Barring few exceptions, all social entrepreneurial ventures are carried out with a non profit motive to serve a noble cause. The financial activities and transactions in these ventures are primarily focused on funds generation, financial resource allocation and compensation for employees. However, this doesn’t mean that the risks and challenges involved in it are any less compared to other ventures. Risk assessment needs to be cautiously carried out before entering into the scene. In sensitive social issues, the social risk associated with it gets magnified. Social prejudices, lack of family support, career uncertainty are some of the risks that social entrepreneurs have to face during the start. One has to analyze his/her risk bearing capabilities and the weight of corresponding risks before making rational decisions. Besides, in a developing country like ours, accumulation of funds can truly be the major source of financial risks for social entrepreneurs. The lack of proper implementation of government’s paper based strategies in such field of work has made social institutions heavily dependent on few foreign donors.
Another interesting insight from my interaction is related with the drive and desire in an individual. In case of a business venture, the sole objective of profit earning can motivate people to a greater extent. But in case of social entrepreneurial ventures, the integrity of one’s commitment and dedication to serve for a social mission comes into the picture. A firm attachment towards the work can only drive you through the thick and thin in this professional world. I also came to know a general fact that most of the social entrepreneurs get into this line of work due to their own past sufferings and prior experiences in life.
The next important thing that Parina didi’s success story resonates is appropriate self realization. Before entering into any profession, one has to assess his/her own strengths and weaknesses. Leveraging on those pre-discovered strengths will later help individuals to proficiently excel in their work. It is also vital for entrepreneurs to temporarily shield their weaknesses and gradually improve it along with time. For social entrepreneurs, the ability to adapt as per the circumstance is a crucial competency to hold. For instance, confronting victims or service seekers requires a completely different approach than meeting dignitaries and fund donors. Hence, one has to effectively capitalize the understanding and requirements of a situation. Self learning and development skills are also equally significant for progressive advancement. Any tendency to remain satisfied with the status quo doesn’t fall under the characteristics of an entrepreneur. Social entrepreneurs often go through different frustrating moments during their errand. Poor government support, polluted bureaucracy and social scrutiny create numerous hurdles for people vying to serve the society. In such trying times, to bounce back from the lows of work life, resilience is a must for every entrepreneur. Presence of these traits helps to shape up the charismatic persona of a social entrepreneur.
Through this experience, I also learned that dreams are important for social entrepreneurs. They dream about other people’s happiness and welfare. And ultimately, these dreams act as benchmarks for social entrepreneurs to measure and evaluate their success.
The writer is an MBA student at Ace Institute of Management.
Related story
Governance in Social transformations in Nepal
