Providing innovative solutions to help the needy
THE Covid-19 pandemic has greatly impacted society in general. Many salary earners have lost their jobs due to business shutdowns. A lot of businesses have also ceased operations because of poor economic conditions.
Unemployment and discontinued business operations have undoubtedly brought on many social problems, which include low family income, poor healthcare, school drop-outs and street crimes, just to name a few.
Relying solely on governmental actions in solving social problems could be insufficient and slow. It also increases expenses for the government. Therefore, social entrepreneurship which focuses on business with a social mission could be a possible way out of social problems.
Social enterprises exist in many forms and run various types of businesses. They are different from pure for-profit businesses because they are formed to create profit to be selfsustained and to solve specific social problems.
The establishment of social enterprises can create new employment opportunities because they hire unemployed individuals in the labour market. When people are employed, they will be paid a salary. Subsequently, it helps to develop a better economic condition.
Some social enterprises hire persons with special abilities, which provides an opportunity for them to make a living and contribute to the country. Therefore, problems such as low family income, low quality of life and social marginalisation could be reduced.
Social enterprises can ease the government’s burden in helping needy people. Normally, social enterprises are established with specific social problems to be solved and targeted beneficiaries to render help. As such, they can reach the right people with the right mechanisms and resources.
People who need help, such as those trying to learn new skills, how to generate income, getting shelter, seeking protection etc. can approach the respective social enterprise to get the desired assistance. Thus, they serve as another alternative to help the needy.
Social enterprises also encourage and embrace innovations in products, services or processes using viable new ideas. They can easily bring new products or new services into existence, and introduce new processes or new ways of doing things into the society.
Innovation in the way to help those in need is important for sustainability of a society. Social enterprises are playing a direct and crucial role in improving people’s quality of life and make people’s life easier through various types of innovation.
In conclusion, social enterprises are businesses that operate with significant contributions to the society and country. Transforming an existing business into a social enterprise or developing a new social enterprise is indeed a wise move in today’s business world.
Faculty of Business and Management, Universiti Teknologi Mara Melaka
Bitcoin has given up all the gains made over the weekend, when prices reached a record US$61,000.
Prices for the largest cryptocurrency shot up on Saturday, only to quickly retreat in the following days. The largest cryptocurrency sank almost seven per cent on Monday and was little changed yesterday, trading around US$55,900 in London.
The volatility was due to investors taking profit after Bitcoin’s
recent run, said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.
He predicted that prices might bounce back to US$62,000 before another slide down.
Crypto traders have been positioning for the arrival of United States stimulus cheques and betting on some of that money finding its way to Bitcoin.
Bitcoin has surged some 1,000 per cent over the past year, a mesmerising rally that outstripped more traditional assets.
“We’ll see buying resume, given the stimulus coming in and stock markets starting to look good again,” said Ayyar.
Atichanan Pulges, chief financial officer of Bitkub Capital Group Holdings Co, operator of Thailand’s biggest cryptocurrency exchange, said Bitcoin and other cryptocurrencies had rallied a lot in a short period of time and were poised for correction.