How Social Entrepreneurship Helps to Fight Poverty

Entrepreneurship is a crucial element that encourages development, competitiveness, and growth, but there are several differences between traditional and social entrepreneurship. The latter is founded based on specific socioeconomic contexts that urge the need for addressing various issues mostly raised by inequality.

Social entrepreneurship is crucial when it comes to poverty alleviation, as focuses on solving the problem and not only on profit maximization. Social initiatives aim at producing the desired changes even without a commercial model. Instead of products they create and deliver values and improve social welfare. On the other hand, they can’t guarantee financial viability. The lack of incomes can often force them to start various types of partnerships. In order to not lose sight of the initial purpose in exchange for the financial support, it is important to attract the right people both staff and partners. But how to achieve this?

Make your mission clear

When an idea is developed based on a cause, the latter can be the driving force toward success. When a concept is based on a cause it helps to keep attention on what’s important. If the mission of a startup or initiative is clear, it will be easier to attract people that would like to become partners or invest in a given idea or project. Professor Guenter Faltin highlights this in his book "Brain versus Capital". He points out that companies that focus on the cause rather than on a product have more advantages over other companies.
These can be the people that share the same values as you and look for something more important than quick profit. Great partners help to expand and reach more people.

Get started in social entrepreneurship

Youth Citizen Entrepreneurship Competition has helped hundreds of thousands of young people from all over the world to learn entrepreneurial skills and strategies in order to find solutions to social problems such as poverty, lack of education, gender issues, healthcare access, etc.
We see in our members a great potential for innovation and growth that can help to ameliorate the life of their communities and countries.
Most of the competition campus members are not business people. They are young people that want to make a change and during the way, they learn to use skills that they never thought about. They are driven by social commitment and tend to become protagonists of their own development. Thanks to technology, they can reach beyond geographical borders and have a greater impact, meet other people with same interests and collaborate. This big community of people that share the same purposes has a sustainable impact.
YCEC encourages entrepreneurship education and helps youth do discover hidden potential.
“I have been challenged by the Entrepreneurship campus that not even the sky is the limit, but how far as possible we can set it,” member of the campus Musah Azumah Daniel said.

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