Management Notes

Reference Notes for Management

Social Entrepreneurship – Concept , Types, Characteristics, Approaches and Examples | Fundamentals of Entrepreneurship

Social Entrepreneurship

Social Entrepreneurship

The concept of social entrepreneurship describes how individuals, startups, and entrepreneurs work to develop and fund solutions that address social issues. It can also be known as an organization that uses business methods with the aim of addressing a social or environmental problem in an innovative. It is all about recognizing the social problems and achieving a social change by employing entrepreneurial principles, processes and operations.

In order to improve the living standard of the people and society, social entrepreneurship combines commerce and social issues. With an acute understanding of social needs, social entrepreneurs fulfill the required needs through creative organization. Social entrepreneurs don’t measure their success in terms of profit alone but their success is also shown by the improvement of social value and standards.

The entrepreneurs involved in social entrepreneurship are associated with non-profit sectors and organizations but without eliminating the motive of making a profit. The major focus of social entrepreneurship is on creating social capital without measuring performance in terms of profit or return.

In a similar way, social entrepreneurship also focuses on environmental problems and offers new ideas in business for wide-scale social and environmental impact.

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