What is Social Entrepreneurship? – Definition, its History and Concepts

Social entrepreneurship is all about recognizing the social problems and achieving a social change by employing entrepreneurial principles, processes and operations.

It is all about making a research to completely define a particular social problem and then organizing, creating and managing a social venture to attain the desired change.

The change may or may not include a thorough elimination of a social problem. It may be a lifetime process focusing on the improvement of the existing circumstances.

While a general and common business entrepreneurship means taking a lead to open up a new business or diversifying the existing business, social entrepreneurship mainly focuses on creating social capital without measuring the performance in profit or return in monetary terms.

The entrepreneurs in this field are associated with non-profit sectors and organizations. But this does not eliminate the need of making profit. After all entrepreneurs need capital to carry on with the process and bring a positive change in the society.

Along with social problems, social entrepreneurship also focuses on environmental problems. Child Rights foundations, plants for treatment of waste products and women empowerment foundations are few examples of social ventures.

Social entrepreneurs can be those individuals who are associated with non-profit and non-government organizations that raise funds through community events and activities.

In the modern world, there are several well known social entrepreneurs who have contributed a lot towards the society.

The founder and manager of Grameen Bank, Muhammad Yunus is a contemporary social entrepreneur who has been awarded a Nobel Peace Prize for his venture in the year 2006. The venture has been continuously growing and benefiting a large section of the society.

Rang De is another brilliant example of a non-profit social enterprise.

Established in the year 2008 by Ramakrishna and Smita Ram, it is an online platform from where rural and urban poor people in India can access micro-credits with an interest rate of as low as 2 percent per annum.

Lenders from all across the country can directly lend money to borrowers, track investments and receive regular payments online.

The George Foundation is one more nationally recognized social enterprise. The Women’s Empowerment Program creates awareness among women by providing them education, vocational training, cooperative farming, business development and savings planning.

By employing the principles of social entrepreneurship, these organizations are addressing the social problems and bringing a positive change in the society.

There are several other organizations that are considered as a positive changemakers in the society.

Echoing Green, The Canadian Social Entrepreneurship Foundation, Schwab Foundation for Social Entrepreneurship, The Skoll Foundation, NIKA Water Company, Newman’s Own and Ashoka: Innovators for the Public are such organization that aim for bringing social change and continuously improving the existing conditions in the society.

The field of social entrepreneurship is rapidly growing and attracting the attention of numerous volunteers.

It has now become a common term in university campuses. The reason behind the increasing popularity of this product is that individuals get to do what they have been thinking for long. The extraordinary people put their brilliant ideas and bring a change in society against all odds.