The bottom of the ad reads: "Your City. Your Drugstore. DUANE READE." As seen on the M train

I was sitting on the M-train crossing over the East River and looked up to read this sign. I thought it was a really clever, public health-related ad that incorporated the City as part of its campaign.  It is so effective, not just because it makes you stop and feel a little grossed out, but also because it makes you feel as if you are part of something unique, special and personalized: the New York City subway system. It’s “Your City. Your Drugstore.” It makes me want to go out and buy Purell right now.

The company [Duane Reade] understands two important things: New Yorkers are uniquely harried shoppers, and the whole ball game comes down to real estate. Duane Reade has used its skill at that quintessential New York blood sport to cut rents by shoehorning its stores into bizarre locations other chains wouldn’t touch.

The article goes on to give some specifics about Duane Reade’s real estate strategy:

While most pharmacy chains run in fear from multi-floor, non-box layouts, he embraces them. Forty-nine of his stores have two floors, and they come as small as a studio apartment (under 500 square feet) and as large as a suburban supermarket (a 17,200-square-foot box in Flatlands, Brooklyn). Odder spaces include a store at 62nd Street and Broadway with a basement described as “kind of a triangle with a leg on it,” and an old theater on East 86th Street with 1,300 square feet on the ground floor and 12,000 upstairs.

Duane Reade’s flexibility in terms of their space requirements has given them a substantial edge on other NYC pharmacies, who were much slower to adopt this practice. However, the payoff for the company has been substantial. According to the article, when Duane Reade acquired a space in Times Square in 2000 the going rate was $250 per square foot in that neighborhood. However, basement retail space was going for $85 a square foot–and that is where Duane Reade located: in the basement.

Tom Bow, senior vice-president for the Durst Organization, which leased the space [to Duane Reade, said:] “Most tenants wouldn’t be able to take that space, but they could,” says Bow. “They understood that Times Square was a 24/7 location. They just knew the local market.”

The moral of the story: Well, there might be two morals. One: Understand your audience and understand your market. That may sound pithy, but you may be sacrificing opportunities by not accurately understanding people’s interests. Take time to do this important research. Two: Break out of the box! Blaze your own trail! Find creative and new solutions to your problems or to your existing strategies…you never know when you could be doing something better if you don’t investigate new options and test them out.

If you don’t already know, social entrepreneurship is definitely a jargon-y, buzzword whose definition is sometimes hard to pin down. A quick Google search for “social entrepreneurship” puts Wikipedia (of course!) at the top of the list. Wikipedia defines social entrepreneurship as “the work of a social entrepreneur. A social entrepreneur is someone who recognizes a social problem and uses entrepreneurial principles to organize, create, and manage a venture to make social change.”

After perusing through a couple of the top Google search hits for definitions of social entrepreneurship, four main elements began to appear. While there is no hard and fast definition, social entrepreneurs tend to be described as individuals who are  (1) innovative problem solvers, (2) very committed to their work, (3) addressing large scale issues, and (4) contrasted with business entrepreneurs.

• Social entrepreneurs are innovative problem solvers

Rather than leaving societal needs to the government or business sectors, social entrepreneurs find what is not working and solve the problem by changing the system, spreading the solution, and persuading entire societies to take new leaps. –ASHOKA

The job of a social entrepreneur is to recognize when a part of society is stuck and to provide new ways to get it unstuck. He or she finds what is not working and solves the problem by changing the system, spreading the solution and persuading entire societies to take new leaps.–PBS: The New Heroes

Social entrepreneurs pioneer innovative and systemic approaches for meeting the needs of the marginalized, the disadvantaged and the disenfranchised – populations that lack the financial means or political clout to achieve lasting benefit on their own.–Skoll Foundation

Social entrepreneurs drive social innovation and transformation in various fields including education, health, environment and enterprise development. –Schwab Foundation for Social Entrepreneurship

