Abstract:
Any definition of the term ‘social entrepreneurship’ must start with the word ‘entrepreneurship.’ The word ‘social’ simply modifies entrepreneurship. Though the concept of ‘social entrepreneurship’ is gaining popularity, it means different to different people. A social entrepreneur is the one who recognises a social problem and uses entrepreneurial principles to organize, create and manage a ‘FOR PROFIT SOCIAL ENTERPRISE’ to bring about social change. THE ENTERPRISE CREATED BE PROFIT ORIENTED. However, many people think that social enterprises cannot be for profit but the fact remains that social entrepreneurs have complete faith in markets and they believe in creation of economic value along with social value.
Social enterprises should not be confused with non-profit or not-for-profit organizations. NGOs that by and large, survive on grants cannot be considered as social enterprises because self sustainability is the most essential aspect of the social enterprises. Social enterprises address social issues using market driven solutions. Social entrepreneurship is about applying practical, innovative and sustainable approaches to benefit society in general, and the marginalized and poor, in particular.
