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The Social Effects of Entrepreneurship on Society and Some Potential Remedies: Four Provocations

Tim Weiss ,  Robert Eberhart ,  and  Daniel Aldrich

A rapidly growing research stream examines the social effects of entrepreneurship on society. This research assesses the rise of entrepreneurship as a dominant theme in society and studies how entrepreneurship contributes to the production and acceptance of socio-economic inequality regimes, social problems, class and power struggles, and systemic inequities. In this article, scholars present new perspectives on an organizational sociology-inspired research agenda of entrepreneurial capitalism and detail the potential remedies to bound the unfettered expansion of a narrow conception of entrepreneurship. Taken together, the essays put forward four central provocations: 1) reform the study and pedagogy of entrepreneurship by bringing in the humanities; 2) examine entrepreneurship as a cultural phenomenon shaping society; 3) go beyond the dominant biases in entrepreneurship research and pedagogy; and 4) explore alternative models to entrepreneurial capitalism. More scholarly work scrutinizing the entrepreneurship–society nexus is urgently needed, and these essays provide generative arguments toward further developing this research agenda.

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The rise and impact of social entrepreneurship

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More and more companies are recognizing the importance of generating social and environmental value alongside financial performance.

essay on entrepreneurship and society

This article is part of the ‘Inspiring Transformations’ series promoted by Esade Entrepreneur Institute for its 30th anniversary.

The field of social entrepreneurship has grown significantly in the last two decades , with thousands of companies worldwide using entrepreneurial approaches to address social and environmental challenges, a transformation that has been supported by an ecosystem of incubators and accelerators , investors, regulators, and other intermediaries and market actors.  

The growth of social entrepreneurship has not only manifested in practice but also in academia . It has become a consolidated field of study in management scholarship, trying to understand, among other issues, the particularities of the profiles of social entrepreneurs, the tensions that appear when blending social and financial logics, the potential of hybrid business models to address societal challenges, and the legitimacy and development of the sector. 

Today, Esade Center for Social Impact , Esade Entrepreneurship Institute , and eWorks collaborate to support students and external impact entrepreneurs through courses and acceleration programs, focusing on topics such as developing and managing impact-centric business models, exploring the role of impact tech startups in addressing the Sustainable Development Goals (SDGs) , and effectively supporting new business model exploration and validation through the practice of impact measurement and management. 

Towards an impact economy

The current state of the sector is generally positive. Not only are many social enterprises thriving, but an increasing number of conventional companies are also integrating impact considerations into their decision-making processes. In this sense, social entrepreneurship has had a positive influence in promoting what we call the impact economy. More and more companies now recognize the importance of creating social and environmental value alongside financial returns. 

Impact measurement, transparency and accountability need to go hand in hand with social innovation

As claimed by the European Social Enterprise Monitor ( ESEM ), a study coordinated in 21 European countries on the state of social entrepreneurship and for which Esade is the country partner in Spain, there has been accelerated growth and spread in the sector : despite many social enterprises being relatively small and young, they are now active in all economic sectors and 91% aim to scale in a sustainable manner. 

The challenges ahead

Nonetheless, challenges persist. For example, many social and environmental causes can benefit from business and entrepreneurial approaches, but those organizations might only sometimes be able to produce huge financial returns. Further research is needed to understand the unique challenges and opportunities offered by these hybrid models and explore systemic initiatives that can drive impact across multiple fronts. 

With continued support from the ecosystem and ongoing research efforts, social entrepreneurship holds the potential to create a lasting impact that goes beyond individual enterprises and addresses the pressing issues of our time. As with other practices that arise at the intersection of the business and social realms, social entrepreneurship will have to find the proper balance between leveraging business and financial practices that can help organizations scale and be more efficient, and at the same time maintain its strong social purpose. 

In other words, impact measurement, transparency and accountability need to go hand in hand with social innovation, new consumer and corporate behaviors, and the objective of systemic change. 

Director, Esade Center for Social Impact

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Entrepreneurialism and Society: Consequences and Meanings: Volume 82

Table of contents, introduction – “reversing entrepreneurship’s arrow”: the metaphor’s model and research implications, toward an un trepreneurial economy the entrepreneurship industry and the rise of the veblenian entrepreneur.

Why is the quality of innovation-driven entrepreneurship seemingly declining? We argue the growing Entrepreneurship Industry and the way it has transformed entrepreneurship as an activity are important, under-appreciated explanations. By leveraging the Ideology of Entrepreneurialism to mass-produce and mass-market products, the Entrepreneurship Industry has made possible what we term Veblenian Entrepreneurship . This is entrepreneurship pursued primarily as a form of conspicuous consumption, and it is fundamentally different from the innovation-driven entrepreneurship that it emulates and superficially resembles. Aside from lowering average entrepreneurial quality, Veblenian Entrepreneurship has a range of (short-run) positive and (medium- and long-run) negative effects for both individuals and society at large. We argue that the rise of the Veblenian Entrepreneur might contribute to creating an increasingly Un trepreneurial Economy. An Un trepreneurial Economy appears innovation-driven and dynamic but is actually rife with inefficiencies and unable to generate economically meaningful growth through innovation.

Revisiting the Relationship between Income Equality and Entrepreneurship: A Social Trust Perspective

Although economic and entrepreneurship scholars have argued that high income inequality has a positive impact on entrepreneurship by increasing the incentives for high quality human capital to take entrepreneurial risk and by enabling talented entrepreneurs to accumulate and reinvest capital into new businesses, we suggest that the relationship between economic inequality and entrepreneurship may be more complex than initially indicated in light of recent research on the topic of social trust and entrepreneurship. We propose that income inequality is likely to have a curvilinear effect on entrepreneurial activity. Although moderate levels of inequality can increase entrepreneurial activity, very high levels of inequality will begin to reduce rates of entrepreneurship due to diminished generalized social trust in the community. Lower generalized social trust decreases the sharing of information and resources leading to fewer entrepreneurial opportunities, and as a result, lower levels of entrepreneurship.

Rethinking Social Capital: Entrepreneurial Ecosystems as Contested Communities

This paper offers new conversations on entrepreneurial ecosystems as contested communities through a critique of extant work that relies uncritically on social capital. It offers new directions for theorizing and studying entrepreneurial ecosystems guided by a critical perspective of social capital (i.e., arriving from several intellectual traditions including political economy, intersectionality, critical race theory, and feminisms). In doing so, the paper offers insights around how continued structural and relational inequalities based on gender, race and/or immigrant status within the domain of entrepreneurship can be brought to the forefront of ecosystem frameworks. Doing so produces new approaches to the conceptualization and study of entrepreneurial ecosystems as more than sites of economic activity between and among actors, but rather it allows for consideration of how being differentially embedded in social structures matters for entrepreneurship. Differences in social structures within ecosystems reflect broader societal patterns and analyzing them can yield insights about the configuration of institutions. To understand the complexity of how different institutional configurations may lead to different forms of entrepreneurial ecosystems, it is necessary to have different conceptual starting points on social capital (informal) and exchange relationships (formal) as foundational aspects of entrepreneurial activities. Consequently, the paper provides these new analytic starting points, thus providing better explanatory and empirical power to demonstrate how and why inequalities persist in entrepreneurship.

Social Entrepreneurship and the Common Good

The common good refers to contextual conditions that contribute to human wellbeing and flourishing, such as prosperous communities and environmental sustainability. In this paper, we consider how entrepreneurship impacts society by investigating the generalized outcomes of social entrepreneurship on the common good. From a qualitative study of ten large and profitable social enterprises in the United Kingdom, we theorize how social entrepreneurship contributes to the common good in the short and long term. We also conjecture how some commercial practices undermine the common good and further, explain how the common good performs as a conceptual anchor for social entrepreneurship.

How Do Founding Teams Form? Toward a Behavioral Theory of Founding Team Formation

We advance entrepreneurship research by developing a theoretical model of how founding teams form. Our neo-Carnegie model situates nascent founders in particular network-structural milieus, engaging in aspiration-driven search for and evaluation of prospective co-founders. The formation of co-founding ties between nascent founders can be divided into four theoretical steps, which we label activation, evaluation, approach, and reciprocation. Successful founding team formation is a consequence of mutually favorable evaluations by nascent founders in a multi-sided matching process. Nascent founders with higher and less flexible aspirations are more likely to undertake distant search for co-founders by seeking referrals, forming ties with strangers, and forming new ties to social foci where they might meet potential co-founders. Churn in newly formed founding teams emerges as a consequence of shifting dominant coalition dynamics in the founding team caused by organic venture evolution and intentional changes in strategic direction. Our theoretical model provides new insights on the formation pathways of founding teams, their initial task and relational resource endowments, and initial team dynamics.

Enacting (New) Possibilities of Living: Entrepreneurship and Affirmation

Motivated by the need to reflect upon the role of entrepreneurship in the economy and society, we seek to understand entrepreneurship as having the potential to “produce” new possibilities for living when departing from a critical awareness. We consider existing critical entrepreneurship research as necessary but insufficient in adequately bringing about new perspectives of entrepreneurship as it often tends to be a position “against entrepreneurship,” discrediting the phenomenon from the many possible values it may invoke. We suggest affirmative critique ( Dey & Steyaert, 2018 ; Weiskopf & Steyaert, 2009 ) to “turn critique into creativity,” thus making critique productive and exploring how actual transformation (e.g., alternatives) can be invoked when adopting such a stance.

Entrepreneurship Education in Post-Soviet Higher Education Systems: Moving into or Resisting Global Entrepreneurial Culture

The universal “promise of entrepreneurship” has gone far beyond the borders of countries where it emerged. Education systems might play an important role in this process by legitimizing entrepreneurship related myths, principles, and social hierarchies. Surprisingly, against the literature on the role of education in producing and allocating human capital, entrepreneurship education development on organizational, national, and global scale is only emerging as a theme of mainstream academic discussions. This paper applies multi-level approach to get insights on what role might higher education have in promoting global “entrepreneurial culture,” with a focus on post-Soviet countries. We analyze supra-national initiatives, national policies, leading universities’ practices, and the actual characteristics of entrepreneurship education programs in these universities. Our results suggest that drivers of entrepreneurship education development in national higher education systems of post-Soviet countries are not only the “concrete” and “technical” institutional factors on the national level, but also the broader cultural environment. Though institutional environment in post-Soviet countries does not always objectively meet high international standards we found many cases when official policy documents state goals related to teaching entrepreneurship in higher education and there are concrete programs devoted to entrepreneurship education sharing largely similar “entrepreneurial” worldviews. We also found that the actual perceptions and strategies of the actors directly involved in entrepreneurship education practices demonstrate much higher similarity than formally declared education policies in the related countries.

  • Robert N. Eberhart
  • Michael Lounsbury
  • Howard E. Aldrich

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What impact do entrepreneurs have on society?

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Successful business owners create so much good – both on a national and a local scale – that the weight of their importance to economic development cannot be measured in purely monetary terms.

The entrepreneur is a resource, as well as an individual in their own right. The successful businessman or woman – whom is likely to have created a product or service of note, built a substantial customer base and turned over a profit in a period of financial doom-and-gloom around the globe – naturally has a wealth of insight, intelligence and innovation to offer.

But what are the benefits – and drawbacks – of an entrepreneurial society?

Read more: What will entrepreneurship look like in the future?

The benefits and importance of entrepreneurship in society

Economic growth

The bottom line of vibrant entrepreneurialism is that it creates wealth: for the entrepreneur, for the people that are employed as a result and for the local economic development. It creates wealth on a national scale for the government in the form of taxation, which is then redistributed accordingly to the services and communities that need it the most. Entrepreneurship benefits national income.

The success of an entrepreneur is ultimately in creating a product or service that adds value to the lives of its users; whether that is an inherent need for the item or a simple desire to have it. Either way, an innovation on this scale can help to push a market forwards on a domestic level, and – where relevant – drive exports to new overseas markets. This again is a wealth-creating exercise, which is a key driver of economic growth.

Often an entrepreneur has to take a risk or two to enjoy success, and it is this spirit which serves as a wake-up call for many an ailing industry and economy. As such, it is those governments that cultivate a sense of entrepreneurialism – through an effective economic and legal framework – that will reap the ultimate benefit. Prosperity is a two-way street after all.