• Social Entrepreneurs are committed to their work

Social entrepreneurs often seem to be possessed by their ideas, committing their lives to changing the direction of their field. They are both visionaries and ultimate realists, concerned with the practical implementation of their vision above all else.–ASHOKA

Identifying and solving large-scale social problems requires a committed person with a vision and determination to persist in the face of daunting odds.–PBS: The New Heroes

[Social entrepreneurs] recognize the extraordinary potential in the billions of poor people who inhabit the planet, and they are absolutely committed to helping them use their talents and abilities to achieve their potential.–Skoll Foundation

• Social entrepreneurs address large scale issues

[S]ocial entrepreneurs are solution-minded pragmatists who are not afraid to tackle some of the world’s biggest problems.–Skoll Foundation

Identifying and solving large-scale social problems requires a committed person with a vision and determination to persist in the face of daunting odds.–PBS: The New Heroes

[A social entrepreneur] achieves large scale, systemic and sustainable social change through a new invention, a different approach, a more rigorous application of known technologies or strategies, or a combination of these.–Schwab Foundation for Social Entrepreneurship

• Social entrepreneurs are contrasted with businesses entrepreneurs

Whereas a business entrepreneur typically measures performance in profit and return, a social entrepreneur assesses success in terms of the impact s/he has on society. –Wikipedia, “social entrepreneurship”

Unlike traditional business entrepreneurs, social entrepreneurs primarily seek to generate “social value” rather than profits. And unlike the majority of non-profit organizations, their work is targeted not only towards immediate, small-scale effects, but sweeping, long-term change.–PBS: The New Heroes

Distinct from a business entrepreneur who sees value in the creation of new markets, the social entrepreneur aims for value in the form of transformational change that will benefit disadvantaged communities and ultimately society at large.–Skoll Foundation

They pursue poverty alleviation goals with entrepreneurial zeal, business methods and the courage to innovate and overcome traditional practices. A social entrepreneur, similar to a business entrepreneur, builds strong and sustainable organizations, which are either set up as not-for-profits or companies.–Schwab Foundation for Social Entrepreneurship

And a quick commentary:

It’s easy to envision social entrepreneurs as innovators, but I think it is very interesting that so many organizations have also chosen to define social entrepreneurs as “very committed” –not that I do not think social entreprenuers are committed to the causes they support, but rather that commitment has become part of the definition. There is the implication that social entrepreneurship involves blood, sweat, and tears and involves a holistic value system that guides a social entrepreneurs life’s work.  For social entrepreneurs, work isn’t just a job–it’s a way of life.

The third characteristic–that social entrepreneurs address large scale issues–I also think perhaps narrows social entrepreneurship unfairly. I am sure that many of the larger organizations working in social entrepreneurship focus on large issues such as global climate change, world hunger, poverty, and education–but I imagine that the most successful social ventures operate at the grassroots level, addressing the specific elements of an issue and applying targeted solutions. The ability to yield greater impact and effectiveness is likely linked to the scale of the project….and I would assume that the closer you are to the ground, and the smaller the scale of your project, the more effective and successful it will be. Maybe it’s just semantics…or maybe it is just a different way of framing the issue.

Lastly, I want to address the tendency to describe social entrepreneurs as being distinct from business entrepreneurs. I understand, and totally agree with, the distinctions made between social and business entrepreneurs. But! I would add a bit of caution to the severity of that line. While some organizations contrast social entrepreneurs with business entrepreneurs, others compare them and emphasize as well as celebrate the use of business principles and private sector strategies by social entrepreneurs. As things continue to shift and the social sector continues to grow, I think that line will become more undefined. For example, while public policy graduate programs exist all around the country (See Public Policy School?), many business schools now offer social entrepreneurship and nonprofit specialties, conferences, and fellowships.

Check out: U.S. News & World Report’s MBA Nonprofit Specialty rankings, Harvard University’s Social Enterprise Initiative, Duke University’s Fuqua School of Business’ Center for Advancement of Social Entrepreneurship, and Net Impact —just to name a few.