Social entrepreneurship and the MBA
Social entrepreneurship is an occupational field attracting a higher degree of attention in recent years. While once considered a niche area in the business world, this is perhaps no longer the case. Social initiatives are, in many ways, inherently linked to business in today's increasingly connected global society. Bloomberg's Businessweek states that "The idea of using business to create social and environmental value alongside profits has reached nearly every sector of the economy."
Corporate social responsibility has become a popular topic in modern business circles and social entrepreneurs exist in many capacities across industries. In today's world, no longer do profit and social centric organizations necessarily exist on opposite sides of the spectrum; they can co-exist and, in many instances, even provide a business with a competitive advantage and favorable public perception.
Social entrepreneurship defined
According to PBS, a social entrepreneur "identifies and solves social problems on a large scale," requiring a committed person who possesses both vision and determination, despite any discouraging odds. Being resourceful is an important attribute for social entrepreneurs, as they need to be able to look at situations much like a traditional entrepreneur would.
For example, entrepreneurs are concerned with issues such as measurable impact, possible opportunities, examining future growth and creating sustainable solutions. All of these are necessary components that are part of the equation for success in any given venture.
Applying education to opportunity
The opportunities in the social entrepreneur field are vast, and individuals pursuing higher education often find the skills and knowledge acquired in college are viable talents to use in various social entrepreneur capacities. Social entrepreneurs can work in many capacities, even those that make a profit. Consider inventions and innovations where new products or processes can be developed to foster and nurture social progress; this option perhaps appeals to those with a creative side. Innovations developed to create products to help better society are one way budding entrepreneurs can utilize their education and natural talents to help make the world a better place and solve societal problems.
Why an MBA?
Harvard Business School professor Jane Wei-Skillern indicates the social sector is big business and addresses areas such as education, poverty and health care. Wei-Skillern states many initiatives do not solve the issues they target. She says, "Traditional approaches are still falling short, especially as the intensity and complexity of social problems has grown."
A good MBA program provides a well-rounded education that is suited to meet a social entrepreneur's needs. The diversified coursework completed in an MBA curriculum provides a solid foundation of knowledge and skills that can teach individuals to learn how to effectively address entrepreneurial objectives. It includes, but is not limited to, the ability to be resourceful and have critical thinking skills, which nicely complements the necessary problem-solving skills essential to successful social entrepreneurship. MBA graduates are well-prepared for social entrepreneur jobs as they have been exposed to various situations which require problem solving of both qualitative and quantitative types, both of which may require the ability to be practical as well as imaginative where necessary.
PBS states, "The past two decades have seen an explosion of entrepreneurship and a healthy competition in the social sector, which has discovered what the business sector learned from the railroad, the stock market and the digital revolution: Nothing is as powerful as a big new idea if it is in the hands of a first class entrepreneur."
A fundamental difference between the traditional and social entrepreneur is that the traditional entrepreneur typically pursues profit, whereas the social entrepreneur is driven by social value. Despite this elementary difference, either avenue requires similar skills and knowledge in order to reach the desired result. Individuals looking to pursue a career in a field that encompasses social entrepreneurial attributes often find that an MBA program can provide the versatile and pertinent knowledge and skills needed to succeed.
