Individual Reflective Essay
Individual Reflective Essay
Introduction
Today the word ‘diversity’ has become a common phrase in the business world; this has come in the wake of globalization as more entrepreneurs become interconnected. Consequently, as a business student, understanding entrepreneurship and the forces behind it is important because it is through this knowledge that sound business decisions will be made in the future. Therefore, when I enrolled in the entrepreneurship class, it was only natural that the concept of diversity was mentioned severally during our course work. Over time, I came to understand that diversity is what differentiates us from the rest of the people; this is the reason today I hold the belief that understanding the diversity of the stakeholders in any organization or transactions is integral to a successful business. This theory is by various scholars including Lee et al., (2004, p. 880) who indicated that social diversity and creativity had a direct and positive implication on entrepreneurship. In his study, he noted that the success of an entrepreneurial venture is directly proportional to the diversity index of the employees. This as shown by Lee, et al., (2004, p.889) proves that the only way to boost the regional entrepreneurial dynamics is by first taking into consideration all the factors in the social habitat of an enterprise. This approach is based on a realization that entrepreneurship operates in the context of a social environment, and thus the latter has considerable implication on it.
The first step towards understanding how social concepts influence entrepreneurship was first to know what was meant by the term ‘entrepreneurship’. It is for this reason that I embarked on a journey to try to understand what past scholars have to say about it by consulting various literature. What was evident during this research was that although different researchers had different definitions of the word, the common thing in all of them was that entrepreneurship entails running and managing a business. However, the most intriguing definition I came across was by Abu-Saifan (2012) who states that entrepreneurs are the people who are entrusted to liberate the society when it is stuck. They are also the people who turn opportunities available in the market into realistic ideas that breed a new pattern across the society.
Through reading his research further, I came to understand that entrepreneurs are people who see the opportunities in the world and seize them. They are not only innovators and dedicated high achievers, but also strategic thinkers who are persistent and committed. The balance between innovativeness and persistence is critical in ensuring the longevity of an enterprise; the former ensures that an entrepreneur does not quit despite the barriers to entry in the market, whereas the former ensures relevance is maintained.
However, something else that stood out in this line of research was that entrepreneurship was profoundly linked to the society. This link gave rise to a popular phrase, ‘social entrepreneurship’ and it became increasingly clear that I could not discuss one without the other. This took me towards another journey of trying to decipher the meaning of social entrepreneurship and the factors that are associated with it. One scholar, I encountered who covered the topic extensively was Dacin et al., (2011); he asserted that contrary to traditional entrepreneurs, social entrepreneurs tend to be more inclined towards addressing social problems and work to improve the wellbeing of the society. He articulated that they were change agents in the society as they aim to create and sustain social value. They are not only socially alert but also dedicated to creating social value.
What I noted in the course of the study was that a social entrepreneur was not the same as any other entrepreneur. The reason for this was that social entrepreneurs are mission driven, and they are dedicated to working towards achieving social value to the society. They are also entrepreneurially oriented and are guided by a strong culture of openness and innovation. Lastly, they are financially independent, and they work to deliver value to the society. However, social entrepreneurs are not without challenges as noted by Abu-Saifan (2012) who indicated that being a new concept, social entrepreneurship is still struggling to attain academic legitimacy primarily because the term appears limitless and vague. He notes that the lack of a precise definition of social entrepreneurship is a major hindrance to further research on the topic raising the debate as to what exactly social entrepreneurship entails.
One notable thing I gathered during the course was that entrepreneurship was slowly becoming a crucial element in the development of the society. This according to Abu-Saifan (2012) is marked by the lower unemployment rates as well as accelerated structural changes in the economy, which are because of entrepreneurship. However, as Aldrich (2014) noted, the dynamics of entrepreneurship today are fast changing because of the changing society. More so, the technological and institutional changes occurring in the markets have lowered the threshold for entrepreneurs worldwide; this has worked to remove the barriers to entry while ensuring the ease of entry into the market is taken into consideration.
In addition, Aldrich (2014) notes that entrepreneurship in the society has been a key factor towards driving innovations and product improvements. The reason for this is that the growing infrastructure in the industries today have helped to broaden the outreach of small entrepreneurial firms making it possible for small businesses to outsource operating processes to other better-equipped enterprises. In my research, I came across an article by Carland (1995) who held the belief that entrepreneurship should take into account the behavioural differences between all the stakeholders; these differences should be examined using the Maslow’s hierarchy of needs. Carland (1995) arrived at this conclusion after interacting with 156 entrepreneurs who led to the conclusion that entrepreneurial activity directly influences the individual’s advancement through all the levels of the hierarchy of needs. This analysis resulted in the conclusion that entrepreneurs were mostly indulging in businesses to achieve both self-esteem and self-actualization. However, people with lower entrepreneurial drive were primarily driven by their desire only to meet their basic financial needs.
Gregson Centre Study and Social Entrepreneurship
The case of Gregson Centre is a practical example of explaining the aspect of the social enterprise. From the class presentations and discussions, it was evident that the business was conducted based on the need to fill in a gap in the society. Social entrepreneurship, as I came to learn, is mainly focused on the mitigation of the social problems that faced the society. Through the course of the study in the lecture, I came to learn that entrepreneurship was not focused on only making money, but some of the business people were philanthropists who developed their businesses based on the need to have a solution to the problems of the society. With the assessment of the Gregson Centre, there were various aspects that couldbe learnt on social entrepreneurship from the case analysis.
