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“A little bit of good can turn into a whole lot of good when fueled by the commitment of a social entrepreneur.” – Jeff Skoll, Founder, and chairman of the Skoll Foundation.
Contemporary entrepreneurship is much different than what it used to be a decade ago. Today, it is more of a fusion of management skills centered on the context and requirements of the communities.
Goes without saying that conventional economics is mostly focused on growth. Also, various metrics that economists use to measure growth have a prejudiced view that only tells about production or output. However, when economies began to get stressed at the edges, ideas of sustainability and social responsibility started gaining significance.
However, before diving into the nitty-gritty of social entrepreneurship, let’s find out what it really means.
What is social entrepreneurship?
It’s the process of identifying social problems and the attempt to bring social change by implementing entrepreneurial principles and operations. A social entrepreneur is someone who recognizes business opportunities that have a positive effect on society and the world.
In comparison to traditional entrepreneurship, social entrepreneurship is about the opportunity, innovation, and initiatives that bring positive changes in the community and society.
How social entrepreneurship is changing the world?
Social entrepreneurship is driven by a fusion of processes that is centered on making commercial profits but driven by efforts that bring positive social changes. Read on to find out more about the impacts of social entrepreneurship in society.
A common characteristic of social entrepreneurs is they are open-minded and their response to problems isn’t based on stigmas and established tendencies. In other words, they can be referred to as unconventional thinkers who don’t limit themselves because of different constraints in the system but challenge the system with new ideas and techniques. They take advantage of research and data-driven assessments to find solutions to business and social problems which conventional methods have overlooked.
The best example would be how digital livelihoods are overcoming barriers, mitigating risks, and helping people take advantage of opportunities. Also, it is helping with skill development as people can learn new skills and find jobs in various sectors. Today, remote work culture is helping women, men, and people with disabilities as well as the marginalized section in various ways across the world.
Climate change is a serious concern in every country across the world. The misuse and overexploitation of resources for years have led us to an extent where we are now facing the wrath of nature. In such scenarios, social entrepreneurship promotes the use of sustainable practices, innovation, adaptability, and collaboration so that we can find ways to stop exploiting natural resources. Although various governments are attempting to mitigate the consequences of climate change by agreeing to different treaties, it’s the social entrepreneurs who are working on the ground level.
According to WHO, one billion people don’t have access to adequate healthcare facilities. In third-world countries, accessing good healthcare facilities for the poor is filled with challenges including availability, quality, and affordability Furthermore, governments are not able to offer proper solutions to these problems because of a lack of finance and other issues.
This is where social entrepreneurs are stepping up their efforts by making investments in healthcare sectors. For instance, social entrepreneurs like Bill gates are channeling wealth through Bill Gates and Melinda Gates Foundation to address serious health issues in poorer countries. Besides, social entrepreneurs have offered huge support to the poorer nations by offering medical supplies and other help during the COVID times.
Final thoughts
Social entrepreneurship is the need of the hour. Since we’ve been following a regenerative approach to doing business and managing economies, it’s high time for a change. Having said that, social entrepreneurship is a revolution in the way businesses are used to be conducted and managed usually. They are the agents of a better tomorrow as their ideas of running a business are blended with efforts of bringing positive change in society.
