Economic and Social Entrepreneurship Essay

989 WordsMay 10, 20154 Pages
Social Entrepreneur: “A person who pursues an innovative idea with the potential to solve a community problem. These individuals are willing to take on the risk and effort to create positive changes in society through their initiatives ”. Truly successful products and services solve more than one problem. The Apple iPhone is more than a phone. Is it a smart phone, a mobile communication device, a computer, an entertainment device, a video or music device, an informational device, a business or educational tool, or anything else an app can provide? Apple simply defines it as an “Apple”. Other successful companies that have exploded in the past 25 years include, Amazon that has changed how retail business is conducted. Netflix which has changed the way movies and television is viewed. Southwest Airlines and Jet Blue continues to change air transportation. Social media sites, such as Twitter, You Tube and LinkedIn along with search engine Google have made information readily available to the masses, worldwide. Each of these companies solved more than one problem, a factor that contributed to their financial success. There appears to be fine lines between social services non-profit organizations and “compassionate capitalism ” as defined by David Green. I would propose that the core principle of “giving back” needs to be examined and perhaps we should explore alternative objectives. TOMS Shoe’s business model of Buy-One-Give-One is an example of “giving Back” and they have given away over 2 million shoes to date. It appears that this business model has been successful, but how do you measure success? From a business perspective, they sold 2 million pairs of shoes. From a social perspective, they gave away 2 million pairs of shoes. The cost of the second pair of shoes is built into the price and the consumer is actually purchasing one pair for the

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