Social entrepreneurship is a vital area of interest in many civic and social organizations and substantially impacts many social sites. During the past few years, financial resources have become more challenging to acquire, and society has continued to exhibit cultural and economic decline. Concurrently, communities need initiatives to intensify their financial viability and plans that improve the population’s overall viability.
Social entrepreneurship enterprises are firms that can serve as a means of increasing the social value of an organization, community, or a cause while improving the economic viability of a NPO (not-for-profit organization). With this being stated, social entrepreneurship has been defined in different ways by many different writers. I believe that social entrepreneurship includes various individuals working toward meeting economic and social goals simultaneously. At the same time, other writers’ in my circle consider social entrepreneurship a term coined to represent “individuals who combine the practical and results oriented methods of a business entrepreneur with the purposes of social reform.”
A more basic definition is “the method of using business and entrepreneurial skills to produce innovative paths to social problems.” Therefore, it is a methodology that is presently being employed to resolve societal and community concerns globally. The same titling does not define social entrepreneurship as an area of technological entrepreneurship in every culture. For example, in Latin American nations, social entrepreneurship enterprises are referred to as “Micro-Enterprise.” In India, the same program would be seen as a “Social Mission.” Though termed separately in various regions, social entrepreneurship initiatives are being implemented to solve specific concerns by focusing on the resource availability and needs within specific geographic areas.
Social Entrepreneurship in Education
Throughout North America, many academic institutions are improving their business programs by introducing a curriculum that caters to social entrepreneurship studies. In early 200s0, the Center for Responsible Business was propelled on the University of California, in their Berkley campus. This subsidiary of the Haas School of Business was executed with the intent of training students to be more conscientious and socially responsible members of society through attending “the preeminent educational institution in the area of Corporate Social Responsibility.” Stanford University also has founded a Center for Social Innovation as a part of its graduate school of business. This center was established with the mission to “build and sustain the capacity of organizations and individuals to develop innovative solutions to social problems for a more healthy and sustainable world.”
As youth expand their boundaries by setting entrepreneurial efforts, knowledge, and exposure to learning about the process involved in entrepreneurial business,, they effectively play a significant role in the rate at which business entities are ascertained. A study focusing on entrepreneurial interests among black youth ages 14 to 19 recognized that 75% of the youth surveyed had an interest in becoming entrepreneurs. The study also found that these youths believed that more information about entrepreneurship should be presented through their schools. They also thought that entrepreneurs have a duty to reinvest in their community.