The Six Characteristics of an SEV
An SEV can be defined in many ways. A large problem in the social entrepreneurial field is the lack of a common definition of what social entrepreneurship exactly is. These six characteristics construct a framework for what an SEV can look like.Â
Social change is placed above making a profit:
One of the most important qualities of an SEV is that it prioritizes social change and making an impact over monetary gain. Â When examining your SEV, make sure you understand what you really want to achieve. Questions to keep in mind when considering this characteristic:
What are your goals for the venture?
How will this venture impact the world?
Shifts an unjust equilibrium:
“You could give a man a fish, and feed him for a day. Or you could teach a man to fish, and feed him for a lifetime.”
Your SEV should not be limited to temporarily helping its customer segment. Rather it should create a sustainable solution for its customers, that permanently improves their condition. Focus less on creating smaller, immediate changes, and more on balancing out the whole system.
Uses innovative solution:
There exist thousands of social entrepreneurs, much like yourself, but what makes your venture unique from all the others? SEV’s must bring to the table some new, unique aspect that no one has ever accomplished before.  That is the entrepreneurship part in creating your own SEV.
Aims to help a target group in need:
SEV’s should be targeting a group of people who do not have access or resources to accomplish the specific service that your product provides themselves.  By targeting a group of people in need, it ensures that you are targeting a community that actually needs the help and not just a group of people who can afford the service/ product. Â
Has a plan for financial sustainability:
Although the focus of an SEV shouldn’t be making a profit, it still needs a stable cost structure in order to maintain the SEV. Whether your SEV is a leveraged non profit or a social business, there must be a concrete idea of where the venture’s source of revenue will come from. Â
Takes a risk:
Your SEV or idea must include some risk factor. Ideas that are already existent in the business world already possess predictable outcomes. That is why innovation and risk taking go hand in hand. With new innovative products and services, you are never one hundred percent sure of its success.
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