What Is Social Entrepreneurship? What Are the Benefits of Social Entrepreneurship?

Social entrepreneurship is growing fast due to the worldwide growth of social and economic inequalities. Social entrepreneurship involves business models that seek to boost social equality and enhance the living standards of people in the society. Unlike other businesses where profits are used to expand the wealth of shareholders, profits generated from social enterprises are plowed back into the business or used in actualizing social goals such as social inclusion, the creation of jobs, community healthcare, cultural needs and environmental conservation.

Benefits of social entrepreneurship Social entrepreneurship leads to creation of more jobs and income

Due to the dwindling job market as a result of technological expansion, people are losing their jobs in record numbers. The only reprieve to these people is social entrepreneurship, as one of its main goals is to boost social equality by creating jobs for the society. On top of job creation, social entrepreneurship directs all its profit to bankroll projects that uplift the living standard of the whole society. This business model has lured many people to venture into social entrepreneurship because when the society is well off, crime rate reduces and local communities coexist in peace.

Social entrepreneurship puts social change into practice

The greatest advantage of social entrepreneurship is the effect it has on society. Social entrepreneurship leads to the creation of many enterprises in different niches that positively impact the society. Some of the major sectors of the society that will be improved by social entrepreneurship include education, health awareness and alternative energy. This makes social entrepreneurs a vital part of society, as they see the community as the solution, as opposed to beneficiaries of products and services. They contribute resources and expertise to help members of the community improves their lives.

Social entrepreneurship offers complete autonomy over your life

Like any other kind of entrepreneurship, social entrepreneurship gives you the freedom to do what you wish. There is no boss around to police your activities as it happens in the traditional 9-5 jobs. Social entrepreneurs are free to make their own decisions without someone vetoing them. This freedom to make decisions can lead to the creation of innovative technologies that make people’s lives easier or solve community problems.

Social entrepreneurship makes you a figurehead in the society

If you manage to build an enterprise that solves community problems, creates jobs for the society and improves their lives, you become a revered figure in society. When people talk about philanthropy, your name comes on top of the list. Impacting people lives can be a blessing to you and your family.

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