Issues Related with the Social Entrepreneurship - Coursework Example

 Social Entrepreneurism Topic Paper 1 Part 1. Social entrepreneurship and its relevance in contemporary times In the current environment of transforming values and changing dynamics of business, social entrepreneurship has increasingly evolved as a reckoning force to meet the challenges of social inequity and social problems. Bornstein (2007) strongly claims that social entrepreneurs are change agents who are motivated to find solutions for social problems, howsoever chronic they might be. As such, the wide scope of social entrepreneurs encompasses different sectors: public, private and third sector or non-profit organizations (Dees, Emerson & Economy, 2001). The third sector or non-profit organizations are major facilitators for promoting social issues and taking them up on varying scales to improve the living conditions of people and helping them to live with dignity. Social entrepreneurship strategy and management initiatives The third sector, non-profit organizations, is essentially collective effort of people who help other people. They come together to form action groups and non-profit organizations to address different social issues and problems of people from different segment. Thus the social entrepreneurships are distinct in their vision and mission with its social objectives and goals. The major characteristics of a social entrepreneurial project or program visions are to make the world a better place. The Vision for a Community Business and Non-profit Incubator The programwill provide office and meeting space to entrepreneurs and non-profits at nominal monthly charges. The entrepreneur and non-profit can focus their attention on theirsocially conscience business rather than boggled down into the setting up of infrastructural required for the administration in business. The services provided by the incubator will include: 1. Assisting thelike minded socially conscience entrepreneurs and non-profits in providing complete office facilities, secretarial services and the administrative services. 2. Providing conference meeting space for presentation, meetings, get-together, parties and entertainment. Mission While a mission statements of a business or organization is designed to meet the needs and requirements of a particular vision or sense of purpose of the people creating it, it also through innovative means and well-planned strategy that helps achieve the organizational vision. It constantly evolves new ways to make a difference in the lives of people and help them to become constructive donor in the developmental processes. The Mission of a Atlantic Cape Socially Responsible Business Incubator Project is to create a business incubator program that will provide a space for socially conscience businesses and nonprofits and entrepreneurial environment focused on growing the success of new businesses' which provide services to assist and enhance the quality of life of the residents of Atlantic County. Incubator Goals 1. The program aims to create of office space managed by a Project Manger for up to ten businesses and non-profit organizations at one time. 2. By combining low market rent, convenient location, diverse clients, shared purpose, resources, and support services, the incubatorwill offer professional office space, networking opportunities, and business development services to entrepreneurs and nonprofit startup businesses by the students from the local colleges 3. Create job opportunities for unemployed women, men and juvenile children who are under the care of local social service department. 4. Promote creative ideas for new products and services by involving local school children and creating awareness for environment conservation and social consciences amongst community members. 5. Create linkages and network relationships to promote brand equity for their products for higher productive outcome to meet its social goals and objectives. SWOT Analysis The SWOT analysis is important strategic business tool that helps to identify strength, weakness, opportunity and threat of the new product in the market. While, social objectives of social entrepreneurship makes it difficult to compete on the basis of threat of new products and use their social objectives as major strength to compete, the tool is nevertheless important to identify one’s competencies and exploit it to achieve one’s vision and mission. In this case, threat of new products loses its relevance because the marketing of social entrepreneurship relies on networking and convincing people of the wider goals and objectives of the business. The strength of the organization is that organization has strong leadership initiatives and workforce is willing to experiment and evolve new ways to help preserve environment. The major weakness is that workers may not be skilled or equipped to meet new challenges. These factors therefore facilitate zest for creating new opportunities of growth for people who come from marginalized population or are employed. SOAR Analysis It denotes strength, opportunities, aspirations and results and has increasingly become an intrinsic part of the strategy of social entrepreneurship. It promotes proactive participation of people/ workforce to identify strength and opportunities in the environment that can be exploited to fulfil the aspirations of the workforce as well as other stakeholders like customers, investors, donors etc. It relies on internal strength and core competencies to achieve designated goals. It works in highly creative environment that promotes lateral thinking to evolve new mechanism of growth and opportunities in existing environment of competitive business (Stavros &Hinrichs, 2009). Thus, empowerment and collective actions are emphasized for creative inputs and new product development. Innovation The creative thinking of the social entrepreneurs and nonprofits is unique in its approach and is often designed to assess contradictions within the situations to seek new opportunities of growth. Mohammad Yunus, Nobel Laureate is one of the highly regarded social entrepreneurs who had tackled the problem of mass poverty in Bangladesh by evolving micro-credit system based on community support (Bornstein, 