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While social entrepreneurship has only recently captured the public's attention, it has been in actual practice for some time. This article provides a definition for the term social entrepreneurship as well as some of the defining characteristics of social entrepreneurs versus traditional for-profit entrepreneurs. We'll examine the real-life application of social entrepreneurship, with examples of such ventures across several economic sectors, i.e. nonprofits, for-profits firms, and governmental entities - though most of our discussion centers on nonprofits engaged in social entrepreneurship. Furthermore, key factors influencing the surge in social entrepreneurial activity will be analyzed. In line with this recent increase, we'll investigate the crossing of philosophical lines of demarcation between nonprofits and for-profit firms in pursuit of social entrepreneurship, concluding with the practical challenges associated with this apparent convergence.