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Sustainable and Social Entrepreneurship

Sustainable and Social Entrepreneurship. Professor Amtmann. Definition of Entrepreneurship. “The Process of pursuing opportunities without limitation by resources currently in hand.” (Brooks 3) The key factor here is the word “Process”. Five Parts. Opportunity Recognition

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Sustainable and Social Entrepreneurship

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  1. Sustainable and Social Entrepreneurship Professor Amtmann

  2. Definition of Entrepreneurship • “The Process of pursuing opportunities without limitation by resources currently in hand.” (Brooks 3) • The key factor here is the word “Process”

  3. Five Parts • Opportunity Recognition • You need to recognize one • Concept Development • You need to take that opportunity and turn it into a concept of some type • Everyone has ideas, the Entrepreneur acts on those ideas • Resource determination and acquisition • Money • Human Resources • Information • Supplies

  4. Five Parts continued • Launch and venture growth • Need to grow it to maximize the payoff • Harvest the venture • Eventually the Entrepreneur exits • How and when and with what results are the big questions

  5. Social Entrepreneurship • Addresses social problems or needs that are unmet by private markets or governments • Mobilizes the ideas, capacities, resources, and social arrangements required for sustainable social transformations. • Social entrepreneurship is motivated primarily by social benefit. • Social entrepreneurship generally works with-not against-market forces.

  6. Sustainable Entrepreneurship • Does not necessarily have to be Social Entrepreneurship, but often it can be • Sustainability includes: • Resources • Human • Material • Financial • Social • Note some of these resources fall under Social Entrepreneurship and some don’t

  7. Social and Sustainable • Entrepreneurship can be both • To be successful in the long-term • It must be Sustainable • It does not have to be Socially motivated • But to really be significant Socially, it would need to also be Sustainable • Social Entrepreneurs adopt a “business-like approach” to social innovation. • Social Entrepreneurs seek different denominations of rewards

  8. Social Entrepreneurs • Recognize opportunities to create Social Value • See opportunities where others see problems • See unmet needs or unfilled demands • See possible latent demand • Demand that is not recognized yet • How do you recruit supporters for latent demand? • Develop Enterprise concept • Product • Market • Social reward • What’s the value

  9. Social Entrepreneur cont. • Other issues • Gauge commitment • Develop infrastructure • Screen idea • Conduct feasibility study • Plan the venture • Identify resource needs • Financial • Human • Human capital • Education • Experience • Expertise

  10. Social Entrepreneur cont. • Launch and grow the venture • Goal attainment and beyond • What happens when you accomplish your goal • Shut down • Continue • Change focus

  11. Review of the Social Entrepreneurship Process • Opportunity Recognition • Concept development • Resource determination and acquisition • Launch and grow the venture • Goal attainment

  12. Social Entrepreneur’s Characteristics • Innate Characteristics • The psychology of the entrepreneur • Education and experience • Need to know what you don’t know • Innovativeness • Achievement orientation • Independence • Sense of control over destiny • Low risk aversion • Tolerance for ambiguity • Community awareness

  13. Ben Franklin • “When you’re finished changing you’re finished” • “He who lives on hope will die fasting” • “Three may keep a secret if two of them are dead” • “God helps them that helps themselves” • “He that would fish must venture his bait” • “The way to be safe is to never be secure”

  14. Myths • Social Entrepreneurs are anti-business • The difference between Commercial Entrepreneurs and Social Entrepreneurs is GREED • Social Entrepreneurs run non-profits • Social entrepreneurs are born not made • Social entrepreneurs are misfits • Social entrepreneurs usually fail • Social entrepreneurs love risk

  15. Technological Change • Technology brings new opportunity • These technologies can be used for profit or for social good • Internet • Communications • Alternative energy

  16. Threats • Idea that is not an opportunity • Financial infeasibility • Threats can be from the • Demand side • People just don’t want the product • Supply side • The revenue isn’t there • It’s just not economically feasible

  17. Source • Brooks, Arthur, Social Entrepreneurship A Modern Approach to Social Value Creation, Pearson Prentice Hall (2009)

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