Job creation

Successful entrepreneurialism often requires the skills and labour of many hands; and that necessitates job creation. As a thriving business grows so do the opportunities for others and the cumulative impact of new start-ups in a particular geographical area will go a long way towards cutting queues at the job centre.

This facilitates economic development benefits – employees with money in their pockets will naturally spend them on local goods and services. It also helps to push societies forward too: it is well documented that unemployment causes crime, poverty and a gamut of physical and mental illnesses; adding further strain to already stretched health services.

Success in business generally has a cascading effect, and so a range of stakeholders can expect to flourish from entrepreneurial growth. Suppliers, retailers, storage facilities, courier services, recruitment agencies... any or all of these can benefit from a local company that is thriving. This helps to create jobs in these firms too, and so the cycle continues.

In the UK alone more than 15 million people are employed by small and medium businesses ; many of which will have been born out of an entrepreneurial spirit.

Philanthropy

Often the statistics are hard to measure – not all entrepreneurs wish to boast of their charitable activities – but it is fair to say that many successful business owners, some of whom will have come from financially insecure upbringings, are keen to redistribute their new-found wealth to charities and local community ventures.

As a survey conducted by Harris Interactive and Ernst & Young entitled ‘Entrepreneurs & Philanthropy: Investing in the Future’ testifies, 90 per cent of entrepreneurs donate money and 70 per cent donate a resource that is just as important: their time . A third factor, and one which cannot be overlooked, is that most entrepreneurs are successful because they were able to identify market opportunities or leverage profit from economies of scale. This kind of knowledge can be indispensable to non-profit organisations.

Necessity is the mother of invention, as the saying goes, and so perhaps its older sibling is innovation. Most entrepreneurs enter a market successfully thanks to their innovative approach: whether that’s inherent in the product/service they offer, or in the way in which they deliver it.

By finding a solution to a problem – whether it was explicit or merely an opportunity for competitive advantage, an entrepreneur can drive innovation in a market and create competition; a theorem that results in better and often more affordable products and services for consumers. Steve Jobs and his Apple colleagues invented the iPod, and this created an area of innovation in MP3 players. Today, this is a vibrant industry with many competitors; which has created technological excellence at the top end of the market and perfectly functional products at the budget end. Who wins? The buying public.

Increased competition

Success breeds success, and once one entrepreneur has flourished in a given market more often than not another businessman or woman looks to enjoy their own slice of the pie.

As we know, competition is a good thing for the consumer, as it requires companies to delivery a better quality product in order to survive. This can also create price wars (take a look at the ongoing battle between the Xbox and PlayStation as a good example), and it is true that often only the strongest will prosper. But the benefits to the general public are obvious.

The drawbacks

You could be forgiven for assuming that the work of entrepreneurs is solely positive, but unfortunately there are some concerns attached to entrepreneurial activity...

Use of natural resources

While there is a subset of business owners whom we can class as social entrepreneurs, unfortunately not all are blessed with an environmental conscience.

Pretty much every company that operates today uses natural resources in some way – electricity, water, gas, paper etc – and this is simply unavoidable. Some entrepreneurs will offset their use of resources by donating to relevant charities and organisations; a form of self-taxation, if you will. Alas, not all do.

Governmental control

While no relevant statistics exist to back up this theory, it is believed that governments that seek to nurture entrepreneurship can actually unbalance a market by creating an environment which can be exploited by business. This can manifest itself in monopolies, unfair pricing, corruption and even fraud.

Furthermore, Wim Naude, a prominent economist and scholar at the Maastricht School of Management, writes : "While entrepreneurship may raise economic growth and material welfare, it may not always result in improvements in non-material welfare (or happiness)."

Unemployment

Of course this is not true in all cases, but it can also be said that while one new market entrant flourishes, so too must an existing company – who is unable or simply unwilling to compete with this innovative new player – depart the scene.

This is often the case in the UK retail sector, where a national chain may open a new store in a village or town which forces independent, local retailers into a forced ultimatum: slash prices or die.

The upshot? Unemployment and a huge sense of injustice.

Entrepreneurship: The money line

You will make your own mind up as to where entrepreneurs sit on the societal benefit/drawback continuum, but it is clear from numerous high profile examples that an entrepreneurial spirit, channelled with good intentions, can foster so many positives in a community and on society as a whole.

Many observers are resistant to capitalism through their own attitudes and philosophical misgivings, but when a successful entrepreneur is doing so much to put money in the pockets of the many – either directly or indirectly – it is hard to make an argument against such a force for good.

This is a guest blog and may not represent the views of Virgin.com. Please see virgin.com/terms for more details.

The impact of entrepreneurship on society

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Entrepreneurship is one of the driving forces behind the growth and development of our society. From creating jobs to generating innovative ideas and products, entrepreneurs have the power to change the world and shape the future. Their impact can be felt in all aspects of life, from the economy to culture and even politics. But what exactly is the impact of entrepreneurship on society, and how does it shape the world we live in? In this article, we’ll explore the different ways in which entrepreneurship affects society and the positive and negative consequences that come with it. Whether you’re an entrepreneur yourself or simply someone who’s interested in the topic, this article is sure to provide some insightful perspectives.

Job creation and economic growth

One of the most significant impacts of entrepreneurship on society is job creation and economic growth. When entrepreneurs start companies, they often need to hire employees to help with various tasks and responsibilities. This leads to an increase in job opportunities and a reduction in unemployment, which can boost the overall economy . In addition, companies that are successful and grow can generate even more jobs and stimulate economic growth. This is because they often need to expand their operations, invest in new technologies and equipment, and hire more employees to keep up with demand.

As a result, entrepreneurship can play a vital role in driving economic development and improving the standard of living for people in society.

Innovation and technology advancement

Another significant impact of entrepreneurship on society is innovation and technology advancement. Entrepreneurs are known for their creative and forward-thinking approach, and they often bring new ideas and products to the market that can disrupt traditional industries and change the way we live our lives. These innovations can range from groundbreaking new technologies to more efficient and effective business models, and they often push the boundaries of what's possible. This, in turn, drives further advancements in technology and can lead to a never-ending cycle of innovation and progress.

In addition, entrepreneurship can also lead to the development of new industries and markets, which can create entirely new job opportunities and spur economic growth. For example, the rise of the tech industry and the Internet has created countless jobs and transformed the way we communicate and access information. Entrepreneurship plays a critical role in shaping the future and driving advancements in technology and innovation, which can have a profound impact on society.

Competition and market dynamics

Entrepreneurship can also have a significant impact on competition and market dynamics. When entrepreneurs start new companies, they often enter markets that are already established and dominated by larger companies. This introduction of new competition can lead to an increase in the number of choices available to consumers and can result in better products and services being offered at lower prices. This, in turn, drives innovation and encourages established companies to improve their offerings in order to stay competitive.

However, this increased competition can also have negative consequences, such as the closure of smaller, less successful companies and a reduction in market diversity. In addition, the pressure to remain competitive can lead to cutthroat business practices, such as price wars and the exploitation of workers and resources. Despite these challenges, the overall impact of entrepreneurship on competition and market dynamics is generally positive, as it leads to a more dynamic and ever-evolving business landscape that drives innovation and progress.

Social and cultural changes

Entrepreneurship can also bring about social and cultural changes in society. For example, the success of entrepreneurs and the creation of new companies can lead to an increase in wealth and a shift in social and economic power . This can result in a greater focus on individualism and self-reliance, as well as a more merit-based society where success is determined by hard work and innovation.

In addition, entrepreneurship can also lead to changes in cultural norms and values. For instance, the rise of the gig economy and the increased popularity of entrepreneurship as a career choice has led to a more flexible and decentralized workforce, with people seeking independence and the freedom to pursue their passions. This shift in values can have far-reaching impacts on society, from the way we work and live to the way we think about success and what it means to be successful.

Ultimately, the impact of entrepreneurship on social and cultural changes is complex and multi-faceted. While it can bring about positive changes, such as greater prosperity and a more dynamic society, it can also result in increased inequality and the erosion of traditional cultural values. Nevertheless, the impact of entrepreneurship on society is undeniable, and it continues to shape the world we live in in countless ways.

Economic disparities and wealth distribution

Entrepreneurship can have a significant impact on economic disparities and wealth distribution in society. On one hand, entrepreneurship can provide opportunities for people to create wealth and improve their economic circumstances, regardless of their background or socio-economic status. This can help to reduce poverty and increase economic mobility, which can have positive effects on society as a whole.

However, entrepreneurship can also exacerbate economic disparities and lead to greater wealth inequality. For example, successful entrepreneurs often become very wealthy, while others may struggle to get their companies off the ground or fail altogether. This can result in a concentration of wealth in the hands of a few individuals and leave many others behind, which can have negative consequences for society.

In addition, the process of starting and growing a business can be challenging and requires significant resources, such as access to capital, networks, and support systems. This can make it difficult for people from lower-income communities or marginalized groups to enter into entrepreneurship, which can perpetuate existing economic disparities and limit opportunities for wealth creation.

Ultimately, the impact of entrepreneurship on economic disparities and wealth distribution is complex and depends on a variety of factors. While entrepreneurship can provide opportunities for wealth creation, it can also lead to greater inequality if it is not properly supported and regulated.

Entrepreneurship as a solution to societal problems

Entrepreneurship is often seen as a solution to various societal problems, from unemployment and poverty to environmental degradation and inequality. Entrepreneurs are known for their ability to identify problems and come up with innovative solutions, which can help to address some of the most pressing challenges facing society.

For example, social entrepreneurs are individuals who use business models to address social and environmental issues, such as poverty, climate change, and access to education and healthcare. These individuals often take a unique approach to solving problems, using market-driven strategies to create positive change and address the root causes of societal issues.

In addition, entrepreneurship can also play a critical role in job creation, which can help to address unemployment and provide people with the means to support themselves and their families. By starting new companies and creating new jobs, entrepreneurs can help to drive economic growth and provide opportunities for people to achieve their full potential.

However, it is important to note that entrepreneurship is not a silver bullet solution to societal problems and cannot address these issues on its own. Effective public policy, access to resources and support, and a supportive business environment are all essential to ensuring that entrepreneurship can be a powerful tool for addressing societal problems.

In conclusion, entrepreneurship has the potential to play a significant role in solving some of the biggest challenges facing society, from job creation and economic growth to addressing social and environmental issues. By leveraging the innovative spirit and problem-solving skills of entrepreneurs, we can create a brighter, more sustainable future for all.

The role of government and institutions in supporting entrepreneurship

The role of government and institutions in supporting entrepreneurship is critical to ensuring that entrepreneurship can have a positive impact on society. Government and institutions have a responsibility to create an environment that is supportive of entrepreneurship, including providing access to resources, capital, and markets, as well as offering regulatory support and protection.

For example, government can provide funding and support for incubators, accelerators, and other entrepreneurial organizations that help entrepreneurs launch and grow their companies. They can also offer tax incentives and subsidies to help offset the costs of starting and operating a business, which can help to encourage entrepreneurship and reduce the financial risks associated with starting a business.

In addition, institutions such as universities and research centers can play an important role in supporting entrepreneurship by providing education, research, and development resources, as well as connecting entrepreneurs with investors and other support networks.

However, it is important to strike a balance between supporting entrepreneurship and protecting the interests of society as a whole. Government and institutions must ensure that the entrepreneurial environment is fair, competitive, and transparent, while also ensuring that companies operate in a responsible and sustainable manner.

In conclusion, the role of government and institutions in supporting entrepreneurship is crucial to ensuring that entrepreneurship can have a positive impact on society. By providing a supportive environment, access to resources, and a level playing field, government and institutions can help entrepreneurs to start and grow successful companies, which can drive economic growth and create opportunities for all.

The influence of entrepreneurship on politics and policy

Entrepreneurship can have a significant influence on politics and policy, shaping the ways in which decisions are made and policies are implemented. Entrepreneurs, as creators of new companies and jobs, can bring a unique perspective to policy discussions and play an important role in shaping the direction of government action.

