Episode 30: Unpacking the Promise and Pitfalls of Social Entrepreneurship

Social entrepreneurship has emerged as a popular model for those seeking to tackle social issues by reimagining what business can be – not only as a vehicle for profit, but also as a tool for facilitating positive social change. But the rise in social entrepreneurship’s popularity requires us to pause for deeper reflection on how the model is used, who is included, and whether it is truly disrupting the systems it aims to transform, or simply replicating them in more marketable ways.

In this episode, we’re pulling back the curtain on social entrepreneurship – not to dismiss its promise, but to grapple with its pitfalls and benefits. What does it really mean to build a business that centers social impact from the ground up? Who defines what “impact” means in different cultural and economic contexts, especially across countries? And how do we move beyond heropreneurship toward models rooted in community, humility, and long-term systems change?

Host and social impact advisor, Manpreet Kaur Kalra, sits down with Concepción Galdón, Vice-Dean of Business with Purpose at IE Business School in Madrid and co-author of Promise, Pitfalls, and Potential of Social Entrepreneurship. 

During this conversation, we examine: 

  • Who defines what “impact” means in different cultural and economic contexts 

  • How heropreneurship narratives harm both entrepreneurs and communities

  • Why traditional expectations around scalability and growth pose challenges

  • The hurdles with impact measurement and impact investing

This episode is a call to slow down, to listen more deeply, and to rethink the definitions, expectations, and power dynamics that shape the world of social enterprises. Social entrepreneurship isn’t just about good intentions – it’s about reimagining who holds power, resources, and voice. This conversation invites us to rethink assumptions, embrace humility, and imagine a more accountable, community-rooted approach to change.

Meet Our Guest

Concepción Galdón is the Vice-Dean of Business with Purpose at IE Business School in Madrid, where she leads the Master in Sustainability & Business Transformation. As Director of IE’s Center for Social Innovation and Sustainability, she leads a global team advancing meaningful, lasting social change through knowledge sharing, innovation, and global collaboration. In addition to teaching, she co-directs IE's Sustainability, Your Competitive Advantage program.

Concepción holds degrees in Economics (Universidad Autónoma de Madrid), a Master’s in Public Administration & International Development (Harvard Kennedy School), and a Ph.D. in International Economy & Development (Universidad Complutense de Madrid). She co-founded the social venture Puentes Global and is an active researcher working to advance business with purpose. Concepción Galdón is also the co-author of Promise, Pitfalls, and Potential of Social Entrepreneurship: Positive Change Unleashed.

“Scaling up needs not be the holy grail of scaling your impact. It’s not about planting two trees versus 2,000 trees. It’s about regenerating the system so you don’t need to be planting trees anymore.”

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Key Takeaways from Our Guest

  • No “One-Size” Solution: There’s no single formula for social entrepreneurship, and that’s a good thing. Lasting change comes from many angles – nonprofits, for-profits, cooperatives, you name it – so embracing various models and voices is key

  • Impact is a Team Sport, Not a Solo Act: Ditch the superhero mindset. The most enduring social innovations are collective efforts, not the triumph of a lone genius. Whether it’s involving community in decision-making or collaborating across sectors, the future is about we, not me. 

  • Progress Over Perfection: Don’t let the pursuit of an ideal stop you from learning and adapting. Resilience and continuous learning matter more than flawless plans. Mistakes and “failures” will happen – and that’s okay. What counts is using those lessons to improve. By staying mission-focused, humble, and willing to course-correct, social entrepreneurs can sustain their impact and truly unleash positive change.

“Impact is not a byproduct of a social enterprise’s operation. The impact is the reason why it exists.” — Concepción Galdón, Vice-Dean of Business with Purpose at IE Business School

What Is Heropreneurship?

If you have followed Manpreet’s work, you have definitely heard her talk about heropreneurship and the challenges of the lone changemaker narrative. We’ve touched on it in some of the episodes from our archive too, so if you are looking for more, be sure to listen to these episodes as well:

Heropreneurship is the idea of the lone, heroic changemaker, the visionary entrepreneur who, through personal sacrifice and drive, leads social transformation. It’s a marketable narrative, but a dangerous one. Why? Because it sidelines collective effort, overlooks community agency, and reinforces inequitable, even colonial, power dynamics. Instead of centering communities, it elevates individuals, often those with the most privilege and access, as saviors.

A note from Manpreet —

Reflecting on the strengths and pitfalls of social entrepreneurship, one thing is clear: doing good cannot just be about good intentions—it has to be about shifting power. Real, lasting change doesn’t come from chasing metrics defined by those far removed from the communities they claim to serve. It comes from listening, from building with—not for—communities, and from funding those already doing the work on the ground.

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Manpreet Kalra