Social Entrepreneurship and Innovation Entrepreneurship
Social Entrepreneurship reflects a free enterprise whose objective is to give solutions to social challenges that encounter the community. In this regard, entrepreneurs who are socially based formulate solutions to these challenges by offering a small fee. The effectiveness of these solutions is evident when they aid to solve major issues. They range from drought, diseases and pollution of the surrounding.
In situations that incorporate drought, it is vital for a social entrepreneur to embrace technology. This will assist in ensuring that farmers irrigate their lands on large scale using reliable and advanced machines. Innovation is a vital factor that can make farmers to accomplish this task. The purpose of innovation is to facilitate plans that will lead the business to a successful point. For instance, in irrigation project, innovation is essential to reduce expenses.
In addition, it designs different techniques that increase the income that is needed to enhance the validity of the projects. Evidently, social form of business has expanded its market across the globe. This is achieved when plans are properly implemented to improve the benefits of the entrepreneur and the society as a whole (Drucker & Drucker, 2007).
Innovation entrepreneurship is facilitated by the need to change the business and its locality. Entrepreneurs participate in innovations to identify a market venue that will enable them to increase their sales. Today, entrepreneurs have to be unique in how they expose their products to gain attention at the market place. Reasons that subject enterprenuers to engage in innovation are to be able to deal with threats from their rivals. Other motives of innovation include change in trends, lifestyle, and demographics. For instance, if a business does not move with trend, it will definitely fail. Entrepreneurs need to innovate by releasing modern products at the market to boost their operation segments and benefit entire society.
References
Drucker, P. F., & Drucker, P. F. (2007). Innovation and entrepreneurship: Practice and principles. Routledge.
Peredo, A. M., & McLean, M. (2006). Social entrepreneurship: A critical review of the concept. Journal of world business, 41(1), 56-65.
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