Scott Cathcart

Entrepreneur | Impact Investor | Triathlete

What is Social Entrepreneurship?

While traditional entrepreneurship’s goal is to grow wealth, social entrepreneurship focuses more on creating inventive ways of solving society’s problems. A social entrepreneur can increase equality, create sustainable living solutions, or clean up the oceans. In general, a social entrepreneur wants to improve the world in which we live through innovation.

 

Social Entrepreneurs Still Want to Make a Profit

It’s a mistake to think social entrepreneurs are entirely altruistic to the point they will work for free. They still want to earn wealth and meet the financial obligations they have to their employees, vendors, and creditors. However, they strive to use their talents and resources to create a solution to a problem that affects society or our environment. A social entrepreneur always approaches issues they feel passionate about and looks for ways to make that situation better. Earning wealth is secondary.

 

They Work Within Their Communities

Often, social entrepreneurs stay within their communities and address the problems they see in their backyards. They may have grown up exposed to a particular problem, such as a polluted river. As an entrepreneur, they look for innovative ideas for cleaning up that river, even though their invention or process can be used to clean up larger bodies of water throughout the world. They may first use the technology to solve the original problem, but making their product publicly available will help other communities resolve their pollution problems.

 

Social Entrepreneurs Reverse Engineer Solutions

Social entrepreneurs start with a particular problem and work backward until they arrive at a solution. Once a problem is recognized, they look for ways to solve the problem and network with others who can contribute towards that solution. This collaboration can ultimately lead to the creation of a new product or an alteration of existing technology. It involves bringing professionals together from multiple fields to figure out how to use their talents to solve the problem.

 

Social entrepreneurship provides an opportunity to develop your own business while allowing you to engage in rewarding or worthwhile work. Feeling unhappy or unfulfilled at work has always been a problem, but social entrepreneurship provides a way to change that situation. It lets professionals use their skills and talents to create positive changes in their communities and worldwide.

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