Social entrepreneurship is an entrepreneurial initiative towards the welfare of the social, cultural and environmental aspects of the society. Social entrepreneurs aren’t profit-oriented but work towards the improvisation of the society. This article intends to educate our readers on social entrepreneurship, which we believe is a platform for our young entrepreneurs to innovate, with a social cause.
Types of Social Entrepreneurship
The common objective of all social entrepreneurship initiatives involves the welfare of the community, the only difference being the type of its formation. The various forms of social entrepreneurship are listed below:
- Non-profit organization
- Co-operative societies
- Social enterprise
- Community project
- Special purpose business
Why Social Entrepreneurship?
It is pivotal to make a difference to the world around us. Community development activities such as waste management, educating the downtrodden, contribution to healthcare etc; would potentially make for a more educated and civilized nation. The world needs such initiatives, given the current state of global transformation. With the help of cutting edge-technology, social entrepreneurship can not only deliver efficient public services, but also helps in strengthening a nation’s economy. Moreover, it creates a culture of sustainable development.
Sustainable Development: Sustainable development is a process that ensures the fulfillment of basic human requirements without causing any depletion to the environment.
Some of the social entrepreneurship organizations in India include the likes of MAD (Make a Difference), Save Green, Smile Foundation, CRY (Child Rights and You) etc.
Social Entrepreneurship Vs Business Entrepreneurship
Entrepreneurs, in general, are innovators and they work for a specific cause. Here, let us understand the differences between a social and a business entrepreneur
|S. no||Social Entrepreneur||Business Entrepreneur|
|1||They work for the welfare of the society||The work towards the accomplishment of commercial purposes|
|2||Social entrepreneurs are primarily valued for their welfare activities, though profit would be an imperative aspect, as any entity needs adequate funds to operate||Business entrepreneurs work with the motive to earn profit, as they would be accountable to investors and shareholders|
|3||Wealth includes sustenance and development of the social, environmental and cultural aspects of the society. The wealth that is generated will be utilized for the benefit of the general community||Wealth is same as profits. The wealth that is generated will be utilized for the benefit of the customers.|
Want to start a social enterprise? Know more about Section 8 Company Registration