For example, entrepreneurs can bring attention to the needs of small companies and the challenges they face, such as access to capital and regulatory barriers, which can inform policy decisions related to economic growth and job creation. In addition, the success of entrepreneurial ventures can have a positive impact on the economy, which can influence policy decisions related to taxes, trade, and investment.

Entrepreneurs can also play an active role in shaping political discourse and policy through advocacy and engagement with policymakers. By engaging with government officials and participating in policy debates, entrepreneurs can help to ensure that their voices and concerns are heard, and that policies are developed in a way that supports entrepreneurship and economic growth.

However, it is also important to consider the potential downsides of entrepreneurship's influence on politics and policy. Entrepreneurs may prioritize their own interests over the interests of society as a whole, and their influence may result in policies that benefit a select few rather than benefiting the majority of people.

In conclusion, the influence of entrepreneurship on politics and policy is complex and multifaceted. Entrepreneurs can bring valuable perspectives to policy debates and play a critical role in shaping government action, but it is important to ensure that their influence is balanced with the needs and interests of society as a whole.

The impact of entrepreneurship on education and skills development

The impact of entrepreneurship on education and skills development is significant, as entrepreneurship can provide opportunities for individuals to develop new skills and gain valuable experience. By starting and running a business, entrepreneurs can acquire a diverse range of skills, such as leadership, problem-solving, and financial management, which can be transferable to other areas of their lives and careers.

Entrepreneurship can also play a role in shaping the education system and curriculum, as it highlights the importance of skills such as creativity, innovation, and critical thinking. This can lead to an increased focus on these skills in the education system, which can benefit students and help to prepare them for the demands of the modern workforce.

In addition, entrepreneurship education and programs can provide individuals with the knowledge and resources they need to start and run successful companies. These programs can teach individuals about business planning, marketing, and financial management, and connect them with mentors and resources that can help them to succeed.

However, it is also important to consider the potential downsides of entrepreneurship's impact on education and skills development. Some individuals may prioritize their entrepreneurial pursuits over their education and professional development, which could result in them missing out on valuable skills and experience that they could have acquired through traditional employment.

In conclusion, the impact of entrepreneurship on education and skills development is both positive and complex. Entrepreneurship can provide individuals with opportunities to develop new skills and gain valuable experience, while also shaping the education system and curriculum. However, it is important to ensure that individuals strike a balance between their entrepreneurial pursuits and their education and professional development, to ensure that they are well-prepared for the future.

The sustainability of entrepreneurship and its future outlook

The sustainability of entrepreneurship and its future outlook are important considerations, as entrepreneurship plays a critical role in the economic and social development of society. The future of entrepreneurship will depend on various factors, including the availability of resources and support, the stability of the economy, and the willingness of individuals to take risks and pursue entrepreneurial opportunities.

One of the key factors that will determine the sustainability of entrepreneurship is access to funding and resources. Without access to capital, it can be difficult for entrepreneurs to start and grow their companies, which can limit their ability to create jobs and drive economic growth.

Another important factor is the stability of the economy. During times of economic uncertainty, individuals may be less likely to take risks and pursue entrepreneurial opportunities, which can negatively impact the sustainability of entrepreneurship.

In addition, the future outlook for entrepreneurship will also depend on the willingness of individuals to take risks and pursue entrepreneurial opportunities. Entrepreneurship requires a certain level of risk-taking and a willingness to pursue new ideas, even in the face of uncertainty and failure.

However, the future of entrepreneurship is also influenced by positive trends and developments, such as advancements in technology and the improving popularity of entrepreneurship as a career choice. These trends can provide new opportunities and resources for entrepreneurs, which can support the sustainability of entrepreneurship and drive its future growth.

In conclusion, the sustainability of entrepreneurship and its future outlook are complex and influenced by a range of factors, including access to funding and resources, the stability of the economy, and the willingness of individuals to take risks and pursue entrepreneurial opportunities. While there are potential challenges and risks, there are also many positive trends and developments that suggest a bright future for entrepreneurship and its role in society.

Entrepreneurship has a significant impact on society, affecting various aspects of our lives and shaping the way we live and work. The impact of entrepreneurship can be seen in areas such as job creation and economic growth, innovation and technology advancement, competition and market dynamics, social and cultural changes, and economic disparities and wealth distribution. Entrepreneurship can also be a solution to societal problems and play an important role in supporting education and skills development.

The future outlook for entrepreneurship is dependent on various factors, including access to funding and resources, the stability of the economy, and the willingness of individuals to take risks and pursue entrepreneurial opportunities. Despite potential challenges and risks, there are many positive trends and developments that suggest a bright future for entrepreneurship and its role in society.

In summary, entrepreneurship has a wide-ranging impact on society, affecting various aspects of our lives and shaping the way we live and work. While there are potential challenges and risks, the future outlook for entrepreneurship is positive and suggests a bright future for its role in society.

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Social Entrepreneurship, Essay Example

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Subject: how can social entrepreneurship contribute to society?

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For a very long time not enough attention has been paid to the importance of social entrepreneurship in bringing about development in our societies. Despite half hearted efforts by the protagonists of this phenomenal to bring into attention of everyone about the importance of this aspect in enhancing our social economic lives, nothing much has really been achieved. The reason for this can be attributed to the slow pace that governments and other stake holders are taking in recognizing the important role that this entities play in our society. This is the major content of this report.

The report begins with a short description of the problem at hand. It gives a brief summary of the history of social entrepreneurship, its recent developments and the possible way forward. This is then followed by an in depth analysis of all the available literature as far as this important subject is concerned. The answer to the problem question (how can social entrepreneurship contribute to society?) is well dealt with in this section. Last but not least I conclude my report with a summary and recommendations of the major findings of the report. It is my hope that this report will form a solid basis for the concerned stakeholders to act so as to full tap the potential of social entrepreneurship in our societies.

Introduction

Before introducing what we mean by social entrepreneurship, let’s define who is a social entrepreneur. There are many ways in which a social entrepreneur has been defined but nevertheless a common agreement exists. Munoz (13) defines a social entrepreneur as an individual who takes his/her time, spirit, and energy to build better communities as opposed to personal businesses for personal gain. On the same note Bornstein (11) also defines a social entrepreneur as someone who look to the world, recognize a problem then uses the principles of entrepreneurship to organize, build and manage such a venture to realize positive social change. A critical look at these two definitions simply shows more or less the same thing. It is only approach that differs. Generally speaking a social entrepreneur is an individual who is set out to bring positive change in the society through the various programs he has decided to undertake. A social entrepreneur is different from a normal entrepreneur in that whereas a normal entrepreneur calculates his success in term of how much profit he has made, a social entrepreneur calculates his success in terms of how much social returns he has achieved. So then what is social entrepreneurship?

Social entrepreneurship is simply the collective work of social entrepreneurs. When done within a country’s borders it is referred to as social entrepreneurship whereas when done outside a country’s borders it is called international social entrepreneurship Bornstein (12). Some of the word’s most recognized social entrepreneurs include the following:

Raul Oscar Abasolo: he operates in Chile and is mostly involved with alleviating youth poverty.

Rafael Alvarez: he is the founder of Genesysworks in America that is involved in expanding youth horizons after high school and college.

Istvan Aba-Horvath: this Hungarian based social entrepreneur involved with promoting child education in his backyard.

Manish Sankila: based in India and also involved with empowering the youth towards self employment for the better of their future life. Manish strongly believes that when the youth are empowered the rest of the society is also empowered because they not only form the majority but also the future of a society.

History of the term social entrepreneurship can be traced back to 1950s and 60s when it first appeared in print literature. This continued to 1980s and 90s with the works of people like Bill Drayton. Bill together with Charles Leadbeater popularized the social movement in Europe, USA and some parts of Asia. They were joined by Michael Young in their endeavors. In fact Harvard professor Daniel Bell describes Michael as “’the world’s most successful entrepreneur of social enterprises’. This was undoubtedly due to his immense work in building about 60 social institutions worldwide (Munoz, 21). The famous among them include school of social entrepreneurs that has branches in Australia, UK, and Canada.

In the contemporary world, whenever the term social entrepreneurship is mentioned, people like Muhammad Yunus come into our mind. He is the founder and proprietor of Grameen Bank and Nobel peace laureate of 2006. Yunus is most recognized for his revolutionary method of making it possible for the word’s poorest people to access credit from banks. Thus he saw a social problem and came up with a strategy to assist his people while at the same time making profits. To some extent also in the contemporary world social entrepreneurship has evolved into organizations like foundations, NGO’s, social enterprise and etc. generally social entrepreneurship remains relevant and appreciated by many societies today as it was in the last century.

The importance of social entrepreneurship

According to modern social entrepreneurship website the first and obvious importance of social entrepreneurship is employment creation. A close look at the objectives of some of the most famous entrepreneurs supports this conclusion. This is why most of them target the society’s most vulnerable groups i.e. the children, the youth, disabled and women. This can be in the form of empowering individuals to start their own businesses or better still starting business ventures and employ them. No human being is totally unemployable, provided one is alive; there is one or two things that he/she can engage in to assist him/her become productive. For instance a cripple can be a shoe shiner in the same way a blind can be a singer. The only thing that such individuals need is empowerment. Thus social entrepreneurship has been seen to be one surest way to end abject poverty especially in less developed economies of the world.

Secondly another direct importance of social entrepreneurship is the ability to bring forth new goods and services in societies. This is due to the innovative nature of social entrepreneurship. The fact that social entrepreneurs target where individuals at the grass root level gives them an upper hand to come with innovative ways to tackle a society’s most pressing problems. A good example is Veronica Khossa; a Brazilian based social entrepreneur who came up a home based care model for people living with aids. It was so innovative and effective that the Brazilian government (through the ministry of health) decided to use it as a government policy!

Next, social entrepreneurship has proved to be a strong pillar in building social capital. Social capital is the communal holding, sharing and managing of a society’s resources. This was historically promoted by the communist ideologies of the eastern block (Bornstein, 33). The protagonist of such ideologies argues that it is better for a society to share the little available resources and every one feels satisfied than just enrich a few individuals while the rest are suffering. Examples of economies that have embraced this model are Japan, Germany and china. Judging from the way such societies have developed, we can comfortably say that social entrepreneurship is the way of the future. With the right approach and tools, social entrepreneurship can easily turn a third word country to be middle earner in a very short time.

Last but not least, the topic of importance of social entrepreneurship can not be complete without mentioning how it promotes societies and individuals achieve (or almost achieve) equality. This point is closely related to the previous one that talked about social capitalism. We can say this is the ultimate achievement of social entrepreneurship. A dream that is dear to almost all protagonists of social entrepreneurship – society where each and every individual is productive and economically able to sustain himself. For instance by supporting the disabled to support themselves is not only beneficial to them but also to the whole society because there will be no need to be looking after them like little children. A good example is professor Yunus’s case of economically empowering disadvantaged women in society. The American social entrepreneur J.B. Schramm’s case of helping financially unable students to attend school also deserves a special mention in such a case (Muhammad, 63).

How social entrepreneurship can contribute to society

The benefits that social entrepreneurship can bring to society are immense and can not be over emphasized if the case of Nobel laureate Yunus is anything to go by. It has demonstrated beyond reasonable doubt that is a strong change agent in societies. Below are some of the contributions that social entrepreneurship can bring to society as supported by (Munoz, 101).

  • Charitable institutions
  • Welfare program
  • New products
  • Sponsorship
  • Government advisors

Starting with charitable institutions, it can be said that most social entrepreneurs set up institutions that target to improve the living standards of the downtrodden. Such institutions include schools, hospitals, vocational training institutions and etc. All this is meant to serve the societies they are operating in. this is an immense contribution to societies especially where poverty levels are high.

On the same note social entrepreneurs have been known to contribute to society in terms of direct donations they give for various purposes. All these are just aimed at improving the living standards of the less privileged people in society. For instance an entrepreneur like Istvan Aba-Horvath in Hungary donates a lot of funds towards promoting the education of Gypsy children. Therefore this is a great contribution that social enterprises have towards societies in which they are operating (Munoz, 12).

Welfare programs are yet another contribution that social entrepreneurship has to societies. Each and every society has its own unique welfare programs that are aimed at improving the lives of all people. Social entrepreneurship contributes to such programs through funding such organizations, empowering communities or even providing the welfares by themselves. Such welfares programs include helping the disabled, taking care of orphans, feeding the elderly among others.

