Social Entrepreneurship in India: A Conceptual Framework and Economic Prospects
DOI:
https://doi.org/10.31305/ijmds.v15n08.005Keywords:
Social Entrepreneurship, innovative approach, social benefits, conceptual frameworkAbstract
Social entrepreneurship is classified as another type of entrepreneurship that focuses on searching for solutions to social issues through the development of ideas considered financially sustainable and technologically viable organisations. Entrepreneurs engaged in the area of social entrepreneurship create viable socio-economic structures for the concerned problems, build enterprises, and develop initiatives that create sustainable benefits for society as a whole. In a country like India, social entrepreneurship is immensely important and can be considered the need of the hour in today’s society. People and groups with a creative zeal are developing innovative approaches to eradicate social problems by creating meaningful business opportunities. Entrepreneurs always search for opportunities, and social entrepreneurs are that breed of entrepreneurs who find opportunities in social problems; Bill Drayton opined that ‘The life purpose of the true social entrepreneur is to change the world.’ In India, sectors such as healthcare, education, poverty alleviation, women's development, sustainable employment opportunities for young folks, environmental protection and creation of awareness, and other problems of society, and more importantly, the issues concerning marginalised sections, can be solved through the development of meaningful business opportunities. This paper analyses the conceptual framework of social entrepreneurship and the technical aspects of its functioning, including financial management and other relevant areas. Another aspect of the study is to analyse the journey of some successful social entrepreneurs in our society and their efforts in developing meaningful solutions, which in certain cases turn out to revolutionized.
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