What is a Social Entrepreneurship?
Social entrepreneurship is a recognized business model that combines the disciplines of market capitalism with innovative approaches to solving societal problems. Social entrepreneurs have both a passion for business and compassion to make an impact.
Social Entrepreneurs understand the Triple Bottom Line (TBL) or the new 3Ps People, Planet, & Profit
The Triple Bottom Line: What Is It and How Does It Work?
Sustainability has been an often mentioned goal of businesses, nonprofits and governments in the past decade, yet measuring the degree to which an organization is being sustainable or pursuing sustainable growth can be difficult.
John Elkington strove to measure sustainability during the mid-1990s by encompassing a new framework to measure performance in corporate America.1 This accounting framework, called the triple bottom line (TBL), went beyond the traditional measures of profits, return on investment, and shareholder value to include environmental and social dimensions. By focusing on comprehensive investment results—that is, with respect to performance along the interrelated dimensions of profits, people and the planet—triple bottom line reporting can be an important tool to support sustainability goals.
Interest in triple bottom line accounting has been growing across for-profit, nonprofit and government sectors. Many businesses and nonprofit organizations have adopted the TBL sustainability framework to evaluate their performance, and a similar approach has gained currency with governments at the federal, state and local levels.
This article reviews the TBL concept, explains how it can be useful for businesses, policy-makers and economic development practitioners and highlights some current examples of putting the TBL into practice.
The Triple Bottom Line Defined
The TBL is an accounting framework that incorporates three dimensions of performance: social, environmental and financial. This differs from traditional reporting frameworks as it includes ecological (or environmental) and social measures that can be difficult to assign appropriate means of measurement. The TBL dimensions are also commonly called the three Ps: people, planet and profits. We will refer to these as the 3Ps.
Social entrepreneurship is a global movement. It is now recognized as a business model that combines the innovative approaches and financial disciplines of market capitalism to make an impact on the world with passion and compassion required to solve problems related to poverty, health, social, the environment for a more fair and just world.
The Innovation Incubator @ CSUDH will shift our emphasis to serve more Social Entrepreneurs beginning the second quarter of 2017. Social Entrepreneurs have both passion and compassion for their chosen endeavor. If you consider yourself a Social Entrepreneur, then we want to become a resource to help you make a sustainable impact on the world!