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Regardless of whether social entrepreneurs want to work for a nonprofit or for-profit, they need a “deep understanding of management principles as they apply across sectors and the globe,” says Tony Sheldon, executive director of the Program on Social Enterprise at Yale’s School of Management.

In addition, the current economy demands MBAs with strong backgrounds in results measurement, performance management, financial models, capital markets, strategic planning, and savvy resource allocation. Experience interning or volunteering in a specific social sector doesn’t hurt either.

“The skill set is a lot different when you’re trying to sell something and serve a social purpose at the same time,” says Suzanne Steffens, an analyst for Community Wealth Ventures, a consulting firm that teaches nonprofit organizations how to create for-profit businesses to fund core missions. Social entrepreneurs typically operate with less capital, says Steffens, so they must be flexible enough to shift resources, learn from mistakes, and even alter entire business plans in a matter of months in order to remain operational.

The job outlook for new MBAs

According to Matt Nash, managing director of Duke’s Center for the Advancement of Social Entrepreneurship, MBAs tend to follow one of three basic paths: They launch a new venture with a social cause, support an existing venture in strategy or operations roles, or work in consulting to help other nonprofits and for-profits balance their financial and social goals. Despite the recession, many of the large, existing “social enterprise” firms are poised to move back into a growth pattern, says James Weinberg, founder and CEO of Common Good Careers, a hiring firm for social entrepreneurs.

Conclusion

Long before the economy tanked, MBAs were in hot pursuit of alternative career tracks - instead of running investment firms, many have aspired to invest themselves in business with a social cause — from nonprofit organizations to overseas startups in developing countries. Top-tier schools like Duke’s Fuqua School of Business and Yale’s School of Management responded by creating programs to prepare so-called “social entrepreneurs.” The down economy, not surprisingly, is driving more MBA students down socially responsible business paths. And while it’s not yet clear how much the recession will impact businesses with financial and social goals, social entrepreneurs have what it takes to adapt — even in a strong economy, they learn how to do more with less.

Concluded.

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Dr. V. V. S. K. Prasad holds B.Com. from Andhra University, M.Com. (Accounting & Finance) from Acharya Nagarjuna University and MBA (Finance) from Ambedkar Open University. He also finished his Doctoral Research on "Leadership Styles & Organizational Effectiveness" from Ranchi University in 1992. Since then, he has been in teaching profession. He is currently serving as Professor & Head - MBA at The Hindu College, Machilipatnam.