Enacting entrepreneurship as social value creation

Abstract

The social plays an important role in entrepreneurship, but one that is not well understood. We argue that the social conditions of entrepreneurs, as well as the social nature of opportunities, affect the entrepreneurial process. Hence it is conceptually useful to understand enterprise as socially situated. Accordingly, this article examines the enactment of a socialized opportunity to explore the process of entrepreneurial growth. We find that a conceptualization of social value creation usefully develops our understanding and challenges the view that economic growth is the only relevant outcome of entrepreneurship. Our case study shows how social value is created in multiple forms at different centres and on different levels: from individual self-realization over community development to broad societal impact. We also find complex interrelations between the different levels and centres, thus, we argue that entrepreneurship is as much a social as an economic phenomenon.