2007). The organization would encourage creative development of new programs and products as well as using the media judiciously to promote it and help develop strong brand for its unique program. Conclusion Social entrepreneurship therefore, becomes hugely important activity to promote social equity by generating employment opportunities for marginalized people and those coming from disadvantaged segment of society. Sustainability of resources is intrinsically linked to its wider goals and objectives. Indeed, social entrepreneurs encourage large scale public participation to make the programs successful and sustainable and use market metrics to exploit new opportunities of growth. By providing quality space at an affordable price, those less fortunate can create and develop both businesses' and nonprofits that address environment or social issues in an environment where only like minds reside, thus creating an greater sense of team and potential for success. Part 2. Introduction Social entrepreneurship highlights socially driven objectives of the enterprise and is not constrained by the profits or increased revenue as major goals. Its predefined social goals are intended to serve community, especially the marginalized population that may be struggling against the social biases and other socio-economic factors. Social consciousness of the people therefore becomes the major enabling element to not only ensure the success of the firm but also make sure that the community is directly benefitted and becomes self-reliant in tough recessive environment. The major characteristics of social enterprise, in this case, Atlantic Cape Incubator project are aimed at achieving the wider goals and objectives of the organization. Leadership model Organizational leadership is vital element that motivates and provides stability to the workforce. The leadership model hugely supports proactive decision making and setting common goals. It also encourages in creating an environment of shared learning. The leaders at Atlantic Incubator Project are not constructed into pre-defined stature but represent group of like minded people with common goals who are in a position to motivate others. Sjostrand and Tyrstrup (2001) emphasize that managerial leadership is an ongoing social construction process that cohesively works towards common goals. Thus, in current Atlantic project, leadership model would fundamentally rely on sound strategies and effective planning to provide platform for budding entrepreneurs who can contribute to the social development and create a vast difference to the society by achieving results. The leaders and workforce are therefore highly motivated team of worker who have strong understanding of human nature that inspire change towards the better. Thus participative leadership model facilitates in empowering the workforce and the community with knowledge and informed choices so that community can benefit from social enterprises. They are equipped with strong communication skill, honesty, integrity and ethically delivered goals of the organization. They also excel in building relationship based on mutual respect and understanding of cross cultural values so that transforming social values do not create hurdles in the work of social entrepreneurs. Organizational structure The functional and administrative structure of the organization is organic in nature that endorses a set of code of conduct for the individuals or groups operating under the broader umbrella of organizational values, beliefs and its mission and vision statement. Robbins and Coulter (2002) have broadly described organic institution as organizations with flexible approach which are highly adaptive and thrive on information sharing. It helps them to understand environmental changes and use them as opportunities to advance organizational goals and objectives. Horizontal communication is hugely encouraged to make people understand and adapt changes. Indeed, their flexible approach helps them to meet the challenges of the time and succeed in the highly competitive business environment of contemporary times. Potential partners and collaborators Social entrepreneurs are highly dedicated individuals who are committed to defined social goals. As the social enterprises are not influenced by the revenue gain and financial productivity, their success is often hindered by the financial constraints. The leadership initiatives of social entrepreneurs therefore rely on their strong communication and their skill on developing network of potential partners and collaborators who can contribute constructively to the organizational goals. They are able to inculcate confidence amongst the various stakeholders and turn them into partners and collaborators through common goals. The moral responsibilities and ethical considerations in the decision making process are the intrinsic challenges that must be understood in the wider perspectives of business’ vision and mission. Effective communication skills, determination and strong conviction on the goals of organization serve as enabling elements for organizational leadership to bring together people with common goals. By using social networking skills and public forums like social networking sites vis-à-vis facebook, twitter, YouTube, blogging, Webinar etc. they exhort people to join in their mission and help it make a success. Leadership at Atlantic Incubator project would also exploit social networking platforms to attract potential partners and collaborators. Resources Fundraising and resources are vital issues for social entrepreneurs that are innovative explored by them in the era of highly competitive business. Apart from financial resources, issues like skill development, space, social marketing tools, people who can exploit human potential for the wider benefit of society etc. have emerged as critical resources that contribute to the success of entrepreneurship and social enterprises. Moreover, creativity in social entrepreneurs is one of the most important factors that not only critically applies existing ideas innovatively but also looks for opportunities in their failures. Thus, resources are used creatively as well as found with high degree of innovation, especially in paradoxical