Social enterprises have earned themselves the tag of being the most innovative and in touch with society’s most pressing needs. Due to this they are able to come up with new products and services that are aimed at addressing the society’s challenges. This is a very great achievement as far as contributions of social enterprises are concerned. The great philosophers once said that necessity is the mother of inventions and this as been demonstrated by man’s endeavor to survive on this planet called earth.

Social entrepreneurship has also demonstrated that it can contribute to the society through sponsorships. Such arrangements are common in educational circles where an entrepreneur can sponsor individuals who have excelled in their academics but are not able to continue with their academic dreams due to their financial inability. In fact there are some social enterprises that have set up foundations and trust funds specifically for this purpose. This is a great way to bring about social quality through empowering individuals using knowledge (Muhammad, 52).

Finally we can say that social enterprises have contributed to society through advising the governments on various issues that affect the society. This is because they have close contact with the people on the ground. A good example is that case of Brazil where a social enterprise devised a model of treating and managing people living with HIV/Aids that was adopted by the government on national scale. What started as a small experimentation on local level became something of national importance. Social enterprises have also been closely working with governments on various social issues affecting societies worldwide.

It is important to note here that whereas I have tried to explore the contributions of social enterprises on society, this is not exhaustive. There are many other contributions that are indirect but equally important. For example we can say that through empowering individuals to fend for themselves, they bring about reduced crime rate in society. Thus providing security to society though in an indirect manner. Thus this is a crucial part of society that should not be overlooked at all costs (social entrepreneurship website).

Expected future developments

Going by the recent developments, we can comfortably say that social entrepreneurship is going to be the thing of the future. For instance there is this instance on international level whereby the wealthy of countries of the world will be measured by how much they contribute to assist the poor nations of the world. This in itself is a great step towards achieving an equal society and even if it is not social entrepreneurship directly, its targets or objectives are the same as those of social entrepreneurship. Going to the future there is likelihood that more states of the world will recognize the role of social entrepreneurship in society and national development and thus support and appreciate it fully (Bornstein, 71).

There is also a likelihood that social entrepreneurship scope will enlarge to involve such entities as community based organizations (CBO), trust funds, governments’ stipends, foundations among others. This is because whereas it is true that all this entities are formed for special objectives, there ultimate aim is societal development which is also the same goal for social entrepreneurship.

Additionally most of the business entrepreneurs that we know today may turn to social entrepreneurship as a way to return to society. This can be seen by the likes of bill gates and bill Clinton. These two individuals have formed foundations that are meant to alleviate human suffering in some of the world’s poorest places on the world like Africa (Bornstein, 73). There is likely hood that more will follow suit and the ultimate result will be an equal society – a good dream indeed or isn’t it?

In conclusion, it can be said that social enterprises remain to be a positive force, change agent and above all an empowerment tool. Social enterprises remain the most effective way to come up with leading edge innovations to meet society’s most challenging needs. The fact that social entrepreneurship emanates from the grass root level should not make it be overlooked as a panacea. This is because it works within the frameworks of economy and society. Therefore it deserves special attention from policy makers, entrepreneurs, scholars and academic theorists. This is very vital to all countries of the world especially those facing high incidence of abject poverty.

Social entrepreneurship should not be looked as fighting the governments and other stakeholders in the provision of services and goods that societies need, but rather they should be seen as contributing to the already existing efforts for the better of society in general. Therefore all the government needs is to regulate them so as to work within the prevailing framework in the most efficient way possible. Wherever possible there is no harm to work hand in hand after all we are all serving the same society.

Summary and Recommendations

From the foregoing discussion, it is very clear that social enterprises have a very critical role to play towards the welfare of societies. In fact it can not be emphasized more than this. Therefore the ball remains on policy makers, entrepreneurs and all of us to fully embrace and appreciate the role it plays in our lives. We can’t ignore it any more. With good policies and right approach to application of social entrepreneurship, societal development and well being is guaranteed. The following are some of the recommendations I have come about in my research.

  • There is need for all governments of the world to fully recognize the role that social entrepreneurship plays in developments of society. This then will also be recognized by the state laws.
  • Secondly there is urgent need for all entrepreneurs to also set apart some of their resources towards social entrepreneurship. There is no need to focus on enriching oneself while the majority of people are languishing in poverty.
  • There is also a need to come up with sound policies to regulate, enhance and develop the works of social entrepreneurship. After all in most if not all the cases they play the same roles that are supposed to be played by governments.
  • Third and lastly, the fight against abject poverty and suffering starts with you and me. This is a great war that can not be left to governments and entrepreneurs alone; we should all play our part no matter how small it is to make a difference. Even just sharing information with some one can bring a big difference.

Works cited

Munoz, J.M. (2010). International Social Entrepreneurship: Pathways to Personal and Corporate Impact. New York: Business Expert Press. Available at: http://www.businessexpertpress.com/books/international-social-entrepreneurship .

David Bornstein, (2009). How to Change the World: Social Entrepreneurs and the Power of New Ideas, Oxford University Press.

Yunus, Muhammad; Jolis, Alan. (2007). Banker to the poor : micro-lending and the battle against world poverty . New York: Public Affairs hc. pp. 46–49.

The modern social entrepreneurship available at: http://www.business4good.org/2007/04/importance-of-social-entrepreneurship.html

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Book cover

  • Open Access
  • © 2021

Digital Entrepreneurship

Impact on Business and Society

  • Mariusz Soltanifar 0 ,
  • Mathew Hughes   ORCID: https://orcid.org/0000-0001-6859-558X 1 ,
  • Lutz Göcke 2

Hanze University of Applied Sciences, International Business School, Groningen, The Netherlands

You can also search for this editor in PubMed   Google Scholar

Loughborough University, School of Business and Economics, Loughborough, UK

Nordhausen university of applied sciences, chair of digital management, nordhausen, germany.

Clarifies the influence of digitalization on entrepreneurship following distinct themes from practice

Places special emphasis on business ethics as an overarching theme for digitalization

Features contributions by active entrepreneurs with a focus on the value and behavioral aspects of customer co-creation

Part of the book series: Future of Business and Finance (FBF)

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Table of contents (15 chapters), front matter, characteristics of digital entrepreneurs, developing a digital entrepreneurial mindset for data-driven, cloud-enabled, and platform-centric business activities: practical implications and the impact on society.

  • Mariusz Soltanifar, Edin Smailhodžić

Unleashing the Creativity of Entrepreneurs with Digital Technologies

  • Robert D. Hisrich, Mariusz Soltanifar

Digital Entrepreneurship and Agile Methods—A Hackathon Case Study

  • Nancy Richter, Djanina Dragoeva

Perspectives on Digital Business Models

Business model development and validation in digital entrepreneurship.

  • Lutz Göcke, Robin Weninger

Development and Validation of Platform Businesses in Digital Entrepreneurship

  • Lutz Göcke, Philip Meier

Blockchain as an Approach for Secure Data Storage on Digital Consulting Platforms

  • Sebastian Gerth, Lars Heim

AI-Enhanced Business Models for Digital Entrepreneurship

  • Wolfgang Pfau, Philipp Rimpp

Settings/Contexts of Mobilising Digital Entrepreneurship

The role of an entrepreneurial mindset in digital transformation-case study of the estonian business school.

  • Mari Kooskora

Digital Creativity: Upgrading Creativity in Digital Business

  • Edin Smailhodžić, Denis Berberović

Corporate Digital Entrepreneurship: Leveraging Industrial Internet of Things and Emerging Technologies

  • Swapan Ghosh, Mathew Hughes, Paul Hughes, Ian Hodgkinson

New Sources of Entrepreneurial Finance

  • Theo Lynn, Pierangelo Rosati

Digital Intrapreneurship: The Corporate Solution to a Rapid Digitalisation

  • Gifford Pinchot III, Mariusz Soltanifar

Global Environments and Digital Entrepreneurship

Pursuing international opportunities in a digitally enabled world.

  • Di Song, Aiqi Wu

Challenges and Opportunities for Digital Entrepreneurship in Developing Countries

  • Georges Samara, Jessica Terzian

Digital Entrepreneurship for the “Decade of Action”

  • Manouchehr Shamsrizi, Adalbert Pakura, Jens Wiechers, Stefanie Pakura, Dominique V. Dauster

This open access book explores the global challenges and experiences related to digital entrepreneurial activities, using carefully selected examples from leading companies and economies that shape world business today and tomorrow. Digital entrepreneurship and the companies steering it have an enormous global impact; they promise to transform the business world and change the way we communicate with each other. These companies use digitalization and artificial intelligence to enhance the quality of decisions and augment their business and customer operations. This book demonstrates how cloud services are continuing to evolve; how cryptocurrencies are traded in the banking industry; how platforms are created to commercialize business, and how, taken together, these developments provide new opportunities in the digitalized era. Further, it discusses a wide range of digital factors changing the way businesses operate, including artificial intelligence, chatbots, voice search, augmented and virtual reality, as well as cyber threats and data privacy management.

“Digitalization mirrors the Industrial Revolution’s impact. This book provides a complement of perspectives on the opportunities emanating from such a deep seated change in our economy. It is a comprehensive collection of thought leadership mapped into a very useful framework. Scholars, digital entrepreneurs and practitioners will benefit from this timely work.”

Gina O’Connor , Professor of Innovation Management at Babson College, USA

“This book defines and delineates the requirements for companies to enable their businesses to succeed in a post-COVID19 world. This book deftly examines how to accomplish and achieve digital entrepreneurship by leveraging cloud computing, AI, IoT and other critical technologies. This is truly a unique “must-read” book because it goes beyond theory and provides practical examples.”

Charlie Isaacs , CTO of Customer Connection at Salesforce.com, USA

  "This book provides digital entrepreneurs useful guidance identifying, validating and building their venture. The international authors developed new perspectives on digital entrepreneurship that can support to create impact ventures.” 

Felix Staeritz , CEO FoundersLane, Member of the World Economic Forum Digital Leaders Board and bestselling author of FightBack, Germany

  • Digital transformation and entrepreneurship
  • ICT based business models
  • AR and VR startups
  • Digitalization and entrepreneurial ecosystems
  • Digital entrepreneurship strategies
  • Business models for digital business
  • Creating digital intrapreneurs

Mariusz Soltanifar

Mathew Hughes

Mariusz Soltanifar is a Corporate Entrepreneurship Researcher at the Open University (The Netherlands), and a Lecturer on Marketing and Entrepreneurship at the Hanze University of Applied Sciences in Groningen, The Netherlands). His research chiefly focuses on entrepreneurial behavior. He is also a guest and visiting lecturer at numerous universities worldwide.    

Lutz Göcke is a Professor of Business Studies at the University of Applied Sciences Nordhausen (Germany). His research focuses on business models and (corporate) entrepreneurship. Prior to his professorship, Prof. Göcke worked in industry as the digital product manager for various mobility projects (including Carsharing, Connected Car, and Car-API).

Book Title : Digital Entrepreneurship

Book Subtitle : Impact on Business and Society

Editors : Mariusz Soltanifar, Mathew Hughes, Lutz Göcke

Series Title : Future of Business and Finance

DOI : https://doi.org/10.1007/978-3-030-53914-6

Publisher : Springer Cham

eBook Packages : Business and Management , Business and Management (R0)

Copyright Information : The Editor(s) (if applicable) and The Author(s) 2021

License : CC BY

Hardcover ISBN : 978-3-030-53913-9 Published: 14 November 2020

Softcover ISBN : 978-3-030-53916-0 Published: 14 November 2021

eBook ISBN : 978-3-030-53914-6 Published: 13 November 2020

Series ISSN : 2662-2467

Series E-ISSN : 2662-2475

Edition Number : 1

Number of Pages : XXIV, 327

Number of Illustrations : 20 b/w illustrations, 10 illustrations in colour

Topics : Entrepreneurship , IT in Business , Innovation/Technology Management

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Measuring Entrepreneurs’ Social Impact: ‘Our Generation Doesn’t Want to Compromise’

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Fans of the Wharton School’s Future of the Business World podcast featuring high school students talking about their entrepreneurial ventures, have listened to the stories of all kinds of social entrepreneurs – innovators who want to address and solve problems in society.

