Although there have been many research on social enterprise, little discuss on how social enterprise can success on the long term. This question need to be answered by combining some theory and best practices on managing social enterprise. This paper argues that there is a need to draw a framework to guide on how to create, manage and report the value of social enterprise. We based our work, on the three phases, using Institutional theory, entrepreneurship theory and resource based view theory. The result of our research is a comprehensive framework that might explain why a social enterprise success whiles other not. On the long term, the performance and existence of social enterprise will depend on how the social enterprise confronts the cycle of issues of creating, managing and reporting value. This finding might lead to further enormous empirical research on Social enterprise.