Social Entrepreneurship In India – A Study

Abstract

The concept of social entrepreneurship has gained significant popularity in recent years, both in India and around the world. It has captivated people's interest due to its unique blend of social service and entrepreneurial spirit, making it an attractive and distinctive concept. Traditional entrepreneurship often revolves around economic pursuits and a relentless focus on profit, sometimes neglecting its impact on society's well-being. In today's era of rapid industrialization and economic growth, societal benefits have often taken a back seat or been disregarded in many countries.

The concept of social entrepreneurship has reverberated globally, particularly in India, as it offers a way to serve society in a more meaningful manner while fully embracing the entrepreneurial ethos. While the idea of social entrepreneurship has reached new heights recently, it is not a new concept. The Indian government has made corporate social responsibility (CSR) a genuine responsibility rather than a mere formality, and companies are now seeking ways to benefit both society and their bottom line.

Social entrepreneurship can be defined as a harmonious fusion of entrepreneurship and societal well-being. It is evolving and taking on various forms, gaining acceptance in a broader range of areas. Indian organizations have embraced this approach to doing business and have made significant positive contributions to society. This signifies a shift towards entrepreneurs assuming greater responsibility for society's welfare, rather than solely pursuing profit.

This concept also addresses social needs and innovations comprehensively. According to experts, social entrepreneurship is essentially the identification of social needs and the creation of unique social innovations to address those needs. This distinguishes it from traditional economic entrepreneurship, which primarily focuses on financial needs.

This research paper delves deeply into various aspects of social entrepreneurship, including its conceptual framework and the process involved. It also highlights the challenges faced by social entrepreneurs and proposes recommendations to enhance the overall landscape of social entrepreneurship in India. The paper explores the similarities and differences between social and economic entrepreneurship, elucidates the trends in social entrepreneurship, and examines the key factors such as social needs and social innovations from an entrepreneurial perspective.

Social entrepreneurship has expanded its scope and significance in recent years, and this paper covers both emerging and established aspects of the field. Finally, it discusses how social entrepreneurship can bring about changes and impact the social fabric in India and other developed countries, particularly at the grassroots level.