“What counts in life is not the mere fact that we lived – it is what difference we have made to the lives of others that determines the significance of the life we lead.” Nelson Mandela

An adverse attitude towards entrepreneurship exists because a common perception is that those who start or own businesses are greedy and love money.  There is an inaccurate perception that entrepreneurs seek to maximise profits for their benefit only. This article demonstrates the benefits that accrue to the various stakeholders from entrepreneurship. Entrepreneurs are problem solvers and help solve problems for the benefit of many stakeholders. In business we recognize the following stakeholders: the entrepreneurs and their families, the employees, customers, investors, industry and commerce, the community, government and the national economy. Many people fail to pursue their dreams because they fear being labeled greedy and selfish.

Entrepreneurship delivers the following benefits to various stakeholders:

  • Creates new technologies, products and services that increase customer choice and enrich society.
  • Transcends societal inequities
  • Enhances awareness and knowledge of new products and services through aggressive and informative marketing campaigns
  • Creates niche markets to service the unmet needs of certain sections of society
  • Through philanthropic ventures, supplements the public purse for society’s benefit

This week I intend to show the greater good that comes out of responsible entrepreneurship. I will be posting articles coming from my latest book Entrepreneurship on Trial which is available as hard or soft copy from www.lulu.com

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  • Reply Barrack Otieno June 10, 2010 at 12:34 pm

    The article is very elaborate Doc, and very relevant, how would you define the term Social Entrepreneur?

    • Reply nurturingchampions June 10, 2010 at 1:39 pm

      Thanks Barack. My intention in these postings is to take away the hesitancy that people have at starting business because they have been told that business people are greedy and selfish. I show in these articles that starting a business has benefits to various stakeholders and not just the business owner. Generally a social entrepreneur is a person who starts entrepreneurial ventures not for personal benefit but whose aim is to benefit society in other words the bottom line for social entrepreneurs is not measured in financial terms but in societal benefit. This works mostly for charity or ngos. In my view a better model is Socially Responsible Investments (SRI) which generally have a double bottom lone namely financial bottomline plus societal benefit. Noone ever said that if you are to benefit society by developing it, you can’t benefit financially as well.

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