Social entrepreneurship is driving social innovation and transformation in various fields including education, health, environment, and enterprise development. The main goal is to invest money and benefit society in general, with an emphasis on those who are marginalized and poor.
Simple Definition of Social Innovation: Innovation with social impact.
More Robust Definition of Social Innovation: Innovation in product or service which creates (intentional and on balance) benefit for society beyond the consumer.
- It’s important to note that it can be in business, nonprofit, government, or any other organization for that matter.
- I think the category should generally exclude alcohol, tobacco, firearms, and gambling — unless it’s ridding those of the bad impact
An Entrepreneur plays an important role in economic development globally.
Creating employment opportunities:
As soon as an entrepreneur makes efforts to bring his idea into realization, he/she tries to engage more people into his/her venture to bring more productivity hence, resulting in the creation of more employment opportunities for people. A product manufacturing or a service-providing company needs more manual labor, a tech company needs more people to handle its overall functionality, etc. Moreover, commonly, every enterprise needs a functional support platform for its customers, which adds up the job opportunities for low-skilled, medium-skilled, and highly-skilled individuals.
Regional development:
To reduce the overall expenditure, an entrepreneur tries to set up his/her production industry in a place where,
- The market for selling finished goods is at a minimum distance.
- The cost of the establishment of infrastructure is minimum.
- Daily wage labor is available.
- The security of assets is ensured.
The best place to set up an industry taking all the above points into consideration is the area in the outskirts of a big city or a marketplace. By setting up a factory in such area, all the above mention points are ensured to a great extent. So, the development of the respective region has given a boost viz. creation of jobs, construction of roads, railway, ports, etc which overall contributions to the regions’ economy. Looking at these developments of local people and areas, a good government also encourages entrepreneurs, foreseeing the development of the country. For example, the government of India has come up with policies that stimulate MSME sectors.
Economic Independence:
By employing people in a venture, not only an entrepreneur is giving financial independence to the employees but he/she is also giving financial independence to himself/herself and also to the whole nation. The whole nation is getting products and services from a person who is not only decreasing unemployment but also providing some financial aid in the country’s economy.
So, basically, every day is high time for an entrepreneur to get forward, think innovative, solve everyday problems, change lifestyles, and much more! So, build up an entrepreneurial mindset and change the future for the better!
