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Social entrepreneurship is an approach by individuals, groups, start-up companies or entrepreneurs, in which they develop, fund and implement solutions to social, cultural, or environmental issues. [1] This concept may be applied to a wide range of organizations, which vary in size, aims, and beliefs. [2]
Entrepreneurship is the creation or extraction of economic value in ways that generally entail beyond the minimal amount of risk (assumed by a traditional business), and potentially involving values besides simply economic ones.
In order to explain or create sustainable entrepreneurship, one isolated element in the ecosystem is rarely sufficient. In regions which have extensive amounts of entrepreneurship, including Silicon Valley, Boston, New York City, and Israel, [4] many of the ecosystem elements are strong and typically have evolved in tandem. Similarly, the ...
The concept has intersections with sociology, anthropology, social psychology and philosophy. [3] The social entrepreneurship literature has largely concentrated on the voluntary, not-for-profit, or "third" sector. In the for-profit context, the social entrepreneur is traditionally perceived as a philanthropic agent or business owner.
Entrepreneurship is difficult to analyse using the traditional tools of economics, e.g. calculus and general equilibrium models. Current textbooks have only a passing reference to the concept of entrepreneurship and the entrepreneur. [4] Equilibrium models are central to mainstream economics, and exclude entrepreneurship. [5]
A lot of companies using ecopreneurship principles incorporate sustainable product design. Product design incorporating sustainability can happen at any stage of the business, including material extraction, logistics, the manufacturing process, disposal, etc. Sustainable product design can be achieved using innovative technology (or Eco-innovation), cradle to cradle design, bio-mimicry, etc.
Creative entrepreneurship is the practice of setting up a business – or becoming self-employed - in one of the creative industries.The focus of the creative entrepreneur differs from that of the typical business entrepreneur or, indeed, the social entrepreneur in that they are concerned first and foremost with the creation and exploitation of creative or intellectual capital.
The concept of a business model has been incorporated into certain accounting standards. For example, the International Accounting Standards Board (IASB) utilizes an "entity's business model for managing the financial assets" as a criterion for determining whether such assets should be measured at amortized cost or at fair value in its ...