Social Entrepreneurs: The Super-Heroes Of Tomorrow?

ByProfessorGaryPackham,ProViceChancellorStudentEnterpriseand EntrepreneurshipatAngliaRuskinUniversityandNationalAcademic AdvisertoX-ForcesEnterprise.

For some time, our social and economic outlook in the UK has been uncertain. It is also clear we cannot just rely on government, the public sector or large multinationals to address the challenges we are facing. Instead, we must continue to support and develop our private sector and in particular support more social enterprises to thrive and grow.

The UK Government reports that there are now over 5.6 million businesses in the UK of which fewer than 2% employ more than 50 people.

Therefore, while policy makers, industry and the media might focus on larger organisations, the wealth of small companies within our regions and around our cities, tells a different story.

It's a story of a society in which entrepreneurship is a vital, if somewhat invisible thread, accounting for the majority of businesses, over 60% of private sector employment and around 50% of aggregate turnover.

Social enterprises are businesses which trade for a social or environmental purpose According to Social Enterprise UK there are now more than 100,000 social enterprises in the UK, contributing £60 billion to the economy and employing around two million people. As a society we have therefore come to acknowledge and value entrepreneurship in all its forms. Entrepreneurs are often cast in the role of ‘cultural superheroes’ fighting valiantly to drive innovation, change and growth.

Social entrepreneurs form new enterprises for a specific purpose or to pursue a particular passion: usually to create goods and services that benefit other members of their communities. They interact with communities in different ways and for different reasons but at their heart is the principle of a social mission taking precedence over commercial profit.

These businesses therefore put forward a better way of doing business in which the needs of communities, the environment and people are prioritised. Some of these firms operate at a purely local level, drawing employees and selling goods and services whilst others extend beyond these boundaries, introducing social innovations which have a more profound impact on business and society.

A successful social enterprise, however, needs to operate like any other business, seeking to succeed commercially. It cannot rely on grants and fundraising alone, but instead needs to find ways to generate ‘social profit’ to meet its primary purpose of either protecting our environment, benefitting communities or tackling social inequalities.

More than ever, we now need to champion and support these social entrepreneurial superheroes, capable of making things happen, creating new futures and transforming lives.

Recent research has shown that around three quarters of young people are interested or open to becoming their own boss or starting a new venture, with many indicating that they want to do something of real value which will benefit society more widely. Therein lies our challenge.

We need do more and find effective ways to recognise, nurture and support these aspirations, helping as many as we can to realise this ambition to become the next generation of social entrepreneurs.

In addition, we must also enable our young people to develop social entrepreneurial mindsets and acquire a range of enterprise skills that will not only give them this opportunity to make a difference but also give them the foundations from which they can succeed in ‘doing well by doing good’.

You can connect with Gary on LinkedIn here.