Difference between social enterprise and charity

A charity may also do good but relies solely on donations and volunteers to support worthy causes. On the other hand, a social enterprise still runs like a business and may rely on grants in the early stages to become a self-sustainable business. They vision growth for the social enterprises that gives the firm the power to turn communities and passions initiatives into social change. To buyers, purchasing groceries from a company that promotes sustainable farming, or encouraging your business to procure services from various social enterprises, are good choices with an impact on society.

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According to Social Traders, a social enterprise is that entity that uses the power of the marketplace to solve the most pressing societal problem. These enterprises seek to address social issues and recognize and address environmental, cultural, and economic challenges/issues for communities. They exist to provide solutions to communities whose needs are neither met by the private nor public providers. u00a0Social enterprises are, therefore, businesses whose existence is majorly to benefit the public or community rather than its owners or shareholders. Nonetheless, these enterprises are commercially viable businesses whose purpose is to generate social impact.u00a0u00a0Just as most businesses are created to fill a gap or a need, social enterprises are the same. u00a0However, the need that is met in most cases is injustice or inequality in society. u00a0Typically, social enterprise models are just as much for profit as they are for non-profit. u00a0However, social enterprises reinvest most of their profits into achieving the mission of their initiatives. Social enterprises have existed for quite some time, and they primarily began to be differentiated in the mid-1990. u00a0Several social enterprises like the Florence Nursing School; that developed the modern nursing practices. u00a0Besides, Robert Owen established the foundation of the cooperative movement, in the 19thu00a0century, before the concept of social enterprises.

Social entrepreneurs

While an entrepreneur ventures into new areas with the sole intention of making a profit, a social entrepreneur’s primary obligation is social well-being. Profit-making is secondary in most cases as a means of survival or for the sustainability of the initiative.

Characteristics of a social entrepreneur:

  • Visionaries - Like any entrepreneur, they come up with innovative ideas to bring change
  • Commitment u2013 they commit their lives to the change they desire to see and follow through to accomplish the mission
  • Realistic u2013 presenting ideas that are user friendly, easy to understand, and practical
  • Concerned - they are changemakers
  • Recruiters - they are mass recruiters able to engage and get widespread support

Social entrepreneurship: – social entrepreneurship is all about the mindset

Indicators of a social enterprise

Although never intended as a definite set of conditions or prescriptive criteria that social enterprises should meet to qualify, the following indicators give abstract understanding that allows for some form of descriptive position in social enterprises’ dynamics. u00a0These indicators may be divided into two criteria that reflect

u00a0 u00a0 u00a0 u00a0 i) the economic and entrepreneurial dimension and

u00a0 u00a0 u00a0 u00a0 ii) the social dimension of Social enterprises.

These indicators may therefore be used to identify new social enterprises and assist in identifying older organizations that have restructured their internal dynamics to become social enterprisesu00a0

Approaches to social enterprises

Firms rely on three basic models to strike out a balance between the necessary financial returns. It will be necessary to make enterprises functional and have a positive social impact, which an organization must meet the qualification of a social enterprise.

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Emmanuel Addo
Founder
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Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.