ENTREPRENEURSHIP

Detailed explanation-1: -A social enterprise, unlike typical NGOs, could take the form of company limited by shares or by guarantee. NGOs on the other hand, almost invariably, are organized as companies limited by guarantee under Ghana’s company law, Act 179, 1961.

Detailed explanation-2: -First, they differ based on how they attain money. Non-profits acquire money through fundraising efforts whereas social enterprises operate like a for-profit business by selling a product or service to the public and acquire funds through sales. Second, their methods of operations are distinctly different.

Detailed explanation-3: -Saerin Cho: A nonprofit is an organization that is not conducting its activities primarily to make a profit, whereas a social enterprise is an enterprise providing social benefit and may be a nonprofit or a for-profit. The two circles can overlap for an organization that is both a nonprofit and a social enterprise.

Detailed explanation-4: -Social enterprises can sell anything that a typical business offers. Like any other business it will only make money if its product or service is of good quality, in demand (i.e. you have researched your customers and know exactly what they need), professionally delivered and priced so you can make a profit/surplus.

Detailed explanation-5: -All NGOs work for the betterment of society and to help people in need. Since NGOs are non-profitable organisations, they need to raise funds to earn money for doing their work.