Entrepreneurial Ecosystem

The intrinsic factors within the social ecosystem, which stimulate the co-creation process of social entrepreneurs, customers, and stakeholders, include social responsibility-led self-esteem, voluntary behavior, social leadership, and active involvement in social media. This chapter argues that social entrepreneurs focus on reaching milestones that improve social welfare. However, far from family firms, the growing upstream enterprises work on profit-oriented strategic business projects that create sustainable social value. This chapter discusses the shifts in entrepreneurial practices due to behavioral swings, availability and utilization of resources, upstream evolution of social and customer values, technology, innovation, and transformation in business practices because of the changing social ecosystem. Innovation, technology, and skills matrix are largely driven by the problems, needs, and expected solutions within the social system. Opportunity recognition and exploitation are the core preconditions for generating and implementing innovative social business ideas. In addition, the backward linkages (resources, infrastructure, skills, and technology) and forward linkages (relationship management and marketing) contribute significantly to the entrepreneurial ecosystem.