Many of the top business leaders throughout the globe have earned name and fame through entrepreneurship. They contribute extensively towards the development of nations, which in turn earns them profit and fame. Besides forming capital and wealth for their nation, these entrepreneurs tend to generate employment not only for them but also thousands of other people.
Entrepreneurs like Dhirubhai Ambani, Bill Gates, Richard Branson, Steve Jobs, and others, who used to work primarily for generating revenues and profits, were known as commercial entrepreneurs. But with the time changing and the customer becoming the king, and with the change in mindsets and corporate culture, the concept of corporate social responsibility drove in, and bought with it new species of entrepreneurs who worked on a combination model of generating profits and eradicating major societal problems along with it. Many names emerged as famous social entrepreneurs over time, Verghese Kurien of AMUL, Bunker Roy of Barefoot College, Ela Bhatt of SEWA are widely recognized Indian social entrepreneurs, who make India proud globally by way of their social contributions.
Though commercial and social entrepreneurs differ in their approaches of doing business, both contribute to the creation for the nation, by promoting balanced regional development, lowering income disparity and improving standards of living of common people by generating employment and reducing poverty.
It is the characteristic quality of commercial entrepreneurs that they not only generate profits for themselves but also generate wealth for the society at large. Commercial entrepreneurship benefits the society in the form of new and valuable goods, services as well as jobs. Commercial entrepreneurs create entirely new industries by way of innovative ideas and their main aim is to survive, sustain and expand by increasing in size and volume of profits. Commercial business is a profit driven business where financial indicators, market share, customer satisfaction, are used as parameters to adjudge the success of business.
Social entrepreneurs are individuals with creative solutions to society’s most demanding social problems. They take leaps to solve societal problems with entrepreneurial zeal and act as change agents for the betterment of the society. They work in various fields that include health, education, environment etc. The main aim of social entrepreneurship is to maximize the society’s well being by working to promote social interest. Social business is a social cause driven business whose success is not measured by calculating profits but by analysing the improvements made in the society at large.
A commercial entrepreneur is one who creates profitable engagements that result in private gain. However, social entrepreneurship can be understood as a process of pursuing innovative solutions for solving societal problems that may generate profits in return. Verghese Kurien and Mark Zuckerburg belong to different categories of entrepreneurs , but both tend to solve social problems and generate high returns. Verghese Kurien eradicated poverty by giving employment to millions of people because of which he became the milkman of India and generated substantial profits. Zuckerburg, on the other hand, became the second youngest billionaire by giving people a social platform where they can connect, communicate and express their feelings without any fear or suppression.
In a developing country like India, the need for commercial entrepreneurship is very high as they can be of critical importance when it comes to creating wealth for the nation and fostering the economic health of the country. At the same time, social entrepreneurs become even more valuable as they not only foster and generate economic health and wealth, but they also intend to solve societal problems that act as the root cause for the slow advancement of the nation, and usually hold it back by slowing the pace of growth and development.
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Good work!
Good efforts..