As a business coach, I engage with a diverse group of people, including entrepreneurs and social entrepreneurs, who are eager to address challenges and fill market gaps. However, I often question the need to distinguish social entrepreneurs from entrepreneurs in the first place. Is there truly a distinction that warrants separate treatment? The answer is, it depends. While some social entrepreneurs believe in the significance of this differentiation, I strongly disagree.
Furthermore, this outlook poses a credibility and fundraising challenge. In my experience, social entrepreneurs have demanded special consideration in terms of discounts and fundraising efforts due to the social nature of their enterprise, which can be off-putting to potential supporters and partners who are familiar with the realities of running a business.
Ultimately, my belief is that entrepreneurs are entrepreneurs, regardless of whether they identify as social entrepreneurs. From a language and operational standpoint, social entrepreneurs exhibit the same characteristics and principles of entrepreneurship. They focus on value proposition, unique selling points, offerings, and business models. In short, they operate based on entrepreneurship principles to make a meaningful impact.
Therefore, the key to success lies in embracing both the social and business management aspects of their work to create a lasting difference. Though the focus is on making a difference, it’s essential to also prioritize business management aspects such as offering, modeling, and financial planning to sustain the impact.
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This article was first published on July 4, 2023
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