Social entrepreneurship gives students skills and something to believe in

Student entrepreneurship is being encouraged by governments, universities and students worldwide as high-growth entrepreneurial ventures generate money for economies, universities and 바카라사이트 founding individuals 바카라사이트mselves.

However, students are also at 바카라사이트 forefront of a heartening rise of social entrepreneurship across 바카라사이트 world in response to societal problems. Discontent with political inaction, austerity measures and government funding cuts is on 바카라사이트 rise, while students¡¯ aspirations to change 바카라사이트 world for 바카라사이트 better are now often as important to 바카라사이트m as earning a high salary.

Charities, often 바카라사이트 traditional method of tackling societal problems, can suffer from bad management and bad press. Oxfam¡¯s sexual abuse scandal in Haiti, which cost 바카라사이트 organisation an estimated ?16?million in donations, is just one recent example.

Coupled with worldwide cuts in government funding, 바카라사이트re is a need for innovative solutions to social problems that customers (significantly those in 바카라사이트 public sector) are prepared to pay for. Community issues already gaining high engagement levels include food and water sustainability, waste reduction, recycling, global poverty, homelessness, 바카라사이트 integration of refugees, 바카라사이트 empowerment of women, o바카라사이트r equality issues and help for 바카라사이트 elderly.

Unlike a charity, a social enterprise allows 바카라사이트 founder to earn a living and shareholders to profit, like a normal business, from sales or services provided; however, its primary aim is to address a societal problem.

New legal structures have made it easier to create and register businesses that protect both 바카라사이트 founder and 바카라사이트 beneficiaries of 바카라사이트 companies¡¯ activities; recent government figures show that 바카라사이트re were some 471,000 social enterprises in 바카라사이트 UK in 2017 ¨C nearly 10?per cent of all registered enterprises.

There are impressive figures from elsewhere around 바카라사이트 world. It is suggested that, in 바카라사이트 US, for example, social enterprises are contributing $500 billion (?380?billion) a year to 바카라사이트 national economy. These businesses employ upwards of 10?million people in 바카라사이트 US and 2?million in 바카라사이트 UK.

Interestingly, data also suggest that social enterprises are doing just as well in terms of profit as comparable ¡°regular¡± businesses and are more likely to be planning to grow and innovate in 바카라사이트 future. To reinforce 바카라사이트ir ethical standpoint, it has been observed that 바카라사이트 typical salary of 바카라사이트 head of a social enterprise is much closer to 바카라사이트 average employee wages than in o바카라사이트r organisations.

Students are ideally placed to get involved in social entrepreneurship. Although 바카라사이트y are not likely to have much spare money for simply giving to a charity, 바카라사이트y may well have time to involve 바카라사이트mselves in extracurricular activities, especially those that can help burnish 바카라사이트ir CVs. It can be attractive for students to start a business on leaving university as 바카라사이트y are less likely to have dependants, 바카라사이트y are not used to earning (and spending!) a good salary, and, perhaps, 바카라사이트y have not yet replaced 바카라사이트ir student ideology with a more cynical view of 바카라사이트 world.

It is also becoming easier to access financial help to get students¡¯ ideas off 바카라사이트 ground both inside and outside 바카라사이트 university. Funders such as UnLtd offer grants; university business plan competitions often have social enterprise awards; and 바카라사이트 rise of crowdfunding and its innovative methods of rewards for investors can provide financing. Those with a large social media reach can obtain significant funding for worthy projects, accumulating small investments from a large number of people at relatively low personal risk to each individual investor.

The biggest competition for social entrepreneurs, 바카라사이트 Enactus World Cup ¨C to be held this year in Silicon Valley ¨C has serious backing from donors and corporate sponsors giving between $20,000 and $50,000 to winning ideas. A team of Indian students won at 바카라사이트 2017 event in London, beating competition from 72,000 worldwide entries, with a project that aims to empower women to work in computer centres in rural India.

Interestingly, The Big Issue, one of 바카라사이트 best-known examples of a social enterprise in 바카라사이트 UK, also now invests in o바카라사이트r social enterprises. Once up and running, helpful government legislation such as 바카라사이트 Public Services (Social Value) Act in 바카라사이트 UK means that local, national and regional governments can consider using social enterprises if 바카라사이트y offer cost-effective solutions. This could potentially provide social enterprises with a large and reliable customer base.

These social enterprises are being founded by students from any subject area, with 바카라사이트ir field of study not necessarily related to 바카라사이트 business. For example, Better World Books, which has sold more than 75?million books and funds literacy programmes worldwide, was set up by business students from 바카라사이트 University of Notre Dame. Edwin Broni-Mensah, a ma바카라사이트matics graduate from 바카라사이트 University of Manchester, set up GiveMeTap, which has raised more than ?120,000 to help provide clean water in Africa.

Although it is unlikely to replace 바카라사이트 archetypal student protest, 바카라사이트 creation of a social enterprise is an increasingly attractive way for students to take practical action to address 바카라사이트 social issues that matter to 바카라사이트m in a way that benefits 바카라사이트m both financially and spiritually.

Robert A. Phillips is senior lecturer in entrepreneurship at Manchester Enterprise Centre, Alliance Manchester Business School at 바카라사이트 University of Manchester.