
Osberg, S.R. & Martin, R.L. (2015). Two keys to sustainable social enterprise. HBR. May 2015. Retrieved online: https://hbr.org/2015/05/two-keys-to-sustainable-social-enterprise
Stevens, R., Moray, N. & Bruneel, J. (2014). The social and economic mission of social enterprises. Entrepreneurship Theory and Practice 39(5): 1051-1082.
Competitor products and their equivalent prizes, this is so that after establishing our break-even analysis it can act as a guiding line to set the best price. (Tao 2008) The survey should enable one establish the best marketing strategies and anticipate any future contingencies. Entrepreneurship development services This service will target individuals who wish to start business on their own or in a group it will mainly involve Training on how to originate
Strategic Management Action: Strategic Position, Choices, And Strategy Implementation Strategic management is stated to be the "process by which an organization formulates its objectives and manages to achieve them. Strategy is the means to achieve the organizational ends." (Thomas, nd) Managers are required to have a strategic vision in order to become strategic managers and implement strategic management initiatives. The strategic vision of the manager is inclusive of the following elements: (1)
Social entrepreneurship is becoming the gold standard in nonprofit management for several reasons. One, social entrepreneurship does not preclude profitability or sound strategic management. This attracts investors in ways that traditional nonprofits cannot do. Second, social entrepreneurship extricates itself from the entanglements with government, philanthropy, politically problematic or faith-based fundraising (Stecker, 2014). Third, social entrepreneurship has staying power, allowing the social enterprise to better weather economic downturns or penetrating new
Wikipedia.org/wiki/Manager, last accessed on September 28, 2007 Mark Hillon, Chaos and Complexity, Storytelling Organization, http://www.horsesenseatwork.com/psl/pages/chaosdefined.html, last accessed on September 28, 2007 David E. Wojick, Chaos Management and the Dynamics of Information: A New way to Manage People in Action, Washington DC, http://www.bydesign.com/powervision/Mathematics_Philosophy_Science/Chaosman.html, last accessed on September 28, 2007 Scott Love, October 13, 2004, Chaos Management for the Resilient Leader, Asheville, http://www.expertclick.com/NewsReleaseWire/default.cfm?Action=ReleaseDetail&ID=7315,last accessed on September 28, 2007 Robert Heller, July 8, 2006, Entrepreneurial Management: What's
The Xi-Cheung PartnershipSummaryThe case of Xi Jianping and Cheung's dye factory in China is a clear example of the challenges that can arise in a business venture. The two men had ambitious plans but made several mistakes that led to their factory's bankruptcy. Xi had no experience managing a factory. Cheung did, but he was also okay with cutting corners and skirting regulations. Together, they did not make the best
To evaluate weak areas of the current strategy and propose solutions for improvement. 2.0 LITERATURE REVIEW 2.1 Introduction According to Zou and Cavusgil (1995), the subject of global strategy has attracted a lot of attention in the recent past. Zou and Cavisgil (1995) calim that a major reason behind this has been the increasing progress in the telecommunications and other technological areas that has brought the world closer and transnational existence of organizations Eastcompeace