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Issn -2347-856X Issn Research Paper IJBARR Impact Factor: 4.729 E- ISSN -2347-856X Refereed, Listed & Indexed ISSN -2348-0653 SOCIAL ENTREPRENEURSHIP: AVENUES & SIGNIFICANCE Disha Prajapati* Dr. Rajesh Kumar Pandey** *Student MBA 1stYear, SSR IMR, Silvassa, Affiliated to SPPU, Pune. **Associate Professor, SSR IMR, Silvassa, Affiliated to SPPU, Pune. Abstract Entrepreneurship has been flairfor society however not in full context. The challenge and risk surrounding the Entrepreneurship avenues eventually creates a bottleneck in development of Entrepreneurship. Enterprising personalities aren’t in dearth and hence boosting Entrepreneurship won’t be a difficult task in the society. One noble form of Entrepreneurship is Social Entrepreneurship. It is a tool or a technique or a start by a company to enact towards the need of societal cultural and environmental issues.Societies depend on entrepreneurs to drive job growth, innovate solutions to pressing problems, and pioneer technologies. Although profit is fundamental for a sustainable organization yet it’s not always the end goal. This is the reason that social entrepreneurship was developed. It rather aims to benefit the community by redirecting all profit back towards a social mission.The British council report 2016 states that Indian Social enterprises are relatively young with a survey result indicating that 57% of such enterprises are 5 years old. 24% of these social enterprises are led by women, higher than the 8.9% female-led firms in mainstream business/private sector firms.A Nation with approx. 2 million Social Enterprises comprising of Small, Medium & Large Industries, certainly has demonstrated a Nation Building approach however the potential is still higher with ever growing population & respective needs. This paper attempts to gather understanding on the essence of Social Entrepreneurship in Indian Context and discuss the various avenues for Social Entrepreneurship. Also to further demonstrate the examples of Social Entrepreneurs and put forward a suggestive model towards developing Social Entrepreneurship. The results gathered are indicative in nature and has the potential to promote the essence of social entrepreneurship.Social Entrepreneurship potentially is an answer to societal challenges and has the potential to nurture societal development. Key Word: Socialentrepreneurship, Entrepreneurship, Avenues For Social Entrepreneurship, Significance of Social Entrepreneurship Introduction “People think entrepreneurs are all about fame and money. I was never in for either. And, will never be. This is a much bigger fight.” Author SharadVivekSagar, Entrepreneurship has always guided the society to a better tomorrow. Self Employment motivated the society as a first step towards Entrepreneurship. Largely Entrepreneurs are believed to have an objective of profit making and that’s eventually is the crux of businesses, but there is an element of social cause in businesses. In the words of SharadSagar, fame & money gets considered as goal for entrepreneurs but originally the task comprises of better potential than just commercial existence. With enhanced scope & social belongingness, today’s entrepreneur has to be more a social entrepreneur than just a commercial entrepreneur. Over the past century, researchers have studied business entrepreneurs extensively. In contrast, social entrepreneurs have received little attention. Historically, they have been cast as humanitarians or saints, and stories of their work have been passed down more in the form of children's tales than case studies. While the stories may inspire, they fail to make social entrepreneurs' methods comprehensible. One can analyze an entrepreneur, but how does one analyze a saint?”―David Bornstein. Social Entrepreneurs are those exceptional individuals who dream up and take responsibility for an innovative and untested idea for positive social change and usher that Idea from dream to reality (Jain, 2012). Unlike a Charitable Organisation, a Social Entrepreneurship venture looks forward to enhance the investment in business to ensure the sustainability of the business and in return provide the benefits to the society at large. Social Entrepreneurship has identified its purpose and today we find sky of opportunities surrounding the Entrepreneurial society. Be it consumer comfort products or medicinal products, be it toy for the kid or a machine for B2B operations, societal focus is implanted all across. The significance of Social entrepreneurship may well get established with the essence of it that leads to the development of the society at large. The Social Entrepreneurs are beyond just the Non Governmental framework and emphasise on capacity development in the society. The huge scope of Social Entrepreneurship in terms of the avenues, the significance surrounding the concept and societal benefit from it, rationalises the studies in the field of Social Entrepreneurship. International Journal of Business and Administration Research Review, Vol.3, Issue.21, Jan-March 2018. Page 1 Research Paper IJBARR Impact Factor: 4.729 E- ISSN -2347-856X Refereed, Listed & Indexed ISSN -2348-0653 Objectives of The Study The Authors have considered the following objectives for the study: 1. To study the essence of Social Entrepreneurship in Indian Context while understanding the avenues for social entrepreneurship & its significance. 