Sustainability has transcended the confines of traditional environmental concerns. Today, it embodies a holistic approach that extends beyond the green spectrum, encompassing social, economic, and cultural dimensions in a multi-layered approach. Social entrepreneurs are increasingly recognising the interconnectedness of these elements, understanding that true sustainability is a multifaceted endeavour.
In the pursuit of social sustainability, entrepreneurs focus on fostering inclusivity, diversity, and social equity within their ventures. This involves not only addressing immediate societal challenges but also creating initiatives that empower marginalised communities, promote education, and enhance overall well-being.
Beyond profitability, economic sustainability in social entrepreneurship involves the creation of resilient business models that withstand economic fluctuations. Social enterprises strive to balance financial success with a commitment to fair wages, ethical supply chains, and reinvestment into community development.
Preserving and celebrating cultural diversity is a key aspect of holistic sustainability. Social entrepreneurs recognise the importance of integrating cultural values into their initiatives, ensuring that projects respect and contribute positively to the cultural fabric of the communities they engage with.
To gauge the holistic sustainability of their endeavours, social entrepreneurs employ a diverse set of metrics. These may include the Social Return on Investment (SROI) impact framework focussed on cost / benefit ratios and analysis, environmental impact assessments, and indicators of community well-being. By quantifying, as well as qualifying, impact across various dimensions, entrepreneurs gain a comprehensive understanding of their ventures’ contributions.
While embracing holistic sustainability poses challenges, it also opens doors to innovative solutions. Collaborative partnerships, technology integration, and community-driven approaches emerge as powerful tools that social entrepreneurs can leverage to navigate the complexities of a holistic sustainability agenda.
In conclusion, the evolution of sustainability in social entrepreneurship reflects a shift from a narrow focus on environmental issues to a more all-encompassing and interconnected perspective. By embracing a holistic view, social entrepreneurs pave the way for ventures that not only endure but actively contribute to positive and lasting change across social, economic, and cultural landscapes.
References
Jayawardhana, K., Fernando, I., & Siyambalapitiya, J. (2022). Sustainability in Social Enterprise Research: A Systematic Literature Review. SAGE Open, 12(3).
Fernando Almeida & José Milton Sousa-Filho. (2023) Influencing factors of social entrepreneurship intentions in a higher education context. Journal of Further and Higher Education 47:5, pages 591-606.
Jeremiah Arigu Emmanuel, Ramanie Samaratunge & Daniel Prajogo. (2023) The Influence of Mutual Trust at the Pre-Investment Stage of Collaboration between Social Enterprise and Impact Investors: An Emerging Economy Perspective. Journal of Social Entrepreneurship 0:0, pages 1-27.