The Role of the ‘3Ps’ in Social Entrepreneurship

Social Entrepreneurship is a unique approach to creating sustainable social and environmental impact through the use of business principles and entrepreneurial approaches. One of the core principles of social entrepreneurship is the “3 Ps” – People, Planet, and Profit. These three pillars guide social entrepreneurs in their mission to create positive change in society. In this latest blog post, we will explore the role of these 3 Ps in social entrepreneurship.    

The first pillar of social entrepreneurship is People. This refers to the social impact of a business, and its ability to create positive change in the lives of individuals and communities. Social entrepreneurs prioritise the well-being of people alongside targeted, sustainable financial gains, and work to address social issues such as poverty, education, and healthcare. They often work closely with communities to understand their needs and develop solutions that are tailored to their specific context – sometimes through direct lived experience. The goal is to create sustainable social impact that empowers individuals and communities to improve their lives for the better.

The second pillar of social entrepreneurship is Planet. This refers to the environmental impact of a business of course, and its ability to promote sustainability and reduce its negative impact on the planet. Social entrepreneurs prioritise the protection of natural resources, reduction of waste, and promotion of sustainable practices. They often use innovative technologies and business models to create environmentally sustainable products and services. The goal is to create a sustainable future for all, by preserving the planet for future generations.

The third pillar of social entrepreneurship is Profit. This refers to the financial sustainability of a business, and its ability to generate revenue that can be reinvested back into its own social and environmental purpose. Social entrepreneurs recognise the importance of financial sustainability, and use business principles to create sustainable revenue streams that can be used to fund their social and environmental goals. The goal is to create a self-sustaining business model that generates profits whilst also creating social and environmental impact.

In conclusion, the 3Ps – People, Planet, and Profit – represent the 3 essential pillars of social entrepreneurship. Social entrepreneurs prioritise the well-being of people and planet, whilst also ensuring the financial sustainability of their ventures. By balancing these three pillars, social entrepreneurs can create sustainable impact and contribute to a more equitable and sustainable world.

References:

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5. Yunus, M. (2011). Building social business: The new kind of capitalism that serves humanity’s most pressing needs. Public Affairs.