The term sustainable development was used for the first time when environmental degradation and excessive use of resources has been highlighted on the agenda of international organizations and governments. It’s important to explain what we mean by social entrepreneurship particularly given the relative novelty of the term and the lack of clarity regarding its relationship to more traditional entrepreneurship. Social entrepreneurs Endeavour to create social value through innovative, entrepreneurial usiness models.
The potential market for these entrepreneurs is huge because of the wide range of social needs that remain unsatisfied by existing markets and institutions. Social entrepreneurs often create tremendous value when they cater to very basic humanitarian needs. Social entrepreneur’s find new and efficient ways to create products, services or structures that either directly cater to social needs or that enable to cater to social needs that must be satisfied in order to achieve sustainable development.
It’s may help if we recognize that entrepreneurship is something that is co-produced by the very nature of an opportunity and the characteristics and motivation of the individuals involved. Social entrepreneurship is the art of creating a socially responsible business that aims to generate profit, while solving social and environmental problems. A social entrepreneur starts and run social enterprises.
According to Schumpeter is social entrepreneurship are exploiting an innovation and the more generally an untried echnological possibility for producing a new commodity of producing an old one in a new way, by opening up a new source of materials to the new outlet for products, by reorganizing an industry. Social entrepreneurs are imbued with multiplicity of justification. Social entrepreneurs act as the change agents for society, seizing opportunities other miss and improving systems, inventing new approaches, and creating solutions to change society for the better.