As social enterprises are regarded as key players in solving social issues, they have opportunities to receive various financial supports from external sources to acquire operating capital and establish foundations for growth. However, there is growing concern that dependence on outside support may discourage them from building the basis for self-sufficiency, potentially leading to business closure once the support ceases. In this study, I examine how outside subsidies affect social enterprises’ ability to generate operating income, and how this relationship differs across enterprises" management styles. Using data from the Center for Social Value Enhancement Studies, I find evidence that, while outside subsidies generally have a negative effect on social enterprises’ future performance, this effect is mitigated for enterprises that are market-oriented, entrepreneurial, and independent.