Greg Uanseru Explores Social Entrepreneurship and Its Meaning in the Business World
Social entrepreneurship is the practice of running a business in service of the common good. Social entrepreneurs focus not only on their profits and success but also on doing something good for the world.
Greg Uanseru, a successful entrepreneur from Lagos, Nigeria, explores the concepts behind social entrepreneurship and explains how these companies are making a difference in the world today.
What is Social Entrepreneurship?
Social entrepreneurship focuses on driving positive changes in our society. That potential payoff sets these entrepreneurs’ organizations apart from traditional companies that are focused only on profit.
This type of business confers many benefits to society. These benefits are clear to those who promote and fund these activities, but a clear definition of social entrepreneurship is harder to pin down. Social entrepreneurship is a “big tent” concept that includes many different ventures resulting in socially beneficial activities.
Many business experts believe that social entrepreneurship should be defined more strictly, it should exclude excluding social service organizations and focus more on focusing on private companies that work toward the common good. Some business experts are concerned with the watering-down of the concept of social entrepreneurship.
Greg Uanseru delves further into the concept of social entrepreneurship, by naming naming some of the qualities that social entrepreneurs need to succeed.
The Rise of Social Entrepreneurship
Social entrepreneurs share three characteristics with their traditional counterparts. These characteristics are inspiration, creativity, and the motivation to take direct action. Instead of waiting for someone else to solve a problem, entrepreneurs of both kinds jump in and plan a way to tackle it.
The difference between social and regular entrepreneurs does not lie in their motivation. Entrepreneurs are less likely to be motivated by financial gain. The odds of making a windfall are stacked against them. Rather, both types of entrepreneurs are motivated by the possibility of a great opportunity. They pursue their vision with determination, and they derive their rewards from bringing their ideas to life realizing their ideas.
Whether they work for a market-driven company or in a not-for-profit company, they are typically not compensated for the amount of work, risk, and capital they contribute.
The Structure of Social Entrepreneurship
The structure of social entrepreneurship is as follows. Social entrepreneurs define an “unjust equilibrium” that excludes or marginalizes a group of people who lack the means to achieve a benefit on their own. They identify a way to make a social value proposition and challenge the unjust equilibrium. Their efforts help remove the social disadvantage experienced by the less-privileged segment of society and to improve life for everyone.
Examples of Social Entrepreneurs
Muhammad Yunus
Muhammad is the founder of Grameen Bank in Bangladesh and Nobel Peace Prize laureate, who pioneered microcredit. Microcredit means making small loans to disadvantaged people who would not otherwise have access to banking or credit. The lack of banking access caused many people to fall further into poverty and beg on the streets.
Yunus’s idea put the power back in the hands of the average citizen, and he proved that the very poor were a better credit risk than anyone had thought possible. People who received the loans often bought equipment for themselves to start a small business of their own. This helped to lift them which helped lift them out of poverty.
Victoria Hale
Hale was frustrated by the activities of large pharmaceutical companies that focused on developing drugs for wealthy countries and ignored the needs of the developing world. She started Medicines360, a not-for-profit pharmaceutical company to solve problems for the developing world, regardless of disadvantaged citizens’ ability to pay. This venture is still in its early stages, but Hale is a standout member of the social entrepreneurship community.
Blake Mycoskie
Blake is the founder of TOMS Shoes. This popular social brand gives back by donating one pair of shoes to the needy for every pair bought by its regular customers. The company also gives away one pair of glasses for every pair sold. This company has made a large impact because it has a popular brand in the developed world.
Scott Harrison
Scott Harrison is devoted to increasing access to clean drinking water in developing countries around the world. His organization, charity: water, gives back 100 percent of its profits to new ventures.
Jeffery Hollander
Jeffery Hollander founded the environmentally responsible personal care, cleaning, and paper company Seventh Generation. While producing high-quality products that work and those produced with harsh chemicals, Seventh Generation brings in huge revenues while giving back 10 percent to nonprofits.
Understanding Social Entrepreneurship
Social entrepreneurs are making a huge difference in the world. From financial ventures to pharmaceutical companies, these organizations are focused on righting the world’s wrongs and leveling the playing field for those less fortunate. Greg Uanseru believes that social entrepreneurs are the wave of the future and that new ventures should be pursued in this field.
