A social entrepreneur often makes a product or offers a service that improves society. In some cases, a socially aware business owner simply makes a typical product with a smaller carbon footprint, or while providing better employment conditions for its staff.
Social entrepreneurs are often willing to take on the risk and effort to create positive change in society through their initiatives. … Often, social entrepreneurs drive the production of environmentally friendly products, meet the needs of an underserved community or focus on philanthropic activities.
It helps to build resilient and pluralistic social market economy, in the country. Social enterprises create jobs, provides innovative services and products, promote a sustainable economy, create opportunities and hope for the future.
They create economic value: By creating jobs, producing income, and nurturing an entire network of business partners—suppliers, shipping companies, lenders, and utility companies—social entrepreneurs contribute to the economic renewal of the region or country where they live and operate.
Social entrepreneurship strives to combine the heart of business with the heart of the community through the creativity of the individual.” Social entrepreneurs, he adds, “play the role of change agents in the social sector.” … There is no sustainable benefit accruing to these communities.”
How is entrepreneurship important to society and the economy?
New and improved products, services, or technology from entrepreneurs enable new markets to be developed and new wealth to be created. Additionally, increased employment and higher earnings contribute to better national income in the form of higher tax revenue and higher government spending.
One way to identify social needs is to consider the Human Development Indicators and then determine the willingness to participate and the commitment that the stakeholders acquire.
What is the role of entrepreneurship in the economic growth of the family?
Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term.
Social enterprises offer a community with a sense of purpose. These enterprises tap most locals as a way to both provide income for them and answer the call of change in their community. By engaging themselves in this kind of social action, they can bring fulfillment to their hearts.