Social entrepreneurship: the future of local and global business

Every year, the Global Entrepreneurship Network (GEN) celebrates Global Entrepreneurship Week across 170 countries. From November 18 to 24, 2019, several activities will take place to help entrepreneurs worldwide strengthen the world’s business community and craft innovative approaches to entrepreneurship. In recognition of the event, here’s a look at social entrepreneurship, an increasingly popular approach to business innovation.

SOCIAL ENTREPRENEURSHIP

A social enterprise develops and applies business solutions to a variety of social problems ranging from poverty to environmental concerns to lack of access to food, water and medical supplies. For instance, a company may provide a well-digging service or financial solutions for people with low incomes.

The term became widespread in the late 1990s and early 2000s. However, the development of social media and networking platforms, as well as the emergence of crowdfunding, have put social entrepreneurs at the forefront of global startups.

WHY SOCIAL ENTERPRISES ARE THE FUTURE

Social entrepreneurship is likely to gain momentum in the coming years. This is partly because millennials tend to privilege careers that allow them to apply their skills in ways they find meaningful and with companies that show a high degree of social responsibility. In addition, the internet makes socially-minded enterprises much easier to launch and develop. Increased connectivity allows social startups to recruit the diverse talent they need to grow their businesses while finding effective ways to tackle the issues they care about.

Global Entrepreneurship Week puts experienced people in contact with students and aspiring entrepreneurs alike. Social entrepreneurship is a testament to the positive impact the global business community can have.