SOCIAL ENTREPRENEURSHIP AND ITS ROLE ON RESHAPING INDIAN SOCIETY

Abstract

Social entrepreneurship has gained significant attention globally, including in India, where it has become a prominent and intriguing concept. The fusion of social service and entrepreneurial principles makes it a unique and attractive venture. Traditionally, entrepreneurship has been associated with profit-driven activities, often sidelining societal well-being. However, in the current era of rapid industrialization and economic growth, the concept of social entrepreneurship has emerged as a meaningful way to contribute to society while embodying the spirit of entrepreneurship. The core idea of social entrepreneurship aligns with the combination of entrepreneurship and societal benefits. As corporations increasingly recognize their greater roles in contributing to society in both economic and social aspects, social entrepreneurship has taken on new forms and identities. Prominent organizations in India have embraced this approach, contributing positively to society. This research paper delves into various aspects of social entrepreneurship, providing an in-depth examination of its conceptual framework, processes, challenges faced by social entrepreneurs, and recommendations to enhance the landscape of social entrepreneurship in India. The paper explores the similarities and differences between social and economic entrepreneurship, highlighting the traits essential for a social entrepreneur. Concepts such as social needs and social innovations are explained from the perspective of entrepreneurship. The paper also underscores the expanding scope and significance of social entrepreneurship in recent years. Additionally, it explores how social entrepreneurship can impact the social fabric, particularly at the bottom of the pyramid level, in India and other developed nations.