Social Enterprise start-ups have maximized the improvements in human and environmental well being.This may include maximizing the social impacts instead rather than profits.Social enterprises differ in their commitment to impact as their central mission of business. The term social enterprise is not much widely used In India and this sector is not the hottest sector.
While the average classical entrepreneur typically measures performance in profit and return, social entrepreneurs also take into account a positive return to society. Social entrepreneurship typically attempts to further broad social, cultural, and environmental goals often associated with the voluntary sector. At times, profit also may be a consideration for certain companies or other social enterprises.
Just as entrepreneurs change the face of business, social entrepreneurs act as the change agents for society, seizing opportunities others miss to improve systems, invent new approaches, and create solutions to change society for the better. While a business entrepreneur might create entirely new industries, a social entrepreneur develops innovative solutions to social problems and then implements them on a large scale.
“Social entrepreneurs identify resources where people only see problems. They view the villagers as the solution, not the passive beneficiary. They begin with the assumption of competence and unleash resources in the communities they’re serving.”
-David Bornstein, author of How to Change the World: Social Entrepreneurs and the Power of New Ideas
As in other countries, in India too, social entrepreneurs are a growing phenomenon bringing positive change to several social areas ranging from education to healthcare, renewable energy, waste management, e-learning and e-business, housing and slum development, water and sanitation, violence against women, other issues related to women, children and the elderly etc. The key aim of these Social enterprises is to introduce sustainable and dignified living to the under privileged and the marginalized citizens of India.
Social entrepreneurs do not have a formal recognition as a sector. While this may deprive them from and sector specific benefits such as incentives or tax breaks, there are growing numbers of investors and hand-holding companies that incubate social entrepreneurs. There is also a growing number of women social entrepreneurs as well as those from the Indian diaspora. Most of these entrepreneurs are highly educated and sector specialists, most of whom may have left lucrative jobs in India or overseas to pursue their commitment towards a social cause or improving the lives of their fellow citizens. India is said to have the largest number of social enterprises in the world. A sum of US$ 1 billion is expected to be coming into the Social Entrepreneurship space in the next five years.