“A social enterprise is an innovative business that seeks to solve a social problem in a sustainable way. A social enterprise combines the tools and strategies of a business venture with the mission and values of a social enterprise to create lasting social impact.” (Nicole Etchart, Co-CEO and Co-Founder of NESsT). In other words, a social company differs from a standard one due to two main characteristics: the perception of value by the company and its target audience.
While a standard company is focused on generating value and financial utility for both its entrepreneurs and its investors, social entrepreneurship takes into account, in addition to the two already mentioned, the social benefit for communities and vulnerable groups of interest.
Social entrepreneurs see an opportunity in the transformation of a community that does not have the resources to meet its needs. The main purpose is to launch a series of activities that provide comprehensive solutions to humanitarian and social issues. The aim, in most cases, is to improve the quality of life of many people.
Being part of a social enterprise is not only about providing products or offering services for economic benefit, but it must also generate social benefit for those who need it most. To achieve this, it is essential to establish a dialogue with vulnerable groups to learn about their reality, their problems, needs and customs. Based on this important information, the social enterprise develops a business model based on mutual benefit adapted to today’s market.
A social entrepreneur works with ideas of change and transformation in order to achieve social, environmental, cultural and, in some cases, moral and educational improvements. A successful social entrepreneur should meet a series of characteristics and skills:
- Be a leader
- Analyze social problems
- Have initiatives for change
- Evaluate resources
- Motivation to achieve substantial improvements for others
- Willingness to meet the needs of communities
- Teamwork