Understanding the Concept of Social Entrepreneurship

Abstract

Purpose of the is paper is to understand the Concept Social Enterprise and its principles of Social Entrepreneurship. Social entrepreneurships is a thought of making society a better place by bringing the solution to the community based problem. The individual with such a thought of a mindset becomes a “Social Entrepreneur “ Social entrepreneurships are about driving a positive change within the society. It is creating a transformational change and brining benefit to the society, and it also comes with lot of commitment towards the society. Social entrepreneurship is not profit oriented or the only goal of business but the ultimate objective or the goal is of improving the society or betterment of the environment as a whole. Today, though the concept of Social Entrepreneurship is perceived in various ways in the global and may cater to different aspects of the society depending on the nature of problems. However Social entrepreneurship at large is also catering to the Corporate Social Responsibility & archiving the sustainable development. Social entrepreneurships should follow the principles of Governance, collective interest and ensure the involvement of all the necessary stakeholders. Proper and rational governance will help and add value to full fill another principle of Environmental & social objectives ensuring the sustainable growth. There can be various purposes to achieve from community development, energy conservation, proper waste management or even ensuring proper health services to masses. Social entrepreneurship involves exploring the opportunity of business with an objective of addressing the social need, recognition toward the problem addressed & evaluation in terms of the extent of creating and awareness and bringing about the social change and last but not the least exploration of opportunities that will create and bring a significant value to the needs of the society. Commercial entrepreneurship represents the identification, evaluation, and exploitation of opportunities which are profit oriented. Contradicting to the same thought, social entrepreneurship refers to the identification, evaluation, and exploitation of opportunities that result in social value