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Resource Based View Of Social Entrepreuship: Putting The Pieces Together

1464 words - 6 pages

INTRODUCTION
The emerging field of social entrepreneurship calls for a need for new integrated theories to contribute to the discipline and help grow the field. Social Entrepreneurship has been a topic of academic interest for the past few decades; however there has been little scholarly output in mainstream journals (Short, Moss, & Lumpkin 2009). Social entrepreneurship is commonly defined as “entrepreneurial activity with an embedded social purpose” (Austin et al. 2006). Social entrepreneurs play a role of change agents in society by adopting missions to create and sustain social value. They recognize and pursue new ...view middle of the document...

Consistent with the strategic management literature, this paper explores the idea that growth is a function of the resources and organizational capabilities of the firm. When investigating the attributes of these resources, the theoretical framework extends itself to the resource based view of the firm theory (Wernerfelt, 1984). According to the resource based view, competitive advantage of a firm lies in the application of a bundle of valuable, tangible or intangible resources at the firm's disposal (Barney 1991). The competitive advantage is derived from the valuable resources being neither perfectly imitable nor substitutable (Barney, 2001). If conditions hold, effective application of the bundled valuable resources translates competitive advantage into sustainability. Looking at social entrepreneurial organizations from a resource based view of a firm perspective; there is an acknowledgement that resources and capabilities of social entrepreneurial organizations are critical to social innovation as well as the scaling of entrepreneurial ventures (Bloom & Smith, 2010). In this theoretical framework there will be a primary focus on the relationship between resources and growth.
The argument here is that there needs to be a more integrated understanding of social entrepreneurship combining four different types of capital—financial, human, social and political capital. Capital inputs can be used to create value through investment. Each form of capital can contribute to the scaling of social impact mitigating resource restraints and increasing opportunities for social innovation. With capital social entrepreneurs are able to create value for the community and beyond.Value creation from an activity happens when the utility of society increases after accounting for the opportunity cost (Santos, 2012). In order to persuade stakeholders to support and engage in scaling strategies, more emphasis must be put on social responsibility and value creation rather than value capture (Bloom & Smith, 2010). Entrepreneurship researchers have been limited in their explanation of the full range of variance that occurs in entrepreneurial value creation (Cohen, Smith & Mitchell 2008). Social, financial, and environmental impact are important issues in the field of social entrepreneurship and the literature lacks a theoretical model to measure or assess the impact empirically. In recent years, creating social impact has become an important economic and social phenomenon within marginalized communities as well as on a global scale. The problem of how to scale impact resourcefully and successfully has become a key issue for both practitioners and researchers of social entrepreneurship (Dees et al. 2004, Bloom & Dees 2008). “Scaling up” refers to social innovation and growing the organizations’ impact wider to reach more people in more places (Bloom & Smith, 2010). Managers of Social Entrepreneurial organizations and stakeholders, such as donors,...

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