Social Entrepreneurship of the 21st Century
Entrepreneurship has helped change the living conditions in different modern societies. Entrepreneurship provides new measures for the development of new products and ensures the increase of productivity in the economy. Governments of various countries have advocated for the improvement of the levels of entrepreneurship in the different countries. Improvement of entrepreneurship needs different innovation and invention processes to ensure the development of entrepreneurship in the country (Keohane, 2013). Finance is a fundamental requirement in the entrepreneurship process in every country.
Social entrepreneurship is the attempt to introduce business policies and methods to provide solutions to the social, cultural and environmental aspects of the society. Social entrepreneurs ensure the execution of social entrepreneurship in the country. Social entrepreneurs are individuals in the society with innovative strategies and solutions to social problems that are affecting the society. In the book Social Entrepreneurship for the 21st century, Georgia Keohan stresses the importance of social entrepreneurship to the development of the economy. Georgia postulates the process of the social entrepreneurship in the society by mainly considering the nonprofit sector of the economy (Keohane, 2013). She indicates in her work that social entrepreneurship is concerned with the development of the cultural, social and environmental factors in the society. Social entrepreneurship according to this book has a primary objective to improve the living standards of various individuals in the society. The book gives an insight of the factors that led to the introduction of different social entrepreneurship programs in the economy.
The social life of the society is very important to the development and growth of the economy. The production of different firms in the economy depends on the social life of the society. The moral of the various employees in the various organizations and companies depend on their social life. According to the book Social Entrepreneurship for the 21st century, Georgia Keohan, the social life of the society involves various factors such as culture, education, environment, employment and the living standards of the individuals in the society. George Keohan stipulates that for the better living standards in the society, the government must ensure the construction of policies to improve the level of social entrepreneurship in the economy. Several laws should be implemented in the society that would improve social innovation in the country. According to Georgia Keohan in the book, social entrepreneurship only become successful in the society if accompanied by the various social innovations in the society.
The environment of the society is very significant to the development of the social entrepreneurship and social innovation in the society. The social environment of the economy involves different factors such as culture and education. Georgia Keohan, therefore, recommends different workshops and activities in the society to ensure the growth of social entrepreneurship and innovation in the society. He stipulates in her book that cultural practices of the society must be respected in the process of the introduction of the social entrepreneurship and innovation in the society. She addresses these in the book by asking the following questions and giving the solutions to these questions in the book (Keohane, 2013). She puts most of the emphasis on the nonprofit sector of the economy to explain these processes. These questions include the following:
What is social entrepreneurship in the nonprofit sector
Social entrepreneurship in the economy according to Georgia Keohan is the technique used by social entrepreneurs to find a solution to different social and cultural problems in the society. She indicates i8n her articles that the main objective of introducing social entrepreneurship in the society to eradicate the social injustices in the society and improve the living standards of the individuals in the society. This can be done according to the book by conducting different activities where the residents of the society are involved in the activity. The activities should also ensure the individuals involve get some financial support to help improve their living conditions.
What is social innovation
This is the process of coming up with new ways and techniques to improve the production level in the society by improving the social and environment conditions of the society. This can be done according to Georgia by improving the ways of reasoning and doing different activities in the society.
What are the risks involved in the process of introducing social entrepreneurship
Resistance by the community to the introduction of the different activities to improve social entrepreneurship is the most feared act in the process. Incurring losses in the society is a serious risk to be worked on by the entrepreneurs (Keohane, 2013). This can be avoided by involving different members of the society in the entrepreneurship and invention process.
What is the social impact of social entrepreneurship in the society
Social entrepreneurship results in the improvement of living conditions of the individuals in the society. This, therefore, affects the level of thinking by these individuals as they mainly think about business in the society.
What is the entrenched problem?
Some factors have always led the failure of the social entrepreneurship projects in the society. These factors are as a result of market and government failure. According to Georgia, the main reason for the introduction of the social entrepreneurship in the economy was, as a result, the low living standards in the economy (Keohane, 2013). The social and cultural injustices in the economy that prevented the introduction of various businesses in the economy led to the introduction of social entrepreneurship which emphasized on the social and cultural aspects of the business.
Weaknesses of the Book
The book mainly exploits on the nonprofit sector of the economy but fails to explain significantly the profit-making sector of the economy. The book only explains the social, cultural and environmental factors affecting entrepreneurship but there are other factors other than those
Strengths of the book
The book explains the social aspect of entrepreneurship which is very important to the life of the entrepreneurship projects in the economy. The book explains the importance of innovation to the development of the entrepreneurship projects. The book indicates how entrepreneurship in the nonprofit sector of the economy improves the strength of the economy
References
Keohane, G. L. (2013). Social entrepreneurship for the 21st century: Innovation across the nonprofit, private, and public sectors. McGraw Hill Professional.
