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A Recipe for Social Entrepreneurship

The evolving reality across the world at large has made it imperative to review and alter the existing paradigms of professional roles. An entrepreneurial role, for instance, has extended its functionalities beyond the core objective of furthering profit-driven ventures. This has resulted in the emergence of new vocational concepts such as social entrepreneurship that incorporates the idea of problem-solving to address and tend to the diverse issues across the societal realm. While there is a lot of ambiguity associated with the implications of this term, the concept refers to actively pursuing such business opportunities, the impact of which extends beyond merely garnering financial returns. Acknowledging the potential of social entrepreneurship in resolving crucial social problems, leading educational institutions across the globe have attempted to uncover the essential ingredients or elements of this professional concept, each of which has been discussed below, in detail.

What is computational thinking?

The term computational thinking was employed for the first time in an article written by Jeannette Wing in the year 2006. As per Wing’s very own definition, “computational thinking is the thought process involved in formulating a problem and expressing its solution(s) in such a way that a computer-human or machine can effectively carry out.” Several scientists including Wing are of the opinion that computational thinking is a fundamental skill that is crucial even the most basic tasks in our day-to-day lives.

1. Emphasis on a social mission

The idea of social entrepreneurship differs from the conventional understanding of entrepreneurial ventures by virtue of its core objectives. The mission of social enterprises is not merely to generate profit but also to ensure that its impact addresses the variegated social concerns operating across the world and proposes solutions to navigate through them.

2. Innovative business-model

Akin to other enterprises, the success of which is determined by the sort of business models that they opt for, the efficacy of social enterprises, too, is determined by the principal framework that they adopt. In order to foster social entrepreneurship, therefore, it is necessary to formulate innovative business models that will effectively strike a balance between social value creation and profit generation to deliver the most phenomenal outcomes.

3. Adopting sustainable solutions

Since the very idea of social entrepreneurship is to tend to pressing global concerns, these ventures, therefore, adopt potent, sustainable methods. Such solutions enable them to function and thrive notwithstanding the paucity of funds or resources that might come in the way of their functional mechanisms.

4. Furthering cumulative impact

If there is one quantifiable aspect that can be used to assess and measure the outcome of social entrepreneurship, it is the cumulative impact that it brings forth. Along with profit generation, these entrepreneurial ventures effectively cater to social as well as environmental concerns through their multifaceted operational mechanisms, thereby furthering their overall collective mission.

While the idea of incorporating social responsibility within the parameters of business reality comes across as complicated and difficult, social entrepreneurship effectively amalgamates these antipodal notions to bring forth the most beneficial outcomes.

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