situations. Lewis, (2000) says that paradoxical leadership challenges the assumptions and therefore seeks to redefine situations and issues in terms of major inputs of knowledge. Thus, in social entrepreneurship, critical thinking becomes major resource to seek and exploit opportunities in different situations. Conclusion The various imperatives of successful business are vital issues that are supported by hordes of inter-related modules of organizational functions, administrative process and strategy. In social enterprises, their objectives become hugely important factors that provide impetus for their success. Thus, leadership model, resources, collaborative partners etc. become facilitators of change for social entrepreneurship process. (words: 852) Part 3 Introduction Social entrepreneurship has increasingly emerged as very important aspect of socio-economic development of a region. Promoting their goals and objectives and activities becomes vital ingredient of business strategy. The business strategy and planning on the following issues become very important for ensuring public support and their proactive participation in making the project a success. Thus social marketing encompasses modules that influence the acceptability of their goals and social ideas by the various stakeholders and inviting their active participation in the activities of the organization (Polonsky&Garma, 2006). It is aimed at influencing the social behaviour of the community at large, including donors, customers, facilitators etc. Marketing Mix The marketing strategy is essential part of social enterprise because of social objectives that need to be popularized amongst the public. Marketing mix involves multitude of media to popularise one’s product and services. When awareness is created, it motivates public to become consumers of goods and services produced by social enterprise or even become donor to the cause and help make social enterprise achieve its goals. Thus myriad means of mechanisms are used to influence public opinion. The cost effective strategies like using viral marketing techniques, social networking sites and web-based podcasts etc. can hugely facilitate in creating a credible image of the organization and promoting its activities. Viral marketing involves cost effective measures like putting organizational name and activities on carrying bags, balloons, using platforms like conferences, seminars and workshop to create awareness amongst the people at large. Moreover, the four Ps of marketing: product, price, place, and promotion are accompanied or replaced by 4 Cs: consumer, cost, convenient and communication. Together these marketing postulates help to provide stability within the organization and give impetus to its growth and brand building process. The cost of promotion is significantly reduced by effective communication and creation of productive linkages that are proactively involved in furthering the cause of the organization (Shang &Croson, 2006). Financial planning The financial planning of social enterprise and social entrepreneurs has critical role in making it a success. Due to constraint of financial resources and adequate financing for its various socially driven projects, the entrepreneurs are highly inventive and use creative means to lower the cost of production and increase revenues. Human capital is exploited optimally and products are sold through its networked linkages which delineates the cost of extensive marketing techniques involving huge expenses. Thus, in social entrepreneurship based organizations, financial planning is centred on how well the networked linkages can be exploited for their contribution and for active support and use of products made by these organizations. Customers With social aims and objectives, the customer base of such enterprises largely consists of people with similar ideals and people who are looking for ways to promote equity and social justice. The social networking of social entrepreneurs help to create and widen the database of potential customers and make them proactive participants in the development processes of the community. Customer satisfaction therefore becomes very pertinent issue within the social entrepreneurship programs which are constantly improved and improvised to meet the changing needs of the customers. Most importantly, customers themselves are open to new ideas and actively support their programs. Secondly, such organizations are extensively committed to exemplary customer services that help to create not only high credibility amongst its various stakeholders but also to develop and expand its customer base. The relationship building is integral to their work paradigm and primarily relies on trust, mutual respect and common ideals of social justice and ethically delivered goals. Start-up budget The budgeting of socially driven projects is a sensitive matter that involves careful considerations of resources that can produce optimally at low initial cost. Thus start-up budget of such projects is initially quite low that may gain momentum later when they become popular amongst the people. When they are endorsed by strong credibility, they may expand their activities for higher productive outcome. The initial budget is therefore is developed within the constraints of financial resources available to the organizations through voluntary contribution vis-à-vis monetary contribution, space allocation, skill contribution etc. As such, the start-up budget has no provision for fundraising, service cost, campaigning etc. but is focused on production processes and cost on raw materials that are needed for production of desired goods and services as envisioned within the goals of the organization. Conclusion The above issues are critical elements of social entrepreneurship which are used judiciously to meet the organizational goals and objectives. The development issues addressed by such organizations have significant impact on the societies and make it indispensable to them. The various business strategies and mechanisms adopted by them are intended towards serving the broader objectives of social justice. Thus, the principle is embedded within its various activities and is supported by stakeholders which help to achieve its