Social to set up a business, this

Social enterprises (which can be for-profit or not-for-profit
businesses) try to achieve certain social goals or objectives by offering their
product or service, to attain ‘financial sustainability independent of
government and other donors.’ (Di Domenico,
Haugh & Tracey, 2010). This means that they ‘share the pursuit of revenue generation with
organizations in the private sector as well as the achievement of social (and environmental)
goals of non-profit organizations.’ (Dees, 1998; Di
Domenico, Haugh & Tracey, 2010). I think that as a possible future
entrepreneur looking to set up a business, this shows me the difficulties that
a social enterprise can face as they are not only having to achieve their goal
of delivering a social benefit, but they may also have to compete against firms
that are only focused on profits.

 

As mentioned earlier, the main goal of social entrepreneurship is to
deliver some sort of positive social benefit or effect for the community. Conversely, private
entrepreneurship is about establishing a profitable business, which results in
the entrepreneur benefiting by gaining more money. Austin, Stevenson & Wei-Skillern (2006) point out that this distinction is exaggerated and that
private entrepreneurship does in fact benefit society. They argue this by using
the example of ‘new and valuable goods, services, and jobs’ which they believe
‘can have transformative social impacts’ and that these transformations can
encourage or inspire the private entrepreneurs. (Austin, Stevenson &
Wei-Skillern, 2006). This point of view makes a good argument and shows me how
private entrepreneurs can benefit society. It also makes me think more clearly
of where I see my
future career and entrepreneurial aspirations. Learning about how private
entrepreneurship is not only about making profits, but how I could benefit
society as a private entrepreneur. This makes me believe that as a private
entrepreneur I could not only look to benefit society, but also make money at
the same time.

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