Social Entrepreneurship to put simply stands for business with a social purpose at large.
Any form of business, that majorly allows implementation of their business idea to profit the public and “return” to the society is known as Social entrepreneurship.
Even though most businesses directly or in-directly serve the people ultimately, social entrepreneurship concentrates on developing, financially backing and executing ideas that contributes to find solutions for social, cultural and environmental concerns.
Social entrepreneurship as an approach keeps the benefits of the public in the main stage. It plays a vital role in keeping the society together and in place. NGOs that work for the benefits of various sections of the society is a strong example to showcase, how social entrepreneurship keeps the society together in general and in times of crisis.
Organizations that work for the upliftment of the poor, underprivileged women, and various other sections, function with meager profits but abundant empathy and social responsibilities. In terms of keeping our environment healthy and livable, a lot of organizations have taken up various environmental issues to work on. The term “sustainable environment”, which requires development along with keeping the environment under check, would not be possible, had there been no social entrepreneurship regarding environmental concerns.
In fact, all developmental activities should be made environmentally sustainable to allow a healthy growth and balance in the society. It’s an irony how the term social entrepreneurship has become only an approach, instead of being a seed of every business idea.
In times of a global pandemic like the COVID-19, social entrepreneurship plays a vital role in keeping the society and the environment collected and in place. Not only in terms of environmental checks, rather in helping and speeding up the health care sectors. Social entrepreneurship would allow and provide or those sections of the society that cannot afford proper and bare minimum of health care. Thus increasing and promoting social entrepreneurship is a need more than a choice. A classic example of social entrepreneurship is the implementation of corporate social responsibility (CSR) by the corporate world. More companies need to come up with CSR activities which doesn’t just qualify as a CSR but in reality contributes in making the world a better place for our fellow citizens.
Be it collaborating with the NGOs or setting up fund raisers, social entrepreneurship helps find solutions to problems at a grass root level. Also, 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 businesses ideas.
Hence, the need to enhance businesses with a social cause, and promote such entrepreneurship is much needed, considering the times that we’re living in. what we need are business models that are sustainable, allows environmental stability along with a developmental pace. Funding and supporting small start-ups that have a vision of social well-being and a broader idea to excel as a community.
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