Divya Sijwali and Parth Puri from India are creating footwear out of discarded tires – while also paying a fair wage to cobblers who craft their sandals. Jiro Noor built an app that connects farmers in Jakarta, Indonesia directly with the consumers who buy what they grow. Social and racial justice activist and innovator Moniola Odunsi from Virginia, U.S., tells FBW podcast listeners that she is excited by the impact that Gen Z is making: “My generation wants to see and live in a future in which equality is not just an ideal, but an actual reality. A lot of people say we are the future changemakers. I would say that we are those people right now.”

And yet, while so many high school students want to do well in the world, that passion is not enough to build a social venture that will last, cautions Tyler Wry, a Wharton management professor who champions the University of Pennsylvania’s social impact community. “If you’re not systematic about how you go about it, and then more importantly how you go about thinking about the cold, hard dollars and cents part of social entrepreneurship, you can end up building something that will never scale or sustain itself,” he says.

Here, we explore what it means to be a sustainable social entrepreneur , from concept to implementation.

Finding Impact Founders

Social entrepreneurship is part of the broader ecosystem of social innovation . Dollars and Change , another Wharton podcast out of the Wharton Social Impact Initiative (now the ESG Initiative ), sheds light on the landscape. In one episode, Cheryl Dorsey, founder of Echoing Green, a business that funds social entrepreneurship startups, defines the landscape.

Social innovation, she says, “is the process of developing and deploying effective solutions to challenging, often systemic, social and environmental issues in support of social progress…it’s about how to use innovation as a disruptive tool to accelerate the pace of social change.”

Social entrepreneurs start businesses that do the work of solving those social problems. Max Strickberger, 22, has another name for them: impact founders. These entrepreneurs start businesses to improve society – and to make money. “Our generation doesn’t want to compromise,” says Strickberger, a 2022 Penn graduate. “We believe that great businesses shouldn’t trade their social ideals for financial ideals, or vice versa.”

Max has given a lot of thought to the impact-business movement. A few years back he co-founded IF: Impact First Ventures on Penn’s campus. Previously known as College Green Ventures, Impact First was among the winners of Penn’s 2022 President’s Engagement, Innovation and Sustainability Prize – and is focused on building the community of impact founders around the U.S.

“We already know that young people start outlier businesses — 20% of unicorns [fast-growth tech startups] were founded by 20-to 24-year-olds,” adds Max, who started his business with his twin brother Sam Strickberger, Penn’s 2022 class president; classmate Seungkwon Son, a double major in business analytics at Wharton and psychology in Penn’s College of Arts and Sciences; and Niko Simpkins, who graduated from the School of Engineering and Applied Science. “At the same time, our generation thinks it’s not enough for companies to push solely for financial returns. Our bet is that the best companies in 10 years will be impact companies and that disproportionately they will be founded by young people. They’ll drive outlier financial returns alongside outlier impact ones.”

“You’re probably way more courageous while you’re young – and when you’re starting something from scratch, courage can feel like half the battle.” – Max Strickberger, Co-founder, Impact First Ventures

Impact First sources and supports early-stage impact ventures on college campuses through developing an impact community, helping startups measure their impact, and connecting them with a network of advisors. They also help students find impact-oriented careers. In the past year, the business has created student teams at eight different colleges and universities, including Penn, Morehouse, Columbia, Howard, Stanford, Spelman, Princeton and Michigan.

“We want to create a one-stop-shop for social entrepreneurship,” notes Sam, who in high school started a culture and identity magazine with Max that scaled to 30 schools and became Washington, D.C.’s largest student publication . “At these universities we work with students who are plugged in entrepreneurially and care deeply about making the world better. We run a six-week impact-education course that Professor Wry developed and afterwards students identify top companies in their school’s ecosystem. The result is that we’ve begun to build a community of young people who are committed to using entrepreneurship for good.”

Essential to IF’s mission is to identify businesses that are unwavering in their financial aims and commitment to positively impacting society. To do so, they help student-led businesses understand how to measure sustainable impact, which comes down to recognizing the difference between a company ’s outputs – its products and services – and its sustainable outcomes — how it actually effects change.

“It’s really easy to measure an organization ’s outputs because there’s data , it’s quantifiable and you can see how it changes over time (you can count how many women received loans through your microfinance organization),” says Dr. Wry, who teaches what’s called the Theory of Change Model ( see sidebar ) in his six-week course for impact founders. “But it’s really hard to measure outcomes or impact,” says Dr. Wry. “It’s important that founders who have an impact aim also follow a theory of change, which is a logic model, or else it’s really hard to say with any confidence that you are doing something that should do actual good in the world.”

Depth, Breadth and Additionality

With Professor Wry’s help, Max and his team have developed a scorecard to assess impact ventures on how committed they are to the impact-alongside-profits mission and how likely they are to solve problems that shift society. They evaluate companies on their depth, breadth and additionality: How much good are you doing for one person and are they someone who really needs help? How many people are you doing something good for? Is what you’re doing going to create an outcome that differs substantially from what would have just happened anyway? “A really important piece is also the founder’s connection to the issue,” adds Seungkwon. “Why does the founder care about this? If it’s not something that they’re obsessed with, then as the organization grows, they might shift away from their impact focus.”

Through his work, Seungkwon has also identified key big-picture trends in social-impact startups. “We took data of all the impact startups coming out of universities and 50% of those impact companies were in the health care sector, 25% were in climate and 25% in financial empowerment,” he notes.

At Penn specifically, he adds, three in every four founders have defined impact goals, a huge shift from 10 years ago. Some examples include Ophelia, a telehealth platform for people experiencing opioid addiction; Forage, a tech startup making it easier for low-income Americans to buy food stamps online; and Chariot, which helps people donate directly to charities from Donor Advised Funds. Collectively, these companies are valued at hundreds of millions of dollars.

Albert Katz, a 2023 Wharton MBA candidate and former medical clinic CFO , is the founder of Flagler Health, a startup that helps patients suffering from musculoskeletal disease (like lower back pain and neck injuries) get the surgeries they need. Albert, who has concentrations in computer science , law and finance, has created an artificial intelligence algorithm that finds patients in need and is able to recommend them to a physician or a nurse practitioner for care. The U.S. health care system spends $138 million annually treating musculoskeletal disease. Flagler’s approach seeks to decrease that spend, while also helping patients.

“We just launched five months ago and already more than 120 patients have gotten spine surgery because of us,” notes Albert, whose focus on health-care innovation is inspired by the loss of his parents and grandmother to an overwrought system (that personal connection). “Don’t go into social impact just because you want to do good in the world. Find what you’re innately good at and then try to figure out if you can benefit society doing it,” adds Albert. “That’s how you should go about solving issues and helping others.”

So, will you be the next great impact founder to hit college campuses? Max and his Impact First team are watching. (Check out Max’s pandemic project with his Penn classmate for some inspiration.)

“If you find something you care about, find a way – however small – to do something about it,” Max suggests. “Ask questions. Get things wrong. Put one foot in front of the other. You’re probably way more courageous while you’re young – and when you’re starting something from scratch, courage can feel like half the battle.”

And think strategically and logically about how what you’re doing will have a genuine, long-term impact on the world.

essay on entrepreneurship and society

Conversation Starters

Impact First co-founder Max Strickberger says, “We believe that great businesses shouldn’t trade their social ideals for financial ideals.” What does he mean by this? Do you agree?

It’s not enough to just want to do good in the world; you need to think strategically about it. Max and his team have a scorecard to assess impact ventures on how committed they are to the impact-alongside-profits mission. What is meant by depth, breadth and additionality? What is the Theory of Change Model?

Have you started an impact venture? Share your story in the comment section of this article. Think you might like to share it more broadly on Global Youth’s Future of the Business World podcast? Send us your pitch !

16 comments on “ Measuring Entrepreneurs’ Social Impact: ‘Our Generation Doesn’t Want to Compromise’ ”

Many people think that WHEN they become rich, they will be able to help society, but this article tries to change entrepreneurs’ perspective that it can be done while achieving financial success. This article is a first step in changing the ideology that was somehow instilled in our brains, and to advocate for it would be advocating for society’s success.

As an ambitious entrepreneur, this opened my eyes to what I stated above and is now pushing me to see how I may be able to help others while creating a company as opposed to creating a company and then helping others. Thank you for this – great insights here.

Social entrepreneurship is a challenge that many people fear to undertake as it seems to be something undertaken by older people. However, this article and the statistics on the different new social start-ups that have been started truly inspires me.

As a high school student that has operated a social enterprise starting only a few months ago, I have faced moments where I have wanted to give up, especially when sales were low. Why try myself when there are older and more experienced people to make these enterprises and make a positive impact? I hope that this article is spread widely such that similar students continue to find hope and continue on with their business venture as our generation really does not want to compromise and takes every business idea and every little impact seriously.

Being raised on news stories about companies committing atrocious human rights abuses for the sake of their bottom line, it is easy to become pessimistic about the future of business. Companies exist for the sole purpose of making money, I always thought, and being a CEO is reserved for older people with decades of corporate experience under their belt. This article overturns all my previous perceptions of the business industry. It critically examines the intersection between finance and social impact and concludes that companies do not have to compromise one for the sake of the other.

Companies like Impact First make me optimistic about the future of business. By giving resources to ambitious start-ups that have the ideas and passion but not necessarily the experience, they combine the best of practicality and imagination. This article shows that the social impact of companies in the future will be more than an Instagram post on Earth Day–being led by young entrepreneurs determined to make a positive impact on the world, their business models will be centered around sustainability instead of profitability. As such, the entrepreneurs of the future are young, ambitious, and focused on the bigger picture. I, for one, am excited to see where this takes us.

What a well-put response Emily! I deeply resonate and relate with your thoughtful response and your reaction to this excellent article. When I read your article, I couldn’t help but notice the striking similarities of our perspectives towards business. For that reason, I want to point out some memorable moments in your comment. Not only that, I want to offer a fresh perspective on one of the major points you made, as I think we can possibly have a fruitful discussion surrounding this topic.

Firstly, I would like to point out some of the points you made that I related and agreed with. I strongly resonated with how you reflected on the article’s point about how financial and social motives should be blurred. I also believe that companies can succeed with both financial and social motives on their radar. Not only that, I believe companies that have correlating financial and social motives are more prone to success as they have a direct and straightforward desire for influence. For example, Apple has apparent financial and social motives that overlap, and especially in 2008, Steve Jobs exploited this aspect of the company gracefully and bolstered the company tremendously. Steve Jobs and his team of talented entrepreneurs set a direct goal to change the way people live and consequently released the revolutionary product, the iPhone. People no longer needed to go to public phone booths, or had to bring around large cameras to take photos. This product changed the way people think, live, and see the world and is a result of a successful company that correlated financial and social motives. Therefore, I highly agree with you and Max’s point on how social and financial motives should harmonize with each other.

Notwithstanding your excellent points which I strongly agree with, I would like to offer a different perspective or interpretation of this article. Firstly, I would like to point out how you implied that resources can be traded off for experience in an entrepreneurial setting. I have a slightly different stance on this particular matter, and I would like to express that by telling you a personal anecdote. I am currently in a summer business program where students are encouraged to form groups and start small businesses. As a member of a relatively successful company in this program, I can attest that experience beats resources. Our CEO, who is also a student, has years of experience with finance, marketing, and entrepreneurship and he has led my team into reaching the program goals long before any other team has with the limited resources we were given. On the contrary, another team, let’s call them team red, could not find success due to their lack of experience. The CEO of their company was a rising sophomore with little to no experience in business, therefore, although they were given the same amount and quality of resources as my company, their projections were much lower. By making this point, I am not completely disagreeing with the article and your point that resources cancel out experience because, to some extent, they do. However, I am claiming that in order to have a successful and sustainable business, a new company needs an experienced leader, who experienced failure and learned from it multiple times before, to guide them into a healthy and functioning startup.

