What is Social Entrepreneurship and Why the World Needs More Social Entrepreneurs
April 3, 2025
The Dominance of Neoliberal Ideas about Capitalist Businesses and Their Responsibility By definition, businesses exist to make profits and incorporate any residual concerns about social good as part of their normal profit seeking behavior. In other words, it is the case that businesses and their owners worldwide are concerned about social good as just being…
Social business is a business that is aimed at addressing a social cause. The investment made by the investors is entirely with a vision of contributing to the social welfare and not profit entirely. The investor may however get back his money after a certain time and cover all the operational costs of the organisation.…
The idea of social business was given by Prof. Muhammad Yunus of Bangladesh. It was unique because unlike other concepts or businesses that were serving the society for namesake, social business was based on certain principles. These principles are seven in number and are called the principles of social business. Like any other principle, the…
Entrepreneurs are people who venture into new areas primarily with intent of making profit out of the same. Of course there they socially responsible also and have the obligation of contributing to the well being of the society in which they operate; but this obligation is secondary. In social entrepreneurship this obligation of contribution to social well being is primary and in a way profit takes a back seat or is more or less secondary but essential to the survival!
A social entrepreneur is somebody who takes up a pressing social problem and meets it with an innovative or path breaking solution. Since profit making is a secondary objective, therefore they are people who are passionate and determined about what they do. They possess a very high level of motivation and are visionaries who aim at bringing about a change in the way things are.
By definition social entrepreneurs are great people recruiters who present their ideas or solutions in a way that many people, who are either part of the problem or surrounding it, recognise a need for change and get onboard the change bandwagon. Thus mobilizing the masses for bringing about change is a hallmark of a social entrepreneur.
Social entrepreneurs operate with an aim of changing the face of society. Be it health, sanitation, education, they are present everywhere. There are people even who work on bringing about change in the modern innovations because their impact has been detrimental to human life. They thus work towards improving systems, creating new solutions, laying down fair practices.
Some of the very famous people who inspire others to take up social entrepreneurship are:
These are examples of some people who fought for what they believed in and brought about varying degrees of change in their respective spheres of work.
Social entrepreneurship has witnessed a boom in the past few years with more and more people getting attracted to it. There is now a healthy competition and world class graduates are giving up lucrative jobs to work and contribute in meaningful ways towards the society.
As Bill Drayton would say it aptly ‘Social entrepreneurs are not content just to give a fish or teach how to fish. They will not rest until they have revolutionized the entire fishing industry’. Such is the passion and the commitment required to be called a social entrepreneur that it may not be misappropriate to say that it is more challenging that traditional entrepreneurship!
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