Compare and contrast social entrepreneurship and business entrepreneurship

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Introduction

Entrepreneurship 207 Compare and contrast social entrepreneurship and business entrepreneurship According to Gibb (1996) the term entrepreneurship is often equated with new venture creation, and small business management and the concepts of owner-manager and self-employment. This definition is widely accepted, however many researchers such as Kirby (2003) and Carland et al (1984) have identified vital points which contest the definition such as that not all owner-managers can be defined as entrepreneurs and that not all small businesses are entrepreneurial. Social entrepreneurship is not a new term even though the entire concept of it was established relatively recently; the individuals and groups that have been addressing social issues have been doing so for many centuries. According to David Bornstein (2004) "Social entrepreneurs identify resources where people only see problems. They view the villagers as the solution, not the passive beneficiary. They begin with the assumption of competence and unleash resources in the communities they're serving." As stated in Bornstein's book "How to Change the World: Social Entrepreneurs and the Power of New Ideas" social entrepreneurs have been around for hundreds of years in historical figures such as Florence Nightingale and Mahatma Gandhi, however it is only recently that these figures have developed a more entrepreneurial edge to their line of work.

Middle

The pressures of quick results can force social entrepreneurs to look primarily at fixing problems in the short-term which can cause more problems long-term. This can cause social entrepreneurs to overlook any underlying causes of the problem. One example of this can be seen in the work by Mimi Silbert. Mimi started the Delancey Street Foundation, which created a place for substance abusers to be rehabilitated, educated and gave them a place to live. She started this cause in 1971 with a one thousand dollar loan which the aim of helping drug abusers, criminals and the homeless in her local area to make it a better and safer place. This organisation has withstood the test of time and after 36 years it is more successful than ever, receiving more than 10 million dollars in private donations every year. The success of this company is without question, however it makes no attempt to help stop drug abuse and crime problems before they occur, a way in which this could be done would be through campaigning and educating the younger population about the dangers of drugs. These are seen as the underlying causes which lead to problems such as drug abuse, crime and homelessness, Mimi Silbert's work helps all individuals after they have already developed these problems.

Conclusion

The question of why is paramount". As I have previously stated within the essay the idea of business entrepreneurship and social entrepreneurship being separate is not always correct, this is because the work business entrepreneurs complete can directly effect society in both a good and bad way the same applies to social entrepreneurs and the business market. The terms social and business entrepreneur are just parts of the wider concept of entrepreneurship. It can be difficult to differentiate between the two terms as many of their identifying points overlap; however it is very clear that the beginning intention of the entrepreneur is the vital point which separates them. One the main difference remains the perception of wealth between the two forms of entrepreneurship as previously stated within the essay and what their aims are for their wealth, for example, a social entrepreneur class wealth as a substantial and beneficial change to society which can be sustained over a long period of time, their aim is to create as many beneficial changes and to address as many social issues as possible and use the fame that they have gained (if any) to raise public awareness of certain issues. A business entrepreneur views wealth as profits and their main aim is to maximise profits, reduce costs and sustain a high level of profit over a long period of time, in order to increase their own personal wealth and net value.

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