Rise of Social Entrepreneurship

One third of Canada’s social enterprises were started within the last 2 years – this points out the significant growth in business efforts to address community and environmental issues. Social enterprises will continue to evolve because people are realizing now that having a social purpose can have a positive effect on the bottom line. 
With the majority of people supporting the betterment of social issues and a minority of those that don’t, it makes sense that when choosing between two companies of the same product (say Earls, and Dining in the Dark where all proceeds go to support the blind), majority will choose the brand (or go to the restaurant) that supports a social cause. Therefore this outlines the potential success for social enterprises and the loss incurred by traditional enterprises.    

Social entrepreneurship provides many opportunities for individuals:

1. Be your own boss
2. Help improve your community or environment
3. A chance to work with people who are equally passionate about the social issue you are addressing    
4. Provides work for everyone; there are no limits when it comes to hiring, (for ex: those with disabilities & homeless)
5. Comfortable living style

Social vs. Traditional Entrepreneurship

Social: Does not seek $ for self, but rather for a social purpose and therefore will have a very different accounting structure because profit is not the main goal; more lenient accounting structure.
Traditional: Seeks to earn $ for company; strict accounting structure. 

The main characteristic that both entrepreneurships seek is CHANGE.

Whether it’s seeking change for a social outcome or seeking to change ways of living, with advancements in new technology they both seek change.

However, with the increasing severity of social issues, such as poverty, global warming, and sickness a social enterprise will seek change that really matters at the end of the day, giving these enterprises significant value and importance in today’s society.

 

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