To wrap up, I strongly agree with your points about how a successful business has a direct and straightforward financial and social motive and desire for influence. I believe we have a similar mindset when it comes to analyzing successful business and I wanted to point out that you offered me a fresh perspective on social and financial motives. However, I see that we couldn’t come eye to eye when it came to the matter of experience, and I strongly think that we can have an informative and interesting conversation about this topic. Let’s both become successful entrepreneurs with the help of Impact First!

Emily, I enjoyed reading your perspective regarding impact entrepreneurship. As you stated, there are numerous instances of human rights abuse within the corporate world. A widely-known one would be the publicity of Shein’s unsafe working conditions. The fast-fashion industry clearly does not associate with the ambitions of Impact First.

In this generation of technological boom, the “startup pandemic” has hit many young entrepreneurs. Social media marketing agencies, drop-shipping, and other quick “schemes” of making money do not set any social impact goals. As Penn graduate Strickberger expressed, “Our generation doesn’t want to compromise.” Instead of pushing to solve problems in our society, too many entrepreneurs are selfish in their attempts to make money.

I have to admit though, I tried to “catch the wave” of social media marketing. Although my equine marketing agency went well in terms of attaining clients and income, there was no social impact being made. This made me restless. In turn, I started a nonprofit for underrepresented equestrians. These kinds of compromises should be more common in the world of business.

As you mentioned, Emily, Impact First is clearly focused on making a change in our current society. Many individuals have the ideas to make a change, but this association provides them with the necessary tools to progress.

From what I can tell, you believe that business models should center around sustainability instead of profitability. Although it is important to be centered around making an impact in society, profitability is what keeps a company moving. A major component of sustainable companies is whether they can stay standing long enough to solve a problem. As I stated previously, we are in a boom of technological startups that quickly go bankrupt, often within a years time. Therefore, companies should definitely prioritize profitability and revenue to have the resources to last in the economy. As I hope you can now see, profitability is a necessary component of sustainable businesses who hope to make a change in society.

Max’s opinion of “starting small” resonates with me. I think the maxim “Just do it” aptly summarizes the attitude we should hold towards social enterprises as youths. When there is a cause we are truly passionate about, we should take that first step to break the rules, as we never know what the end result is if we fear rejection and failure from the beginning. I would also like to make reference to the idea of depth and sustainability of a social enterprise. In search of funding, we may easily find ourselves caught up in the world of numbers, attempting to quantify the reach of our project. However, what is more important may be how deeply we have impacted every individual in their lives, and this may mean much more in the long run.

This discussion on the role of young entrepreneurs in future ventures is extremely interesting. As a high school student myself, I really look forward to what students from my generation will create in the future. However, I think our generation is overlooking the role of big corporations in the creation of future technologies. For instance, Apple just released Vision Pro, which would be extremely hard for a startup on a low budget to develop. Therefore, I believe young inventors taking a more traditional approach and using resources from companies will still be a valid approach in the future. This trend away from corporate ladders is worrying to me, especially as some companies grow to the point where they cannot be surpassed by new startups.

In 2012, my sister and I had a dilemma. While on vacation at my grandfather’s house, there were two sleeping spots: a twin-sized bed and a brown faux-leather sofa with a white fuzzy blanket on top. Each only slept one. My sister was unwilling to compromise and split the nights on the bed and couch with me. Of course, since she is two years older than me, she ended up getting her way and got to sleep luxuriously on the twin-sized bed for the entirety of our week-long trip to northern Florida. Obviously, I was then stuck being woken up early by pots in the nearby kitchen while sleeping on the sofa. My sister’s quality of not being willing to compromise, which I loathe at times, has stuck with me, and I have learned to implement it in other, more useful areas. I think I know when to refuse to compromise better than my sister; however, that might just be the sibling rivalry speaking. When I got into sustainability in my final year of middle school, the dreaded eighth grade, I decided I would no longer compromise on clothing. I would not support greenwashing or unsustainable brands, not only in the textile industry. I cut off my own beloved brand, Starbucks, forever saying goodbye to pink drinks and gladly doing away with all of their plastic waste. In the middle of eighth grade, I placed my last Urban Outfitters order after I went on a late-night deep dive into what fast fashion is. Since then, I have relentlessly cut off a plethora of other brands—with no mercy, might I add. I do, in fact, believe that there is a scale to be applied to brands, using sites like Good on You as my indicator. When brands lean close to the “We Avoid” ranking, that’s when I start my boycott against them. Instead of just declaring them bad, it is important to not compromise until improvements are made. There are many nuances to sustainability, making it hard to only look at brands as good or bad. Sustainability is multifaceted. Some brands have sustainable materials, yet use unsustainable methods or have excessive waste; therefore, it is hard to find brands that fully fit sustainability. However, not compromising and waiting for brands to get as close to sustainable as possible could spark the intervention needed to improve outcomes (following the theory of change model). While I have not YET ventured into a sustainable start-up, I fully agree with this article. I am young and unwavering in my stance on our future, especially with fashion sustainability. I am currently focused on researching and identifying pioneers and innovators in the area of sustainable fashion so I can learn more about what actually contributes most to the problems and what solutions others are working on. I do this so that when I do start a sustainability fashion venture, which I will, it will have a focus on limiting negative impacts trickling into the future, will use the most sustainable systems, and will hopefully beat out some of the companies that have been in my almost two-year boycott. Implementing these non-negotiable requirements as part of my business model will ensure my venture is both sustainable and profitable, rather than only profitable. I think living by a scorecard has made me learn that nothing is black and white; brands do both good and bad things. There are nuances and multiple dimensions that must be considered; scorecards provide ways to evaluate different considerations that provide help in making decisions, like severing a relationship with a brand.

Natalie, your comment was insightful! I loved how you connected it to your own experiences. As the oldest child, I find your experience with your older sister hilarious since my younger brother is stubborn and would rather stay up all night than sleep on a couch.

I also think that it is very inspiring that you are fully committed to fashion sustainability and have cut out big fashion brands from your life. It is a big step, and I know that throwing pink drinks away is not easy.

When you mention that “instead of just declaring them (brands) bad, it is important to not compromise until improvements are made,” I was reminded of my own activism experiences and advocating for positive social change within my community. I learned from my school club PARU (the Panther Anti-Racist Union) that I have to continually fight for what I want. For example, my club peacefully protested outside our school for three consecutive weeks in hopes that an unjust book ban would be overturned. We should not let our voices be silenced until we get what we want, but that is what makes compromise a complex discussion topic.

A nuanced perspective looks into how there needs to be some room for collaboration since that can also be a step toward the results we want to achieve. Instead of pointing fingers all the time, I think it is time to look at ourselves and see what we can do. I used to point fingers at the school board members and those who directly impact policy, but politics is much more nuanced than the 8-letter word it poses as. Its dimensions fail to show how politics is also a result of those who use their voices the most. Instead of pointing fingers, I say we discuss, we compromise, and we collaborate. When we find a way to achieve a win-win solution, then progress has, to an extent, been made.

Compromise, in my words, is when both parties find a middle ground between what they are fighting for. When fighting for justice within my school, I thought that compromise would not mean progress. It would simply mean a buffer between the progress that our school needed immediately. However, compromise to me now has become something that symbolizes peace and maturity. When parties agree to compromise, to be accepting of some of the other’s ideas, that shows a lot of strength and growth.

We all hope to see progress, but we cannot instantly be overcome with hopeful change. We all hope for immediate equality within our society, but that does not give us time to adjust to that change. Compromise gives us a glimpse into how the world is able to collaborate and find a shared ground despite differences. In a world where politics are so polarized, compromise is so precious that we must take action upon it. That is what I did with PARU. With the book ban, I did not ask that the books needed to be unbanned forever, but that they should re-evaluate the banned materials with the correct policy. If they were evaluated correctly with the right circumstances and were still banned, then that would be a just ban.

Furthermore, your description of sustainability being multifaceted caught my attention. I agree with you since sustainability is more than just looking at the materials, but also looking into the methodology and the overall context. I could argue that my parents are sustainable since they reuse the grocery store trash bags, but I could also say that trash bags are bad for Earth and take a long time to break down.

While I agree that sustainability is multifaceted, I am not as sure if the Theory of Change model can be the best concept for achieving goals. In a realistic setting, many businesses want to work and collaborate with others and not completely lose their own power. So, the Theory of Change business model could become a more realistic model if it included an aspect of compromising and collaborating when it is beneficial in the long run.

Again, I wanted to comment on your fashion sustainability journey. I find it fascinating that you are doing this, and I know many others and businesses are trying to be fashionably sustainable too, so I think it could be inspiring to talk with those people to make sure your start-up gets the attention it deserves. At the end of your comment about scorecards, you noted that “there are nuances and multiple dimensions that must be considered.” While you were talking about scorecards, I wanted to be able to apply this statement to your entire comment overall. When it comes to achieving sustainability, it is not one man’s job nor is it something that is easy. Therefore, collaboration and compromise (in certain circumstances) are needed to ensure that we can get closer to achieving sustainability, particularly in the field of fashion.

“We believe that great businesses shouldn’t trade their social ideals for financial ideals” means there are many responsibilities people should take without being paid. For example, when finishing their work, even if it is not the time to go home, people should wait until ringing out. I totally agree with this statement because if people are rewarded for their social duties, they are less likely to have a sense of responsibility. Depth, breadth, and additionality are extents in the social impact. Recently I haven’t have any related experiences, but after reading this article, I am willing to engage in the business world.

Many people think that when they shall become rich, they will be able to help society, but this article changed my and more people’s mind. This article is a first step in changing the ideology that was somehow instilled in our brains, and to advocate for it would be advocating for society’s success. I personally feel that social entrepreneurship is a challenge for everyone but this article is changing the mind of very young entrepreneurs. Emily, is clearly focused on making a change in our current society. Many individuals along with me have the ideas to make a change in the world, this association provides them with the knowledge and resources they need to have to make this world a better place. When there is a cause, we are truly passionate about and know it well enough to start it, we should take that first step to break the rules, as we never know what the end result is if we let our fear control us and be afraid of failure from the beginning. Max’s opinion of “starting small” resonates with many people in the world. I think the maxim “Just do it” aptly summarizes the attitude we should hold towards social enterprises as youths. As with this attuite we will be able to succeed in our life and can also expand their own companies the way they desire.

As I read Max Strickberger’s quote “When you find something you care about, find a way – however small – to do something about it”, I felt personally motivated to continue with the mission I recently embarked on, to address the sleep crisis plaguing the world. Knowing that organizations were started with passion and drive to create societal change AND also make money serves as a reminder that financial and social gains are not mutually exclusive. I hope to be like startups Ophelia or Flagler Health as I create an organization dedicated to making a positive impact on people’s sleep health.

Recognizing the pressing need for better sleep solutions, I couldn’t sit idly by and let the sleep crisis persist (experts agree that teenagers need 8 to 10 hours of sleep each night but most fall short of this requirement, and insufficient sleep is associated with many health problems, injury, reduced productivity and shorter life spans). As a high school freshman, I wasn’t sure how I would or could make a difference but I decided to go ahead and create my organization, REM Reward, with a vision to revolutionize the way we approach sleep. My journey started with a deep sense of empathy for those suffering from sleep-related issues and the determination to find practical solutions.

In the context of Max’s quote, “putting one foot in front of the other” perfectly symbolizes the path I’ve taken to tackle the sleep crisis. I understand change isn’t going to be an overnight transformation, but rather a series of persistent efforts to raise awareness, promote healthy sleep habits, and develop innovative sleep programs. I break down ambitious goals into actionable steps, reminding myself as I work for hours on weeknights and weekends that each effort contributes to the larger vision of better sleep health worldwide. I’ve experienced successes and rejections, continuously evolving as an entrepreneur in this personal cause.

In the pursuit of my passion, I’ve created blogs focusing on specific topics related to sleep, invited guest speakers on my podcast, and am in the process of launching sleep education programs in schools, conducting community sleep workshops, and partnering with healthcare professionals. Embracing the unknown, I just started diving into uncharted territories of research and collaboration with experts in the field of sleep medicine. I know that stepping outside my comfort zone is crucial to finding unique and effective solutions for the sleep crisis.

If my mission is successful it can be measured in terms of hours of productivity that are gained from better sleep. Will I also be able to gain financial success from this endeavor? After reading this article, I know that’s possible too.

