How Development Management Fuels Social Enterprises and Social Enterpreneurship
Posted by indianschool on July 21st, 2022
Many people desire to join the social sector, however, only a few have a sound understanding of the aspects involved in working in it. For example, social purpose organizations that generate profit, are a surprise to most. Similarly, most people would not be aware of the difference between a social enterprise, and social entrepreneurship. Social enterprises carry out commercial activities, while social entrepreneurship is not connected to profit, and has an underlying social objective. This article aims to unpack these similar-sounding yet starkly different terminologies ‘Social Enterprise’ and ‘Social Entrepreneurship’ and understand the role of development management in creating these.
A Social Enterprise is essentially an organization that engages in commercial activities and looks at a profit in conjunction with improving the well-being of people or the environment. Deriving profit from this activity could be one of the motives. Social enterprises are usually considered as organizations that do not generate or distribute profits to stakeholders. You would be astonished that most social enterprises make profits, and reinvest them into the organization. The structure of social enterprises is non-profit, for-profit, or not-for-profit. A social enterprise's primary purpose or ethos is built on a social mission to maximize the bottom line.
Social entrepreneurship refers to initiatives taken by an individual, or a group of people. The resultant benefits are the outcome of an entrepreneur with a social vision, and the product results from a social initiative with zero profits. Entrepreneurs are the change-makers, against whom they forge organizations or fashion changes in existing ones, creating social impact. Innovation is the core of social entrepreneurship.
Development Management for Social Entrepreneurship
Development Management focuses on empowering development enthusiasts to pull up their socks and dive into the complex community issues that require empathy, sensitivity, and tactfulness. The Indian School of Development Management’s Post-Graduate Program in Development Management (PGP DM) is curated and carefully developed by professionals to look at existing structures, models, systems, and processes. They are empowered to devise strategies and appropriate interventions to be more effective and efficient. Many ISDM alumni have been engrossed in launching or working with social entrepreneurial ventures today.
The Need for Social Enterprises and Social Entrepreneurship
There is a dire need for a broader comprehension of the social issues that affect communities and the search for results to address them. Developing models in social enterprises, without seeing profits as a motive is a dire requisite. Dedicated organisations that work on social causes with societal welfare and financial gain - a double bottom line are changing conventional business models. The path ahead addresses global issues of health, education, environment, and overall welfare through innovation and unconventional approaches. Social enterprises such as NUSHAURA, the Khalsen Homestay, and HUManity address community problems with a focus on positive social changes. We need entrepreneurs like Tanushree, Abhishek, and Anamika to drive the concept of social enterprises, as they manage to transcend convention with innovative solutions, are fueled with ambition and perseverance and are eager to change systems for the better. Social entrepreneurs are recognized as change agents who can tread into paths where the other stakeholders have failed to venture into, either due to the scarcity of funds, or the sheer will to do so.
Is there a closeted Social Entrepreneur in you?
Are you a development enthusiast who loves delving deep, and solving social issues?
Do you also think that no one individual owns a social solution, and believe that these solutions should be co-created along with the community to ensure sustainability and impact by leveraging a change management philosophy?
Lastly, do you comprehend that impact is the bottom line of the social sector? You cannot solely rely on innovation and invention. Do you need to prove their impact and pursue scale, in order to make them disciplined in your approach?
According to the founder of Social Impact Architects, Suzanne Smith, if the answers to these questions above were ‘yes’, you undoubtedly have the mindset of a social entrepreneur! The community issues and latent needs need to be addressed from a social perspective. Social change is achieved by working with organizations with innovative and bold solutions crafted by social entrepreneurs. They are crucial in driving change from the 2 Ps to the 3 Ps of People, Planet, and Prosperity. The fact that every organization can shape the welfare of communities is what must be acknowledged and appreciated. Ultimate, social change will be possible with the help of social entrepreneurs, and social organisations.
Looking to go towards social change? Enroll yourself in the Indian School of Development Management’s Post Graduate Program of Development Management. ISDM is a pioneering school of management. The curriculum does not only retrofit Business Management to development projects but is also explicitly the byproduct of the two binding domains of development leadership and management.
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About the Authorindianschool
Joined: July 21st, 2022
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