If we were to put what Social Entrepreneurship is, we would say it is business with a social purpose. Any business that is socially purpose-driven and allows the implementation of its business idea to profit the public and “return” to society is known as social entrepreneurship. However, it is not wrong to say that proportionally or unproportionally, every business serves the same purpose: finding solutions for cultural, environmental, and social interests.
Understanding Social Entrepreneurship
What is social entrepreneurship?
Different people have different meanings of social entrepreneurship and its practices. People have different definitions of social entrepreneurship and how it should be practiced. Precisely, it is any profit-oriented organization that produces social outputs for the good of society. Social entrepreneurship as an approach keeps the benefits of the public on the main stage. It plays a vital role in keeping the society together and in place. Although In contrast with other types of for-profit businesses, social entrepreneurship’s goal is not to increase profits.
A social enterprise’s primary role is to solve problems and be profitable. Following this, it makes profitability the means rather than the end goal of a business, but there is also an ultimate goal that social entrepreneurship strives to achieve. That is to bring the necessary change to the system that creates these adversities. But for systemic change to happen, social businesses must maintain sight of the problem they are trying to solve.
Post the global pandemic COVID-19; social entrepreneurship has played a significant role in keeping society and the environment collected and in place, not only through environmental checks but also by helping and speeding up the healthcare sectors. Today, increasing social entrepreneurship is a need more than a choice.
Whether pooling resources with the NGOs or doing fundraisers, social entrepreneurship helps find solutions to problems at a grass root level. Considering the times we live in, social entrepreneurship could help the environment in the optimum utilization of natural resources; stop the over-use of natural resources by setting up and developing more eco-friendly business ideas.
It is to understand that the basic ideology of social enterprise is that making money need not come at the cost of trashing our environment or weakening the social fabric of our societies.
Lastly, social entrepreneurship seeks to build relationships beyond those purely grounded in economic purposes, aiming to create economic and social value. Unlike traditional businesses, this ever-growing sector often takes advantage of new market opportunities to address social and environmental challenges.
There is no doubt that social entrepreneurship is changing the world. Every social impact enterprise seeks to solve a different problem, offers another product or service, and supports a diverse community affected by various issues. It would be correct to say that social entrepreneurship improves lives. It rejects the idea that doing good cannot be turned into a successful business, and even better, it creates a long-lasting, sustainable impact on the world. Social entrepreneurship is the need of the hour!