2. To demonstrate examples of Social Entrepreneurs on National level and put forward a suggestive model towards developingSocial Entrepreneurship. Research Methodology Social Entrepreneurship Avenues & Significanceis a descriptive study conducted with the help of massively secondary data. The study aims at understanding the concept & significance of Social Entrepreneurshipwith special reference to examples from National & Local region. The scope of the study comprises of the thoughtful review of the essence of Social Entrepreneurship in Indian context. Also the study has the potential to be a literature for further studies in this regard. The inferences from the study shall lead to inspiration for budding social entrepreneurs. The Authors have considered the Social Entrepreneurshipat large rather segmenting to any specific industry or region; this may be a major limitation of the study as the inferences are more prone to learning approach & inspiration. Hence the results derived are indicative in nature rather exhaustive. Literature Review Literature Review ignites the learning environment by encompassing a series of efforts towards reviewing the existing literature and gaining knowledge. The studies on Social Entrepreneurship have been in abundance and the authors had good mix of literary work to review. The inferences of the review have been categorised under following heads to present the learning:Social Entrepreneurship: Concept & definition, World of Education & Social Entrepreneurship and Social Entrepreneurship: Opportunities & Challenges. Social Entrepreneurship: Concept & Definition The concept Social Entrepreneurship is defined during various times and by various authors. Massively the definitions encompass the essence of societal development through innovative & creative disruptions. Social Entrepreneurship is the range from the broad perspective to narrow perspectives in entrepreneurial efforts in society. The broader perspective classifies the innovative involvement in creating either for-profit environment or non-profit to hybrid sector. The narrow perspective refers largely to the application of business and market based skills in the non-profit sector (Simha& Carey, 2012). Social Entrepreneurship has been defined till date more from the virtue of how we define a corporate entrepreneurship. Trait based definition where by the characteristics of an Entrepreneur largely defines his domain. Today there is a huge dissatisfaction towards addressing contemporary social, economical & environmental problems. Attempting for Social Entrepreneurship is the response to this alarming situation. There have been efforts to define Social entrepreneurship focusing on the characteristics & traits. For example Social Entrepreneurs are said to be visionary leaders who possess a strong ethical orientation, a high degree of social focus, ambitiousness and the capacity for continuous adaptation, creativity, resourcefulness and resilience (Trivedi&Stokols2011). Social Entrepreneurship necessarily promotes the instincts of the social dimensions and stewardship behaviour supports the instinct. Being in the capacity of a supervisor / custodian or a leader for that matter enables the entrepreneur to take decisions faster & with utmost responsibility. This responsible action leads to the base for a social entrepreneurship. Social Entrepreneurship spots an opportunity for interventions into a societal problem which otherwise hasn’t been tackled. The stewardship behaviour enables the social entrepreneur to provide desired sustainable solutions (Sharma &Basu2014). World of Education &Social Entrepreneurship Social Entrepreneurship has gained more momentum since 2006 when the Bangladesh based Mohammad Yunus&Grameen Bank of Bangladesh were awarded with the Nobel prize for their extra ordinary efforts to promote economic & social developments in the poorest section of the society. Social Entrepreneurship is a rapidly emerging field that has extended the concept of entrepreneurship by including social dimension of entrepreneurial ventures (Trivedi, 2010).Edupreneurs have been supporting as the backbone to the society since ages. The concept
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