In conclusion, Max Strickberger’s quote serves as fuel for my mission to combat the sleep crisis. It keeps me determined in my endeavor. My organization proves that even a single individual can make a significant impact on global issues like sleep health. With every step I take, I am creating a positive legacy, leaving a world where restful sleep is no longer a dream but a reality for everyone.

Impact First co-founder Max Strickberger says, “If you find something you care about, find a way – however small – to do something about it.” His quote inspired me and changed my perspective towards taking action. In the past, I had a more pessimistic perspective due to the conditions we were in in my country, Turkey, and my hope for the future had began to reduce as I saw the injustices going on around me and the “self”-centred self-interested personalities of people that had reached frightening proportions. I was constantly finding myself crushed by hopelessness and anxiety about the future, and this pressure on me started to increase day by day.

This quote made me realize that I could not change my conditions by just complaining about them without taking action. On the contrary, by extinguishing the hope in the people around me, I would get to a worse point. If I wanted to change something, I would have to take action, look at the problems with a more solution-oriented perspective. Every person may be concerned about one or more of the issues and want the problems they are worried about to be solved. However, the important thing is to not only worry about these problems, but also to take action to solve these problems. I was aware of this fact before, but I had lost my belief that taking action to find a solution would be effective in the face of the disappointments I saw under the Turkish conditions. However, the quote of Max Strickberger reawaken my belief into the impact of taking action, and raised my lost hope. I think someone should have a strong hope at first to create an impact, because hope has the power that sheds light on our future and inspires us. Hope brings creativity and action.

Unfortunately, there are so many severe problems that I worry about and want to solve. When I focus on the general of the society in my country, Turkey, I see that there is a devastating lack of information in people: people are isolated from information and facts, and this situation is actually one of the main causes of many important problems such as poverty, hunger, global climate change and environmental pollution seen throughout the country or globally. Therefore, I believe that if we want to root out this and similar global problems in the world and want a brighter and more sustainable world, we must first solve this “lack of science and unconsciousness” problem. My inspiration and hope were the forces that gave me energy and moved me out of my comfort zone to come up with effective solutions to this problem. Right now, I want to use this energy inside me to make an impact by making projects that can be beneficial to humanity. Like Max continues: “You’re probably way more courageous while you’re young – and when you’re starting something from scratch, courage can feel like half the battle.”

In the article “Measuring Entrepreneurs’ Social Impact: Our Generation Doesn’t Want to Compromise,” Cheryl Dorsey states, “Social innovation is the process of developing and deploying effective solutions to challenging, often systemic, social and environmental issues in support of social progress… it’s about how to use innovation as a disruptive tool to accelerate the pace of social change.”

As someone performing Tuberculosis prevention research and co-launching Travelcraft AI, an eco-friendly travel planner, the quote resonates with me on multiple levels. In pursuit of Tuberculosis prevention in India and my home city of Mumbai, I recognize the complexity of tackling a disease with limited resources. The emphasis on deploying effective solutions to systemic challenges aligns with my research approach, where I seek innovative ways to disrupt disease transmition while keeping my proposal realistic to implement. Additionally, as I launch Travelcraft AI, an AI-based platform promoting eco-friendly travel planning, I am reminded of the call to use innovation to accelerate social change. With Travelcraft AI, I aspire to revolutionize travel planning by integrating sustainable practices into holiday choices.

As the quote suggests, the article highlights how these entrepreneurs are not simply coming up with hypothetical solutions, but going one step further to implement real-world systems that address critical issues. The actions of Divya Sijwali, Parth Puri, Jiro Noor, Moniola Odunsi, and others show how innovative minds can use their skills to cause social change. Similarly, the launch of Impact First Ventures by Max Strickberger echoes the call to use research and innovation to accelerate social progress. I hope to be like the entrepreneurs in this article, with my Tuberculosis prevention research and eco-friendly travel planning, reflecting the spirit of upheaval the quote represents.

Max Strickberger’s quote, in which he states, “We believe that great businesses shouldn’t trade their social ideals for financial ideals,” resonated very deeply with me.

This quote provides a powerful perspective on the potential of businesses to contribute positively to society without sacrificing their social values. In a world where profit maximization often takes priority over social and ethical concerns, Strickberger’s assertion challenges the conventional wisdom that the businesses exist only to make money even at the cost of ethical or social compromises.

This quote strikes a chord because it reflects the mindset of entrepreneurs who are committed to building ventures that combine meaningful positive change with sustainable profits. Certain businesses resort to practices for short-term financial gains, but which negatively impact the society in the longer run. This undermines the trust consumers place in those businesses, and that’s something that truly bothers me.

Moreover, Strickberger’s words also show the importance of redefining success in entrepreneurship. Rather than only measuring success through financial metrics, we should also evaluate the positive impact a business has on society and the environment. This paradigm shift has the potential to shape a future where businesses are evaluated not only by their bottom line but also by social accounting standards.

Strickberger’s quote serves as a reminder that corporate social responsibility holds the key to driving substantial and lasting change alongside profits. It encourages readers to aspire to start or support businesses that are not only financially successful but also contribute significantly to the betterment of society. This reminds me of the Tata Group of companies in India which is a huge conglomerate. They are highly profitable but at the same time they are known all around the world for their ethical practices and participation in social causes.

This also relates to my own life. I am the founder of a small non-profit organization called Invest2Empower (invest2empower.org) that teaches financial literacy to underrepresented communities. I work closely with FiWe, which is a for-profit company that is in the business of spreading financial literacy amongst school kids, which is extremely important for society. This proves that the size of the business is irrelevant in creating a social impact.

To sum up, this quote provides an approach that advocates for the integration of social ideals and financial goals in the world of entrepreneurship. It prompts us to think beyond short-term gains and instead focus on building ventures that leave a meaningful and lasting impact on the world.

Fans of the Wharton School’s Future of the Business World podcast, featuring high school students discussing their entrepreneurial journeys, have been inspired by the stories of diverse social entrepreneurs dedicated to addressing and resolving societal issues. From India, Divya Sijwali and Parth Puri are crafting footwear from discarded tires while ensuring fair wages for the cobblers producing their sandals. Jiro Noor, based in Jakarta, Indonesia, developed an app connecting farmers directly with consumers, fostering a sustainable agricultural ecosystem. Moniola Odunsi, a social and racial justice activist from Virginia, highlights the transformative power of Gen Z in creating a future marked by genuine equality.

However, the podcast also offers a critical insight from Tyler Wry, a Wharton management professor. He emphasizes that while passion is vital, it alone isn’t enough to build a sustainable social venture. Without a systematic approach, including financial considerations, endeavors may fail to scale or endure. This prompts an exploration of what it means to be a sustainable social entrepreneur, spanning from conceptualization to execution.

Social entrepreneurship is part of a broader ecosystem of social innovation, as discussed in Wharton’s Dollars and Change podcast. Cheryl Dorsey, founder of Echoing Green, defines social innovation as the process of developing effective solutions to systemic social and environmental issues in support of societal progress. Social entrepreneurs are the doers, creating businesses aimed at resolving these problems while generating profits. Max Strickberger, co-founder of Impact First Ventures, refers to them as “impact founders” who are committed to businesses that simultaneously prioritize social and financial goals, refusing to compromise.

Max’s belief is echoed by the notion that the best companies in the future will be impact-driven, likely founded by young entrepreneurs. Impact First Ventures sources and supports early-stage impact ventures on college campuses, nurturing a community of young entrepreneurs dedicated to social betterment.

One crucial aspect of Impact First’s mission is helping ventures measure their sustainable impact. This involves distinguishing between outputs (products and services) and sustainable outcomes (real-world change). Professor Tyler Wry’s Theory of Change Model plays a vital role in this evaluation process.

Further analysis of impact ventures encompasses assessing their depth, breadth, and additionality. These metrics gauge the extent and reach of the positive impact a venture achieves, scrutinizing the founder’s genuine connection to the cause. Trends in social-impact startups indicate a significant focus on healthcare, climate, and financial empowerment, reflecting the evolving priorities of young entrepreneurs.

Albert Katz’s Flagler Health exemplifies the potential of these startups. By leveraging artificial intelligence to connect patients with musculoskeletal diseases to appropriate care, Flagler Health aims to reduce healthcare costs while enhancing patient outcomes. Albert’s personal connection to the issue fuels his commitment.

In conclusion, the podcast sheds light on the growing community of impact founders and underscores the importance of strategic thinking and genuine commitment to making a long-term impact on society. Max Strickberger’s advice to young changemakers is to find what they care about, take courageous steps, ask questions, and ensure their actions translate into lasting change.

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8 Reasons Why We Need Entrepreneurs Now More Than Ever Entrepreneurship is the driving force behind the global economy's growth. Now more than ever, we need new entrepreneurs to spur innovation.

By Kartik Jobanputra • Feb 21, 2024

Key Takeaways

  • Creating an environment that encourages and supports entrepreneurship is of importance.
  • This involves ensuring access to funding opportunities and promoting education and training initiatives.

Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurship is the foundation of invention, job creation and wealth generation. Successful entrepreneurs are the driving force behind new diligence, products and services that profit society in numerous ways.

Starting your own business and entrepreneurship do more than just boost the economy . They spark and fue­l good changes in your community. Those making laws and investing mone­y need to recognize entrepreneurship, back it, and nurture it. Only then that we­'ll see the re­al power of business ownership for a strong e­conomy and healthier society.

Embarking on the entrepreneurial journey is challenging and rewarding, requiring work, dedication and calculated risk-taking. The potential benefits that arise from entrepreneurship extend far beyond the entrepreneurs themselves.

Related: 3 Values That Empower Entrepreneurs As They Start Their Business Journeys

1. They are innovation catalysts

Entrepreneurship stands as the linchpin of innovation . Visionary entrepreneurs perpetually seek novel and inventive solutions to problems, demonstrating a willingness to undertake risks and invest in unconventional ideas. Through their inventive pursuits, entrepreneurs not only birth new products and services but also enhance existing ones . This continuous cycle of innovation propels economic growth, fostering the emergence of new industries while enhancing the productivity of existing ones.

Related: How Entrepreneurial Creativity Leads to Innovation

2. Job creation

A substantial contributor to job creation , entrepreneurship spawns new businesses that necessitate a workforce. Entrepreneurs, in addition to working for themselves, become employers, fostering employment opportunities. Globally, small and medium-sized enterprises (SMEs) form the backbone of numerous economies, accounting for a significant share of job creation. SMEs contribute to over 50% of new job opportunities in most countries.

Entrepreneurship is a factor in creating wealth. As businesses grow and flourish, they accumulate income and profits, which can be reinvested to fuel expansion. Apart from prosperity, entrepreneurs also add value to society by providing in-demand products and services.

Related: The 9 Power Moves You Need to Find Success

3. Economic growth

Entrepreneurship plays a role in driving progress. Its impact goes beyond creating industries, products and services; it also fuels economic activity and generates revenue. Entrepreneurs contribute to job creation, wealth generation and overall economic development through their investments in ideas and innovations. A thriving entrepreneurial ecosystem has the potential to propel lasting growth and prosperity.

4. Market expansion and trade enhancement

Entrepreneurial ventures also often lead to market expansion and enhanced trade opportunities. As businesses grow, they seek new markets to explore and conquer. This expansion not only increases the reach of these enterprises but also contributes to international trade . Entrepreneurs are driven by the desire to tap into global markets, engage in cross-border trade, foster economic cooperation and create opportunities for diverse business partnerships.

5. Technological advancements and digital transformation

Entrepreneurs are at the forefront of technological advancements, driving digital transformation across industries. The continuous pursuit of innovative solutions necessitates the incorporation of cutting-edge technologies. This, in turn, leads to increased efficiency, streamlined processes, and the development of new digital platforms. Entrepreneurs leveraging technology enhance their businesses and contribute to the broader digital evolution, shaping the future of industries.

6. Social impact

Entrepreneurship goes beyond economic benefits; it plays a vital role in community development and social impact. Local businesses and startups contribute to the overall development of communities by creating a sense of identity and pride. Additionally, entrepreneurs often engage in philanthropic activities, giving back to the community through social initiatives. This social responsibility aspect of entrepreneurship enhances communities' overall well-being and resilience.

