The paper "Social Entrepreneurship" is an outstanding example of a business literature review. Sustainable development involves the active realization of economic powers through the fields of education, trade, environment, and health. Significant in empowering the economy of a nation is innovation applicable in various industries. According to Mair and Noboa (2006, p. 1), the entrepreneurial initiative is currently gaining attention among scholars of various disciplines following their understanding of its central role in social and economic empowerment. Chell, (2007, p. 5) identifies the social, economic, and political diversity about the actual definition of the terms entrepreneur and enterprise.
The imperative is the distinction between social enterprise and entrepreneurship, especially regarding their contribution to the economy. Moreover, Chell (2007, p. 5), identifies that a discussion about the nature of the two terminologies relative to the social, political and economic spheres provides a better understanding of their differences. Therefore, social entrepreneurship and social enterprise are similar though different forms of entrepreneurship actively leading to economical gain. This essay aims to unveil the difference in entrepreneurship through a discussion of social enterprise and social entrepreneurship.
It particularly considers the business models, financial models, and the business plan as primary areas contributing to the proper discussion about the differences. Social Entrepreneurship Mair and Noboa (2006, p. 1) define Social Entrepreneurship (SE) as the creation of opportunities by individuals with a purpose to make a difference in society. The definition compares with the previous definition of the term where SE describes the process of generating social-economic models providing the sustainability of social benefits. It is the definition by Mair and Noboa (2006, p. 1) that makes it possible to identify the aim of SE together with its constituent components enhancing its success.
To begin with, Mair and Noboa (2006, p. 2) identify the creation of opportunities for the effective utilization of resources through developing innovative strategies to tap these resources. Moreover, it involves a particular behavior of the entrepreneurs in conducting specific activities such that they manage to provide the society with opportunistic resources (Mair & Noboa, 2006, p. 2).
Mair, J. and Noboa, E., 2006. Social entrepreneurship: How intentions to create a social venture are formed. In Social entrepreneurship, UK: Palgrave Macmillan.
Mair, J. and Marti, I., 2006. Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of World business, vol. 41, no. 1, pp. 36- 44.
Chell, E., 2007. Social enterprise and entrepreneurship: towards a convergent theory of the entrepreneurial process. International small business journal, vol. 25, no.1, pp. 5- 26.
Grassl, W., 2012. Business model of social enterprise: A design approach to hybridity. ACRN Journal of entrepreneurship Perspectives, vol. 1, no.1, pp. 37- 60.
Bruton, G., Khavul, S., Siegel, D. and Wright, M., 2015. New financial alternatives in seeding entrepreneurship: Microfinance, crowdfunding, and peer-to-peer innovations. Entrepreneurship Theory and Practice, vol. 39, no. 1, pp. 9- 26.
Kernot, C. and McNeill, J., 2011. Australian Social Entreprises. The University of New South Wales.