Community entrepreneurship means the process by which individuals, startups and entrepreneurs develop and fund solutions that directly address social issues.
Although community entrepreneurship focuses on benefiting the environment and society at large. Its ultimate goal is a for-profit goal, differentiating between community entrepreneurship and non-profit organizations.
Interest In Community Entrepreneurship
Many reasons have led to the spread of the concept of social entrepreneurship recently, perhaps the most important of which is the attraction to success stories and the desire to know the details of these stories. For example, people are attracted to social entrepreneurs such as Mohammed Younis, winner of the Nobel Peace Prize in 2006.
These are the same reasons entrepreneurs like Steve Jobs find so convincing. These extraordinary people come up with great ideas despite all the odds. They create new products and services that dramatically improve people’s lives.
But the interest in social entrepreneurship goes beyond the phenomenon of popularity and fascination with people. Social entrepreneurship aims at the need to drive social change, and these potential gains, with their lasting transformative benefits for society, characterize this type of entrepreneurship and entrepreneurs.
The Difference Between Entrepreneurship And Community Entrepreneurship
Social entrepreneurship involves identifying social problems and achieving social change by employing the principles and processes of entrepreneurship. It starts with researching to define and identify a particular social issue. Then organizing, creating and managing a social project to achieve the desired change.
This change may or may not include the total elimination of a social problem, and maybe a lifelong process focused on improving current conditions. While entrepreneurship, established by it, is focused either on expanding its existing activities or opening up new startups. Social entrepreneurship focuses on creating social capital without measuring profit performance or returns in monetary terms.
Social entrepreneurs are linked to sectors and non-profit organizations, but this does not mean eliminating the need to make profits. The beginning and end of these entrepreneurs need capital to continue working and make a positive change in society.
Community entrepreneurship also focuses on environmental problems: children’s rights institutions. And women’s empowerment institutions. And waste treatment plants are just a few examples of social projects. Social entrepreneurs can be individuals associated with non-profit and non-governmental organizations that raise funds through community events and activities.
Examples of Community Entrepreneurship
In the modern world, many well-known social entrepreneurs have contributed a lot to positive change in society, including The founder and director of Grameen Bank (Mohammed Younis), a contemporary social entrepreneur. However, he was awarded the Nobel Peace Prize for his project in 2006.
The project was constantly growing and benefiting a large segment of society. Rang D is another excellent example of a non-profit social enterprise founded in 2008 by Ramkrishna and Smita Ram. On this online platform, poor people in rural and urban areas of India can access microcredit at a low-interest rate of up to 2% per year. In addition, lenders from all over India can lend money directly to borrowers. Track investments and receive regular payments online.
The Role Of Technology
The Internet, social networking sites and social media have been pivotal resources for the success and collaboration of many community entrepreneurs. In the twenty-first century, the Internet has become particularly useful in disseminating information to many common-leaning supporters in short periods. Even if these individuals are geographically dispersed.
In addition, the Internet allows the aggregation of design resources using open source principles. Using wiki models or crowdfunding approaches. For example, a leading community action organisation can bring hundreds of people from across the country to collaborate on online joint ventures (e.g., developing an action plan or marketing strategy to lead a community action project).
These websites help community entrepreneurs spread their ideas to a broader audience, help form and maintain networks of like-minded people and help connect potential investors, donors, or volunteers to the organization. In addition, it enables community entrepreneurs to achieve their goals with little or no capital or little “brick and cement” facilities (such as rented office space).
For example, the rise of appropriate open source technology as a model for sustainable development enables people worldwide to collaborate to solve local problems. Just as open source software development fosters the collaboration of software experts worldwide.
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