Related: How Social Entrepreneurs Are Changing the World

7. Job creation

Job creation is a pivotal mechanism through which entrepreneurship fuels economic growth. New businesses necessitate diverse skills, from management and marketing to product development and customer service, providing employment opportunities. This surge in employment, in turn, stimulates increased spending and economic activity as individuals have more disposable income.

8. Competition

Entrepreneurship fosters healthy competition within the marketplace. The entry of new businesses introduces novel products or services, challenging established firms. This competition often results in lower prices, improved quality and heightened innovation as businesses vie to distinguish themselves and meet consumer demand. Ultimately, consumers benefit by accessing a broader range of products and services at more affordable prices.

Indeed, entrepreneurship comes with challenges, demanding significant resources such as capital, expertise and time. Many entrepreneurs grapple with entry barriers like insufficient funding, regulatory complexities and market saturation. Nevertheless, entrepreneurship emerges as a potent engine of growth and innovation for those who navigate these challenges, driving economic prosperity and enhancing lives.

In conclusion, entrepreneurship plays a role in driving our economy's growth. Entrepreneurs, known for their willingness to take risks, bring innovation. Solve problems are responsible for creating businesses, products and services. These ventures do not generate employment opportunities. It also fosters healthy competition and boosts economic progress.

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This Under-the-Radar Supreme Court Case Could Wreak Havoc on Society

This is part of  Opening Arguments , Slate’s coverage of the start of the latest Supreme Court term. We’re working to  change the way  the media covers the Supreme Court. Support our work when you join  Slate Plus .

If there were any doubt about the Supreme Court’s commitment to the conservative project of bringing about the “deconstruction of the administrative state,” this term will likely lay those to rest. The court has already teed up several potential blockbusters for decisions by the end of June, including two cases that could spell the end of the Chevron deference doctrine and another that could significantly restrict agencies’ ability to use administrative law judges in enforcement proceedings.

On Tuesday, the court’s conservative supermajority will get to take yet another powerful swipe against the administrative state when it hears oral arguments in a case called Corner Post v. Board of Governors . Despite the very real threat it poses, this case has received surprisingly little attention.

At issue in Corner Post is a technical debate over who is eligible to bring lawsuits against the regulations that agencies issue. The Administrative Procedure Act, which establishes the general framework for challenging the legal validity of a regulation, provides a statute of limitations of six years after the claim “first accrues.”

The prevailing understanding of that language—and frankly, the obvious one—has been that such claims “accrue” when the rule being challenged is first issued. But the corporate litigants in Corner Post (with the support of a conservative legal advocacy firm ) aim to jettison that objective benchmark. In its place, they hope to create a new, free-floating rule that ties the start of the statute of limitations to when the particular challenger involved first “suffers legal wrong.”

The case centers on a 2011 rule issued under the Dodd-Frank financial reform law that sets maximum “swipe fees” that banks can charge for the use of their debit cards. The rule survived an initial challenge when it was upheld by the D.C. Circuit Court of Appeals in 2015. Apparently dissatisfied with this outcome, two trade associations representing convenience stores and gas stations wanted a second bite at the apple and so initiated this case in 2021—a decade after the rule was first issued.

The Federal Reserve, the agency that issued the rule, sought to have this second suit dismissed as barred by the APA’s statute of limitations. Remarkably, the trade associations responded by adding an individual gas station called Corner Post as a co-plaintiff. The twist? Corner Post first opened for business in 2018. That was the moment when the store’s claim against the rule “accrued,” according to the trade associations, which meant that the statute of limitations was still open to them.

These facts illustrate how this new interpretation of the APA’s statute of limitations is a recipe for the exact kind of legal uncertainty that conservatives claim to hate. Any rule—no matter how old—would be potentially subject to a nonstop conveyor belt of litigation. All an opponent of a particular rule would need to do is find a relatively new business that is subject to the rule’s requirements. Better still, they could even manufacture fictitious new “companies” for the sole purpose of bringing lawsuits. In many cases, this strategic behavior would complement the blatant forum shopping that corporate interests and conservative legal advocates already use.

What little attention Corner Post has attracted so far has tended to focus on its potential to amplify the chaos that would ensue if the court ends up overruling the Chevron deference doctrine in the pending cases Loper Bright v. Raimondo and Relentless v. Department of Commerce . The end of Chevron deference by itself could reopen hundreds of prior cases that had been resolved using the doctrine. If the court were also to adopt the trade associations’ new formula for calculating the statute of limitations under the APA in Corner Post , that would add more fuel to this blaze of litigation. This new loophole in the statute of limitations would empower industry to reach back further in time and reopen an even larger universe of old Chevron deference cases.

Importantly, though, the significance of Corner Post extends well beyond traditional Chevron cases, which involve challenges to the statutory authority for particular regulations. It would also allow corporate interests to relitigate disputes over the underlying policy rationale for old regulations they oppose—generally referred to as “arbitrary and capricious” claims. Creative industry and conservative movement attorneys would be presented with a huge legal target to aim at when challenging existing regulations.

Indeed, it is this wide-ranging retrospective reach that has conservative opponents of the administrative state most excited about the prospects of a win in Corner Post . As it stands, they have already devised effective strategies for blocking the flow of future regulations. For instance, the campaign to end Chevron deference is an important part of this broader plan (though, as noted above, it would have some retrospective effects as well). The conservative legal movement is betting that risk-adverse agencies will respond to the heightened threat of judicial second-guessing over their decisionmaking by significantly scaling back the ambitions of their future rules—or perhaps even by abandoning some of their more far-reaching rulemakings altogether.

What remains unrealized, even with the end of Chevron , is their vision for dismantling that body of rules already on the books. One of the major lessons of the Trump administration is that removing them one by one through the standard rulemaking process is slow, resource-intensive, and legally fraught . Instead, they have found it far more efficient to use the wrecking ball of litigation to knock down the existing regulatory edifice. The promise of Corner Post is a wrecking ball with far greater reach.

By the end of the current term, the Supreme Court could hand to regulated industries and conservative legal advocates powerful weapons for unwinding America’s regulatory past while throttling our regulatory future. This one-two punch against the administrative state would decimate a critical part of our constitutional democracy while leaving tens of millions of Americans at unacceptable risk of harm from pollution, workplace injuries, dangerous products, and much more.

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The Newport Historical Society goes deep on Black and Indigenous experiences

A ledger showing purchases made by Abraham Casey at a general store owned by his employer, who used a debt bondage system to exert control over his laborers.

☘️ We’re about a month from St. Patrick’s Day, and this year, I’m honored to be the Grand Marshal of the Providence St. Patrick’s Day Parade (the great James Riley is our Deputy Grand Marshal this year). I’d love to invite you to our dinner on Feb. 28. You can purchase tickets here.

It’s Black History Month, and the Newport Historical Society just launched a fascinating research project that centers the Black and Indigenous experiences embedded in the City by the Sea’s historical record.

You can check out “Voices from the NHS Archives” for yourself by clicking here, but I asked Rebecca Bertrand, executive director of Newport Historical Society, to tell us more about the project.

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Q: This was a project that took more than four years to complete, and you say you reviewed 4,000 church records, business papers, ship logs, and more from the NHS archives. Why was this such an important undertaking?

Bertrand: It took our team four years to build and launch this free, expansive digital archive, but this project is far from complete. The historic narrative of Newport has predominantly centered on the white and the powerful, but the materials we have reviewed, digitized, and added to the database center the lives, stories, and personhood of Black and Indigenous Newporters.

We will continue to add to it for many years to come. Thanks to the support of the van Beuren Charitable Foundation , the example provided by Enslaved.org , and the expertise of dozens of scholars and partners, these records are now available to all — whether you’re a historian, a teacher, a visitor, or just curious about our Newport County community.

Q: You also curated more than 15 stories of people who lived and worked in Newport during the era of slavery. How did you put those stories together?

Bertrand: We examined over 4,000 documents in painstaking detail, digitizing and tagging each item with the names of people, families, businesses, and other details. Many people appeared across a number of documents, allowing our team to curate more complete life stories. With our featured stories section, we wanted to illustrate the kind of narrative that can be built through this in-depth archival research. The 15 features are just the beginning, and we will continue to add to that section as our work continues.

Q: Was there anything you really wanted to find — but couldn’t?

Bertrand: We’re proud of how rich and robust the database is, but we also know that there is so much more to discover. More families, more connections, and more events that helped shape Newport’s history and the city today. In many of the historic documents we study, we see the names of people — including enslaved people — intentionally omitted.

As researchers, it is our job to try to overcome the limitations and biases of the historical record by looking for other documents that might shed light on who these people were. Only 2 percent of our manuscript collection has been digitized, so our small but committed team is going to continue to help make accessible a more complete history of this period.

Q: What’s the long-term goal with this project?

Bertrand: Voices from the NHS Archives is about increasing understanding of and access to history. Through partnerships with Enslaved.org , the Harvard Dataverse , and 10 Million Names , we hope to have a global reach. We also hope the database will be a tool for people to research their ancestors in Newport and encourage them to engage with us in other ways, like through our Black history walking tours or lecture series.

We’re especially excited to host a free exhibition in May to celebrate the stories uncovered through this research project. We are working with three local artists of color who will be creating pieces to depict some of the individuals identified in the database.

Stay tuned for more details, and we hope people will reach out to learn more.

This story first appeared in Rhode Map, our free newsletter about Rhode Island that also contains information about local events, links to interesting stories, and more. If you’d like to receive it via email Monday through Friday, you can sign up here.

Dan McGowan can be reached at [email protected] . Follow him @danmcgowan .

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Unionville-Chadds Ford Virtual Academy students…

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Unionville-chadds ford virtual academy students honored for winning essay contest.

Pictured from left to right are Dr. Mark Slider, Shannon Brown, Lucas Yates, Lillianna Yates, Elberta Cintron and Steve Grabicki. (Photo courtesy of CCIU)

Unionville —  Siblings Lucas and Lillianna Yates were celebrated as the Chester County Chapter’s winners of the Daughters of the American Revolution (DAR) American history essay contest at the West Goshen Township Municipality building on Monday, February 12, 2024.

Lucas and Lillianna, who are both students at Unionville-Chadds Ford Virtual Academy (UCFVA), facilitated by Brandywine Virtual Academy (BVA), were selected as the local winners for their essays highlighting John Philip Sousa and his role in writing the marching song, “The Stars and Stripes Forever,” as well as the official marching song of the United States Marine Corps, “Semper Fidelis.” Both Lucas and Lillianna wrote exceptional essays from an accurate and historically supported perspective.

“Lucas’ achievement speaks to his strong work ethic and natural curiosity for history,” said Jennifer Burpoe, Lucas’ UCFVA social studies teacher. “I am very proud of his accomplishment.”

When asked why he entered the DAR essay contest, Lucas’ answer was simple. “I enjoy reading about history,” he said. When asked how UCFVA helped prepare him for this accomplishment, Lucas said it helped him gain more experience with typing skills and working on documents. “My teachers did a great job of helping me one-on-one,” he added.

Lillianna’s UCFVA social studies teacher, Charlie Gracie, also expressed immense pride in Lillianna’s achievement. “Lillianna’s projects and essay responses this year have been consistently insightful,” said Gracie.

“I was excited when I heard there was a chance for me to practice my writing skills and learn about history while doing it,” said Lillianna. When asked what advice she would give to future participants, she said, “Just try it. Even if you don’t win, you’ll learn something new and have a sense of accomplishment about yourself.”

The DAR American history contest is open to students in grades 5-8 who attend public school, non-traditional public school or approved home-schooling programs. The American history essay focuses on the men and women who played a role in the events of the American Revolution and challenges students to explore patriots who interest and inspire them. The patriot could be a famous founder or an everyday man, woman or child who contributed to the American Revolution.

Students who submit an essay are asked to discuss how their patriot contributed to the founding of our nation. Essays are judged on historical accuracy, structure, interest, originality, spelling, grammar, punctuation and the quality and credibility of references.

The national winner will be announced in April and will receive a certificate, medal and cash prize. The winner will also be recognized at the National Society Daughters of the American Revolution annual Continental Congress, and the winning essay may appear in official DAR communications.

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