Page 40 - Social Enterprise A New Business Paradigm for Thailand

on heroic founders and model organizations. The focus now lies in fostering participatory
processes that empower many individuals to become agents of social or organizational change.

Spear (2006) observed that role models may be less influential than collaboration among leaders,

effective teamwork, and access to supportive networks. He described these networks as
foundational components of a successful ecosystem. Building on this, Light (2009) conducted a
comprehensive review of over 100 scholarly works and analyzed 131 social enterprises. His
findings indicated that the success of social ventures depended less on founders’ personalities
and more on the presence of systematic practices, leadership strength, and entrepreneurial skills.
These findings also suggested that educational institutions could play a vital role in developing
the future of social business.

Light identified four key characteristics of successful social entrepreneurs and their ventures: (1)

they often possess an optimistic outlook and are viewed as a “special breed”; (2) many impactful
social enterprise ideas begin small and gradually scale up, microfinance is a notable example (see
Yunus’s theory in the next section); (3) major waves of transformation often emerge when
dominant systems or traditional forces begin to weaken; and (4) social enterprises do not always
have to be newly established, led by first-time entrepreneurs, or based on entirely new
innovations.

In summary, the theory of social entrepreneurship emphasizes social processes that foster
meaningful change across economic, social, and environmental dimensions, largely independent

of state intervention. Innovation remains central to this transformation, taking the form of new
practices, new aims, or new relationships between goals and means (Beckmann, Zeyen, and
Krzeminska, 2014; cited in Grove & Berg, 2014). Crucially, profit, income, and financial return are
not defining elements under this theory. The emphasis remains on social value creation and
impact.

1.3.3 Yunus’s Theory of Social Business

Social business is sometimes described as a form of “enlightened capitalism.” In contrast to
conventional capitalism, which prioritizes profit maximization, enlightened capitalism places
social objectives at the heart of business practice. Social entrepreneurs in this model are driven
not by financial gain, but by a desire to create positive and lasting impact for society.

This theory is not an abstract concept. It is rooted in real-world applications, most notably the
success of the Grameen Bank in Bangladesh, established by Muhammad Yunus. Both Yunus and
Grameen Bank were jointly awarded the Nobel Peace Prize in 2006 in recognition of their work

to alleviate poverty.

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