Final Summary Page

Key insights from the course:

Overall, I feel much more informed on the topic of social entrepreneurship as I complete the course. I really liked that our class went through all the possible definitions of the topic and discussed the pros and cons of each one. Even being able to question whether or not a specific definition is necessary for this topic. I’ve compiled a list of the most helpful insights I’m taking away from this course:

1. Background knowledge on topic is crucial in order to gain a better overall understanding.
2. Helpful being able to learn with a variety of like-minded & different peers.
3. Learning in a class like this is best done through hands-on engagement such as projects and research presentations.
4. I feel lucky to have had face-to-face conversations with real-life social entrepreneurs brought in to talk to our class.
5. It’s a global topic and an important one.

Key insights regarding Social Entrepreneurship:

• An entrepreneur creates value through opportunities
  • A social entrepreneur has this task too, but they aim to create that value through opportunities benefiting society overall
  • “Large-scale, transformational benefit.” (The Meaning of “Social Entrepreneurship” – G Dees)Types of Social Missions
    1. Social added value –> EX: The Worst Tours
    2. Empowerment & social change –> EX: The Body Shop
    3. Social innovation –> EX: The Big Issue
    4. Systematic Change –> EX: Grameen Bank
    Social Entrepreneurship – A Critique and Future Directions – Dacin, Dacin Tracey

• Sustainability, immigration, tourism & SE by Marta Pena
  • Immigrants came to Denmark thinking they would leave eventually, but many don’t
  • “Labor integration”: way immigrants have to contribute to the state overall
  • It’s easier for constituents to speak to politicians directly in Denmark than other countries.
• Funding models vary dramatically, there’s no right or wrong way to budget your enterprise (Nicholls Chap 10)
  • Government grants
  • Private donations
  • Bank loans
  • Social impact bonds
  • Etc.
• Theory of Change Model PRACTICAL TOOLS TO TRIGGER & SUPPORT SOCIAL INNOVATION – Theory of Change
  • Start with the problem, next think of what desired the long-term solution to change is
  • Fill in everything else between the first and last columns
  • Make sure to add what your assumptions are, otherwise it can be easy to gauge the problem and potential solution inaccurately

Perception of Social Entrepreneurship prior to this course:

The topic seemed admirable but abstract. I’ve never had an interest in becoming an entrepreneur, let alone one with social ties. I took this class because I was interested in learning more about the topic from a pure business perspective, to learn about what was happening and becoming popular in the market. Prior to the course, social entrepreneurship was purely a business that had a social mission integrated into its company vision.

Perception of Social Entrepreneurship after this course:

Although I still view social entrepreneurship as admirable, it seems less abstract, and if anything, more obtainable. My interest in becoming an entrepreneur hasn’t increased but I have a lot more knowledge on why somebody would choose such a path. I liked the focus we put on learning about individual social entrepreneurs and businesses because it gave me insight to the reasoning people chose such paths. My favorite moments were those “ah ha!” ones when I’d learn that a company I’ve used before follows a social based mission (Dave’s Killer Bread & Lokai Bracelets especially).

Opinion on structuring businesses:

As consumers become more informed and have relevant priorities, I think more businesses will be structured with social-based values. The next generation wave has sustainability at the forefront of their minds. If upcoming businesses don’t realize this and prioritize these values, they probably won’t succeed. With all that being said, I believe more and more social enterprises will arrive in the near future.

I also learned how many different ways there are to financially structure such a business. Typical entrepreneurs fund their start-ups through many of the same resources (donations, loans, etc.) but there’s a whole other world available for social funding like social impact bonds. If those become more common, I could see an increase of entrepreneurs funding their business with them.

The most important aspect of structuring a business, especially a socially based one, is to be passionate about it. This point really stuck out to me as we discussed the different types of models. No matter how you choose to fund or set up your enterprise, it won’t be successful unless you believe in the mission and goal.