Abstract The present study examines the evolving nature of social enterprise and identifies the most significant factors related to individuals and institutions. Organisations that pursue both profit and non-profit objectives, thus maintaining a mix of market- and mission-oriented practices and beliefs for addressing social and ecological issues, are known as “social enterprises.” The present study examines the methods of identifying, evaluating, and exploiting the principal factors related to social entrepreneurial opportunities. For this purpose, a qualitative research process applying the Delphi technique was conducted. A Delphi sample of 25 experts from Spain and Latin America was included. This study contributes to building a framework of reference for academics and practitioners regarding the key factors influencing the different stages of the social entrepreneurial process. The empirical results of the study offer a testimony of the most significant, both contextual and individual, factors in each stage of the social entrepreneurial process.