In the assessment of the social entrepreneurship concept and the assessment of the Gregson Centre operations, I noted that the concept was not only beneficial to the society, but also brought about economic benefits to the community. Understanding the aspect of social entrepreneurship led me to study further the survival techniques of such businesses, as they were mainly developed based on philanthropy. Bornstein and Davis (2010) state that the aspect of social entrepreneurship assists in the development of the society based on the needs that the people have. In this case, the social enterprise will be used to develop the community through the provision of services that are not easily accessible. In addition, it will be important in the creation of an improved economic standing of the community.
The evaluation of the Gregson Centre indicates that the aspect of social entrepreneurship creates value in the social context. During the presentations, the aspect of the social value of the community was one of the major factors in the development of the case. Boardman and McNeely (2013, p.785) state that the generation of revenue is another key factor that is evaluated based on the development of the business. In the assessment of the concept, I learnt that there are different types of social entrepreneurs in the market. Boardman and McNeely (2013, p.786) add that the objectives of the business will additionally have an implication on the structure of social entrepreneurship. Understanding the goals of the enterprise is critical in determining the factors that will affect its operations.
The understanding of the diverse social concepts has an impact on the revenue generation process in the business. The case such as that of Gregson Centre can be indicted as a revenue-generating philanthropic enterprise. The concept of the revenue-generating social enterprise, as I came to learn, affects the operations based on the approach taken in the development of the business. Determining the type of social enterprise in the society will depend on the problems in the environment (Manyaka, 2015, p.1). The lesson from the types of entrepreneurship in the social context will assist in the future assessment of the types of business that can assist in the development of the society.
In the assessment of the Gregson Centre business, it can be noted that the enterprise plays a significant role in the formulation of the community aspect of the society. Using arts, the enterprise has assisted in raising funds that have helped in the development of the community. From my personal perspective, the selection of the social entrepreneurial choice is based on the surroundings of the people. This argument is based on the understanding that social entrepreneurship is not just about solving problems, but focusing specifically on those that affect the surrounding community. For example, the community would consider a social enterprise that focuses on reducing illiteracy in a society with high literacy levels irrelevant. Engle, Schlaegel and Delanoe (2011, p.471) indicate that the entrepreneurial concept has changed the economic and social standing of the business concept. The researchers use the model of planned behaviour that shows the effects of the various factors such as attitude, subjective norms and the perceived behavioural control on the intention and in turn behaviour when starting an enterprise. The research assisted me in understanding that these factors have an implication on the way a business is formed. The social entrepreneurship concept is mostly tailored through the evaluation of the behaviour of the people in the environment and their effects.
Personal Lessons from Social Entrepreneurship Concepts
There are various factors that affect the aspect of social entrepreneurship in the company environment. From the course, it was evident that the concept takes part in different forms, which is mostly influenced by the changes and diversity of the business market. The diverse social needs have affected the way through which business is conducted in different societies. From the presentations, I gathered that social entrepreneurship plays a significant role in shaping the needs of the people in the community and influencing both social and economic change. In addition, the changes ensure that the people have a sense of stability based on the development of the business environment and positively influencing the lives of the population. Through the changes in the development of the social entrepreneurship concept, there has been a variation in business structure as it transforms based on the need to fulfil the needs of the people. Entrepreneurs are now concerned with the applicability of their enterprises to modern-day problems such as illiteracy, racism and gender discrimination.
Conclusion
During the course, one of the key concepts that I grasped was that diverse social concepts affect business establishment and development. Entrepreneurs are diversifying the business tactics based on the demand and the social problems in the environment. The course enabled me to realize that the social concept is based on the evaluation of the demands made in the market and the need to have solutions to the problems that people encounter. The main concept of social entrepreneurship that will ensure business prosperity is the setting of the specific objectives that are keyto the management of the problems. In addition, social entrepreneurship projects are based on a specific mission that is essential in the operations and ensuring that the business does not fail.
Another important lesson derived from the course is that there is the need to ensure that the interests of the people are kept in perspective when engaging in entrepreneurship. This lesson is based on the realization that entrepreneurship should achieve a balance between financial gain for the entrepreneur and social development in the community. This harmonious co-existence helps a company to be sustainable and to have the support of the community, with the latter improving brand equity.
References
Abu-Saifan, S., 2012. Social entrepreneurship: definition and boundaries.Technology Innovation Management Review, 2(2).
Acs, Z.J., Boardman, M.C. and McNeely, C.L., 2013. The social value of productive entrepreneurship. Small Business Economics, 40(3), pp. 785-796.
Aldrich, H., 2014. The democratization of entreprenuership?. hackers, makerspaces, and crowdfunding. Paper presented at the Academy of Management, Philadelphia, PA
Bornstein, D., and Davis, S. 2010. Social Entrepreneurship: What Everyone Needs to Know. Oxford: Oxford University Press.
Carland Jr, J.W., Carland, J.A.C. and Carland III, J.W.T., 2015. Self-actualization: The zenith of entrepreneurship. Journal of Small Business Strategy, 6(1), pp.53-66.
Dacin, M.T., Dacin, P.A. and Tracey, P., 2011. Social entrepreneurship: A critique and future directions. Organization science, 22(5), pp.1203-1213.
Engle, R.L., Schlaegel, C. and Delanoe, S., 2011. The Role of Social Influence, Culture, and Gender on Entrepreneurial Intent. Journal of Small Business and Entrepreneurship, 24(4), pp. 471-492,603.
Lee, S.Y., Florida, R. and Acs, Z., 2004. Creativity and entrepreneurship: A regional analysis of new firm formation. Regional studies, 38(8), pp.879-891.
Manyaka, S.J., 2015. Social entrepreneurship: A solution for transforming the disadvantaged community of Nellmapius. Hervormde Teologiese Studies, 71(3), pp. 1-7.
Parenson, T., 2011. The criteria for a solid impact evaluation in social entrepreneurship. Society and Business Review, 6(1), pp. 39-48.
