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by hired managers and not technically entrepreneurs) may demonstrate entrepreneurship without
necessarily having a stake in the company. Entrepreneurial activity we find in the operation of
businesses that identifies and exploits new products, processes or markets regardless owned and
managed by entrepreneurs. Third, entrepreneurs and entrepreneurship are not assumed as linked
to small businesses or the self-employed. The fourth important distinction is that it doesn’t
exclusively focus on the success of entrepreneurs or entrepreneurial businesses; it considers failure
a very important part of the entrepreneurial process and essential of the process of learning. Thus,
entrepreneurs who fail are still entrepreneurs.

Social entrepreneurship – definitions

The term “social entrepreneurship” is introduced as a point of distinction to the classical definition
of entrepreneurship as business activity.

The academic community links “social entrepreneurship” to its contribution to achievement of
social and financial goals, community ideals and innovation. It provides definitions of social
entrepreneurship, social entrepreneur and social enterprise centered on innovation and the creation
of something and, at the same time, it recognizes as underlying drive for social entrepreneurship
the creation of social value, rather than personal and shareholder wealth. Social entrepreneurship
is viewed as important as the economic entrepreneurship as it contributes to a healthy society the
way economic entrepreneurship contributes to a healthy economy. There are variants of the
concept of social entrepreneurship, however.

- focused on not-for-profit organizations and social entrepreneurs start a not-for-profit
organization.

- focused on businesses and ‘social entrepreneurs’ refers to business owners who integrate social
responsibility into their operations.

Assessment of the notion of Entrepreneurship

Explain how social entrepreneurship can be differentiated from other related concepts such as the
third sector (or the social economy), social business, social innovation and corporate social
responsibility.

List and describe some of the drivers of social responsibility and apply/adapt them to your own
context.

Project 2019-1-BG01-KA204_062299
The content of this material does not necessary reflect the official position of the European Union.