An indifferent attitude of government and negligence towards the welfare of the society, their poorer strategies towards the socially disadvantage peoples, this led to the emergence of social enterprise and social entrepreneurship. In past it was the work of NGO’s to set it right, but lack of funds kept them away from bringing changes to the society. This made social enterprises to emerge and bring drastic changes to the society.
Social enterprise and entrepreneurs look for opportunities to create social value, uncover the best approaches for realizing those opportunities and build social capital, that capital we can pass on inheritance, rather than debt, to the next generation.
Their function as the agent of change is questioning the status quo and changing the world for better. In social enterprise and social entrepreneurship, social wealth creation is the primary objective, where economic value creation in the form of income is necessary to ensure the sustainability of the initiative and financial self-sufficiency.
PURPOSE OF THE STUDY
This study about social enterprise and social entrepreneurship is to know about-
• How society gets benefitted out of it?
• Economic and trading activities of it.
• What are the effects on economy?
• The impetus behind it.
• Sector bending issues faced by it.
This explanatory study is based on secondary data. The secondary data for the purpose of this study will be collected from available literature, books, journals, articles in websites, and other written materials on the subject.
The initial task involved in the study are setting theoretical framework. Later, obtained relevant data, analysed the data and finally systematic presentation of findings.
THE SOCIAL ELEMENT
The greatest challenge in understanding social enterprise and social entrepreneurship lies in defining the boundaries of what mean by social. The social entrepreneurship is often based on ethical motives and moral responsibility.
To understand the social domain in social enterprise and entrepreneurship, the analysis of three successful cases of social entrepreneurship around the globe: The Grameen Bank in Bangladesh, The Aravind Eye Hospital and Sekem in Egypt. Value creation in all three cases embraces both social and economic aspects. The main focus however is on social value, while economic value creation is seen as a necessary condition to ensure financial viability.
SOCIAL ENTERPRISE IN INDIA
In India, a social enterprise may be a non-profit non-governmental organization, registered under Societies Registration Act, 1860. India has around 1-2 million NGO’s, including number of religious organization. A trust registered under various Indian State Trust Acts or a section 25 company registered under Indian Companies Act, 1956.
These kinds of organization are legally allowed to raise fund for non-business activities. Child Rights, You and Youth united are some examples of social enterprises in India.
FUND RAISING ACTIVITIES AND DONATIONS
Finance is said to be as a life blood of any kind of organization i.e. profit as well as to non-profit organization. Even social enterprise and entrepreneurs need fund for their welfare work. The efficiency and effectiveness of the welfare activity is wholly depending upon financial viability of organization.
They raise funds through selling merchandise, corporate fund raising, direct mail, fund raising events- dances, concerts etc. SMS appeals, schools/college fund raising etc. they even accepts donations which may be in form of cash & non cash, like adopt a wish, adopting/sponsoring person, grants, sponsoring meal, supporting campaign etc.
THE IMPORTANCE OF SOCIAL ENTREPRENEURSHIP AND ENTERPRISE FOR DEVELOPMENT
The social entrepreneur sector is increasingly important for economic (and social)...