23 Sep A balance of impact, profit and mission
Entrepreneurship typically focuses on identifying opportunities for creating customer value, ultimately yielding a profit for the funders and investors.
Sustainable entrepreneurship on the other hand takes a slightly different perspective by emphasizing the additional goal of promoting sustainable living, in terms of social equity and environmental improvement.
Startup Mzansi Foundation strikes some balance between profit, community interest and nature in the execution of the entrepreneur’s business activity. By establishing sustainable social enterprise, the young social entrepreneur can contribute towards job creation, economic growth and prosperity, hope and community stability. All positive spin-offs necessary to compete, grow and survive in the global village.
One difference between a traditional entrepreneur and a social entrepreneur is that the traditional entrepreneur is mostly concerned about profit and the social entrepreneur is only concerned about altruism. This is an oversimplification of the underlying differences between these types of entrepreneurs.
Economic wealth creation and social wealth creation are possible outcomes of any type of organization. A social entrepreneur differs from a traditional entrepreneur in two important ways.
Traditional entrepreneurs may act in a socially responsible manner but are ultimately measured by financial results. The earned income strategies of social entrepreneurs on the other hand, are directly tied to their social mission. Profitability is still a goal, but it is not the only goal. For social entrepreneurs, the social mission is explicit and central.
Wealth is therefore just a means to an end and not the end itself. Making a profit, creating wealth, or serving the desires of customers may be part of the model, but these are means to a social end, not the end in itself. Profit is not the gauge of value creation; nor is customer satisfaction; social impact is the gauge.
Social entrepreneurs look for a long-term social return on investment and are a category of leadership that wants more than a quick ‘hit’, they want to create lasting social improvements in a community