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CHAPTER 4: INTRODUCTION TO SOCIAL ENTREPRENEURSHIP AND INNOVATION -…
CHAPTER 4: INTRODUCTION TO SOCIAL
ENTREPRENEURSHIP AND INNOVATION
ENTERPRISE – A BUSINESS VENTURE
• It is a business organization
• It sells and provides goods and services
• It creates jobs
• It contributes to national income
• Includes imports and exports
• Promotes sustainable economic development
SOCIAL ENTREPRENEURSHIP
process by which individuals, startups and entrepreneurs develop and fund solutions that directly address social issues
A social entrepreneur, therefore, is a person who explores business opportunities that have a positive impact on their community, in society or the world.
CREATIVITY AND INNOVATION
Use new source of supply of raw materials and resources
Design organization structure
Deliver existing product, service, program, or project to a new or previously underserved market
Utilize new source of labor or other production inputs
Develop new process or technology for producing or delivering an existing product, service, program or project
Create new funding models
Offer new product or service
WHAT’S THE PROBLEM
WHAT’S THE SOLUTION?
Reduce
Reduce poverty through creating jobs
Make
Make communities self-sufficient, self-esteem, self-worth, and confident
Develop
Develop community trust and strengthen local networks
Increase
Increase tax base to support services
Increasing demands for social services
Disadvantaged groups throughout the world (individuals with disabilities, convicts, homeless, individuals with substance abuse histories)
Chronic un(der)employment
Many emerging global problems (systemic poverty, HIV/AIDS, terrorism, repeated natural disasters) require immediate attention
Decreasing availability of governmental and charitable funds
Costs of public services climb
A social enterprise is a business entity that is registered under any written law in Malaysia that proactively creates positive social or environment impact and it is financially sustainable
SOCIAL ENTERPRISE (SE)
A social enterprise represent a business that has specific social objectives that serve its primary purpose. Social enterprises seek to maximize profits while maximizing benefits to society and the environment. Their profits are principally used to fund social programs.
ELEMENTS OF SOCIAL ENTERPRISE
Business Model
Social Mission
Target Beneficiary
BUSINESS SPECTRUM
Non-Profit Organizations (Charity)
Social
Business
Social
Enterprise
Socially-conscious
Business
Traditional
Business
offers its services or products to its customers
100% gets the profit from the business
The way they operate the business is more socially concious
100% gets the profit from the business
Run business to generate profits.
Not more than 30% can accept funds/donation/grant
Has social missions
n% profit goes back to their social mission and activities
Run business to generate profits
Has social missions
100% profit goes back to their social mission and activities
Has social missions
100% get funds from other organizations or individuals
No profit generations
SOCIAL INNOVATION
Social innovation refers to the design and implementation of new solutions that imply conceptual, process, product, or organisational change, which ultimately aim to improve the welfare and wellbeing of individuals and communities.