Community Socioemotional Wealth as the Glue that Binds Distinct Communities in Enterprising: A Tale of Success From Colombia

Abstract

Recent advances in research have shed light on why and how community-based enterprises (CBEs) emerge. Nevertheless, little is known about the underlying factors that contribute to their success over time. This lack of attention is intriguing, given CBEs’ widespread proliferation as an instrument for socioeconomic development. We contribute to the CBE literature by applying and extending socioemotional wealth (SEW) to the CBE context. Our findings demonstrate how the presence of community socioemotional wealth (CSEW) enables CBEs to achieve enduring success. Beyond the presence of SEW's five traditional dimensions, we identify two new dimensions (empowerment and holistic mission) unique to CBEs. When jointly present, these seven dimensions explain how CSEW creates a favorable terrain for the CBE to succeed.