goals. (words: 831) Part 4 Introduction The success of social entrepreneurship program relies on constantly assessing and monitoring the progress of their projects. The regular appraisal and evaluation of projects help to identify shortcomings and hurdles early. More importantly, assessment and evaluation processes become important for ensuring quality and maintaining high standards of ethical considerations and accountability of actions. These are critical issues that help to create market credibility and maintain trust amongst its various stakeholders. The following issues emphasise organizational commitment and sincerity in meeting organizational goals and objectives. Assessment and evaluation methodology The strategies and plans are crucial part of social enterprises which are used in their business activities and production processes. The various activities and production modules are target based which are constantly monitored for progress against the defined parameters as fixed by the organization and departmental heads. Timeliness and efficient delivery of project goals are crucial factors for their success. The delay in completion not only causes escalation in cost but also lowers its credibility. Thus effective management is key to the successful delivery of its goals and objectives within the limited resources of time, budget and human capital. Regular assessment and evaluations helps to ensure quality control of the project stages that uses contingency plans to improve and improvise the outcome. It also helps to meet its commitment within the specified time period and budget allocation. Methodologies like six sigma help to evaluate its progress with high degree of precision and quality. GANTT charts help to divide activities and coordinate the teamwork for successfully managing the various stages of the project (Turner, 1993). Compliance ethics Compliance ethics refer to the ethical considerations used within the business processes that enhance workers commitment to the organizational goals and constantly motivate them for higher performance outcome. Moreover, compliance ethics become hugely pertinent issues as they promote stringent quality control, sustainability of resources and code of ethical and moral conduct to meet the expectations of the customers and maintain their trust. Leadership accountability Leadership initiatives of the organization help to promote shared goals and collective actions for strong team building. They also inculcate strong accountability of actions and sense of responsibility so that wider goals of organizations are not compromised. Indeed, leadership within the teamwork encourages collective responsibility that is reflected in higher productive outcome. Accountability standards and transparency within their activities facilitate in building market credibility of the organization. It also shows the extent of social entrepreneur’s commitment to social causes. Hence leadership accountability plays crucial role in social entrepreneurship and in its success. Assessing risks Social enterprise is distinct in its social goals and objectives and fundamentally relies on collaborative efforts of public to realize its vision and mission. The various activities and projects of such organizations are therefore strongly monitored by external agencies for risks to the stakeholders like donor, customers, partners etc. It necessitates assessment of risks vis-à-vis in handling financial resources and product assimilations which could have adverse impact on stakeholders’ interests and may have negative impact on the welfare of the people at large. The business faces challenges from myriad issues that may pose considerable risk to its overall performance impacting its long term missions and vision. Issues like pollution control, environment conservation, protection against damages due to various factors like natural calamities, fire etc. become crucial issues that need to be incorporated in the risk management strategy for regular assessment of risks. This helps to protect the interests of all its stakeholders. Reporting results Social entrepreneurs and social enterprises are constantly in public view and this fact often becomes their major tool to gain public approval and support. Through timely disclosures and transparent working approach, the organizations are able to reveal information that helps to enhance their credibility amongst stakeholders. Reporting results of its activities on a regular basis is vital strategic move that greatly facilitates organization in meeting its wider social objectives. The various mechanisms used in its publicly disclosed reports highlight organization’s efforts to safeguard the interest of all its stakeholders, investors and business partners. Thus, strategic control mechanisms and effective regulation using transparency, stringent account keeping and its audit, developing sustainable framework of internal control etc. become essential postulates of effective administration of social enterprise. Conclusion The role and functions of social entrepreneurship are intrinsically linked to the development of societies and concept of social justice. The ethical and moral considerations of social enterprises are therefore priorities that must be met with high degree of commitment and perseverance. The mentioned managerial and administrative issues greatly facilitates in ensuring that society become the main beneficiary of their activities. Hence, Atlantic Incubator Project would be intensely working towards its goals, using various means and mechanisms to promote its social responsibilities. At the same time, it would also serves as motivation for its collaborating partners, competitors, budding social entrepreneurs etc.to evolve new strategies of growth for creating a society that thrives on social equity and justice for all. (words: 821) Reference Bornstein, D. (2007). How to change the World: Social entrepreneurs and the power of new ideas. New York: Oxford University Press. 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In S Sjostrand, J Sandberg and M Tyrstrup (eds.), Invisible management – The social construction of leadership (pp. 1-27). Turner, J R. (1993). Handbook of Project Based Management. London: McGraw Hill. Read More