There are many concepts that are related to entrepreneurship. In this lesson, we are going to focus on those that are relevant for Corporate Social Entrepreneurship (CSE).
Corporate entrepreneurship
The presence of innovation with the objective of rejuvenating or redefining organizations, markets, or industries in order to create or sustain competitive superiority (Covin et al., 1999).
Intrapreneurship
The concept of Intrapreneurship has emerged to label the internal dimension of entrepreneurship of innovation within organisations, markets process and products. Evidence suggests that intrapreneurship helps top management renew and revitalize their businesses, innovate and enhance overall business performance (Kuratko, Montagno and Hornsby, 1990; Antoncic and Hisrich, 2001).
Social entrepreneurship
•Innovative activity with a social purpose in either the private or nonprofit sector, or across both (Dees, 1998);
•Incorporating business concepts and configuring itself as a vehicle of innovation with the main objective of overcoming new social challenges, such as problems of poverty and social exclusion unanswered by the market or the state (Mair and Martí, 2006).
Corporate Social Entrepreneurship (CSE)
•The process of extending the firm’s domain of competence and corresponding opportunity set through innovative leveraging of resources, both within and outside its direct control, aimed at the simultaneous creation of economic and social value (Austin and Reficco, 2010).
•The process of discovering, defining and exploring opportunities through corporate ventures (internal and external) and innovation, as well as strategic renewal that results in the creation of social (and environmental) value (Tasavori, 2012).
•The transformation of socially responsible principles act and ideas into commercial value (Schwab, 2008).
It is interesting that some of these concepts are presented with more than one explanation. This is to show that different authors focus on different aspects of the same concept when they are defining it. And those different contributions are key for broadening the ideas and expanding our knowledge about entrepreneurship over time.