The paper "The Contribution of Social Enterprise and Social Entrepreneurship in the Current Economic Climate" is an outstanding example of a business assignment. The social enterprise and the aspect of social entrepreneurship have major contributions to the present economy. This is because social enterprises engage heavily in social change (Miller, Grimes, McMullen, & Vogus, 2012). Moreover, social businessmen tend to invest in social ventures that enable them to create revenues that can sustain them in the market. To conduct effective social entrepreneurship, the social entrepreneurs follow a specific stream of earnings such as taking of loans, form partnership and engage in capital investments, which help in the advancement of their business activities (Abu-Saifan, 2012).
Furthermore, social innovators apply a more developed business model that is efficient in the connection of donations, borrowing, and revenue. This paper seeks to explore the manner through which social enterprises and the practice of social entrepreneurship help in the growth of the contemporary economic climate. There is the identification of the differences between social entrepreneurship, entrepreneurship and the profit-related business that have no social impact.
There is also the appraisal of the business model, business planning and financial models that are followed by the social enterprises and organisations practising social entrepreneurship. Differences in entrepreneurship, social entrepreneurship and profit-based enterprises with no social impact. Entrepreneurship refers to the ability and the readiness to cultivate, establish, and accomplish a business undertaking together with the associated threats to generate income, for instance, the start of a new business. This is irrespective of its existence in the same market, just with the intention of generating some income. Social entrepreneurship is the application of methods by a start-up enterprise and the present businesses with the intention of developing, funding, and implementing solutions to issues related to environmental, cultural, and social matters (Lepoutre, Justo, Terjesen, & Bosma, 2013).
The social entrepreneur is a vision bearer with the capacity to accomplish systematic, advanced, and long-lasting social variations through a unique invention, following a specific method and dedicated to applying well-known tactics or know-hows, or their mixture. The profit-based enterprises with no social impact refer to the for-profit firms that are started just to make revenue but not aimed at showing any social impact.
Such businesses focus majorly on the improvement of their value in the market through the production of increased and quality products, but not pursuing any social impact (Choi, & Majumdar, 2014). It is apparent that social enterprises develop their social mission through the conduct of entrepreneurship and techniques of acquiring income. Good examples are the UC Social Enterprise Hub, Crowd Funding Project- “ learn to undertake microfinance and Crown funding and Enactus” – “ global university social entrepreneurship competition. ” These are some of the social enterprises of the University of Canberra and are aimed at enhancing social change to the communities.
Enactus is an international community of business leaders, academic leaders, and student leaders, which focuses on the projects aimed for the community outreach and the application of their entrepreneurial talents in the transformation of the communities for the creation of a more sustainable surrounding (Miller, et al. , 2012). This means that Enactus’ core aim is to bring changes to the communities using the income generated from the conduct of different income-generating projects. Besides their competitions enable the community to earn significant rewards that enable them to meet expenses associated with the community outreach activities.
Through the competition between the staff, business leaders, and student, the University of Canberra can make the desired revenue for more influence on society. Therefore, social businesses work towards solving major and challenging problems in the world.
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