1. The Entrepreneurial Revolution Beyond Commercial Entrepreneurism

2. New Paradigms in Business Management flat, fast, flexible, innovation driven principle- and value-based management opportunity- and customer-focused manage more with less resources managing change and chaos people and team-centered management

3. New Paradigms in Business Education Beyond business school Not-for-profit Trends in entrepreneurism -From making $$$ to making a difference -Community-based initiatives -Social Change

4. The Evolution of Entrepreneurship Traditional model of entrepreneurship– “commercial” enterprise – labor mental and physical effort – physical capital -plant and equipment – human capital –knowledge and expertise – Managerial Skill Risk willingness

5. General Entrepreneurship model is “process” focused Opportunity recognition – idea into opportunity Concept development – translation of opportunity into concept Resource development and acquisition Launch and venture growth Harvest/grow the venture

6. Social Entrepreneurship (SE) mission to create and sustain “social” value – – freed from profit as the reward,the SE can generate opportunities from failure – unmet social need may be in the form of unfilled demand or ‘latent’ demand

7. Social Entrepreneurship (SE) mission opportunity can lead to development of an enterprise concept denominated in its value in three ways: – 1. identifiable, – 2. defensible, – 3. measurable. Failure to identify and denominate social returns and set clear, specific goals at this stage is a key reason for many social enterprise failures.

8. Social Entrepreneurship (SE) uses the “enterprise” process seeks different ends/rewards Pursues/Addresses social problems or needs unmet by private markets or governments Social entrepreneurship is motivated primarily by social benefit Social entrepreneurship generally works “with” – not “against” market forces -a balancing act between “moral imperatives” and “profit motives”

9. Social Entrepreneurship (SE) uses the “enterprise” process (continued) Social entrepreneurs combine innovation, entrepreneurship, and social purpose and seek to be financially sustainable by generating revenue from trading The primary difference between Commercial Entrepreneurship and Social Entrepreneurship is not the entrepreneurial process, but the denomination of the rewards (from the created value) sought Exhibit heightened sense of accountability to those served for outcomes and their impact

10. What is Social Entrepreneurship? Entrepreneurial activity whose goal is to find innovative solutions to social needs, problems, and opportunities Entrepreneurial activity with an embedded social purpose Social Entrepreneur: one who develops innovative solutions to society’s most pressing needs, problems, and opportunities; a pioneer of innovations that benefit humanity

11. Social Entrepreneurship and Leader characteristics Social Entrepreneur recognizes a social problem and all its complexity and binds the problem with a vision that has the potential to reshape the situation directly and change public attitudes that perpetuated the original problem SE holds significant personal credibility (referent power) which allows them to tap critical resources and actually build the necessary network of participating persons and organizations

12. Social Entrepreneurship and Leader characteristics SE generates followers’ commitment to a project by framing the project in terms of important social values, rather than purely economic terms. This results in a sense of collective purpose between and among the social entrepreneur and those who join the effort.

13. Common ‘Myths’ about Social and Commercial Entrepreneurship SEs are anti-business – SEs seek collaboration for alignment and mutual benefit Difference between SE and Commercial Entrepreneurship (CE) is ‘GREED’ – many SEs are also CEs. SEs run only non-profits – social entrepreneurship process can occur in any sector and with any legal status

14. Common ‘Myths’ about Social and Commercial Entrepreneurship SEs are born, not made – people can grow and learn to be comfortable with risk and ambiguity, as well as have their level of community awareness elevated. SEs are misfits – they value different goals SEs usually fail – while <50% of CEs fail, an even smaller percentage of SEs actually fail (<30%)[Cordes, 2001].

15. Common ‘Myths’ about Social and Commercial Entrepreneurship SEs love risk – there is little empirical evidence for this claim, rather all successful entrepreneurs utilize well thought out risk taking.

16. The Triple Bottom Line - Profits Commercial entrepreneurs (Xtracycle: bicycle accessory products; health care centers …..) - People non-profits (NGOs, World Food Program, relief organizations, public radio and television, community centers ……) for profit (community-based correctional houses, half-way houses, wellness and fitness centers…..) - Planet (Environmentalism) Is this the future of entrepreneurism?

17. Planet (Environmentalism) Conservation Environment (The Green Revolution) Energy Sustainable Recycle Renewable Efficient Pollution Air Water Noise Reuse and Recycling

18. Activities 1. Present and discuss an overview of the Business Plan format