ADM2313 SOCIAL ENTREPRENEURSHIP GRADED A+
Social Entrepreneurship - the pursuit of a vision of social change that necessitates the enrolment of
others into the cause - forms of innovative socially-oriented behaviours that are directed towards tackling identifiable social
problems and creating...
Social Entrepreneurship ✅- the pursuit of a vision of social change that necessitates the enrolment of
others into the cause
- forms of innovative socially-oriented behaviours that are directed towards tackling identifiable social
problems and creating social value
- awareness of opportunities and innovative solutions to problems, accountability to a greater good, and
an element of risk-taking
- a phrase well suited to our times. It combines the passion of a social mission with an image of business-
like discipline, innovation, and determination commonly associated with, for instance, the high-tech
pioneers of Silicon Valley
- Social entrepreneurs are needed to develop new models for a new century
Examples of Social Entrepreneurship ✅- In addition to innovative not-for-profit ventures, social
entrepreneurship can include social purpose business ventures, such as for-profit community
development banks, and hybrid organizations mixing not-for-profit and for-profit elements. such as
homeless shelters that start businesses to train and employ their residents.
Entrepreneur ✅- A person who organizes, manages, and takes on the risks of a business.
- The term "entrepreneur" originated in French economics as early as the 17th and 18th centuries
- In French, it means someone who "undertakes," not an "undertaker" in the sense of a funeral director,
but someone who undertakes a significant project or activity
- More specifically, it came to be used to identify the venturesome individuals who stimulated economic
progress by finding new and better ways of doing things.
Who developed the term Entrepreneur ✅- The French economist most commonly credited with giving
the term this particular meaning is Jean Baptiste Say.
- Writing around the turn of the 19th century, Say put it this way, "The entrepreneur shifts economic
resources out of an area of lower and into an area of higher productivity and greater yield."
- Entrepreneurs create value
Jean Baptiste Say ✅France; Say's Law of Markets says that supply creates its own demand
, Joseph Shumpeter ✅- Proposed famous theory of "Creative Destruction"
- in the 20th Century, he was most closely associated with the term
- He described entrepreneurs as the innovators who drive the "creative-destructive" process of
capitalism.
- In his words, "the function of entrepreneurs is to reform or revolutionize the pattern of production."
- They can do this in many ways: "by exploiting an invention or, more generally, an untried technological
possibility for producing a new commodity or producing an old one in a new way, by opening up a new
source of supply of materials or a new outlet for products, by reorganizing an industry and so on."
- Schumpeter's entrepreneurs are the change agents in the economy.
- By serving new markets or creating new ways of doing things, they move the economy forward.
Peter Drucker ✅- creator and inventor of modern management
- his theory on entrepreneurship is that "this defines entrepreneur and entrepreneurship—the
entrepreneur always searches for change, responds to it, and exploits it as an opportunity"
- For Drucker, starting a business is neither necessary nor sufficient for entrepreneurship.
- He explicitly comments that "not every new small business is entrepreneurial or represents
entrepreneurship."
- He cites the example of a "husband and wife who open another delicatessen store or another Mexican
restaurant in the American suburb" as a case in point
Howard Stevenson ✅- a leading theorist of entrepreneurship at Havard Business School
- he suggests defining the heart of entrepreneurial management as "the pursuit of opportunity without
regard to resources currently controlled."
- He found that entrepreneurs not only see and pursue opportunities that elude administrative
managers; entrepreneurs do not allow their own initial resource endowments to limit their options.
- To borrow a metaphor from Elizabeth Barrett Browning, their reach exceeds their grasp.
- Entrepreneurs mobilize the resources of others to achieve their entrepreneurial objectives.
- Administrators allow their existing resources and their job descriptions to constrain their visions and
actions.
- Once again, we have a definition of entrepreneurship that is not limited to business start-ups.
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