Social entrepreneurship: the future of global busi
Contributed, Nov. 16, 2019, 6 a.m.
Global Entrepreneurship Week will take place this year from Nov. 18-24. - 123RF
Every year, the Global Entrepreneurship Network (GEN) celebrates Global Entrepreneurship Week across 170 countries. From Nov. 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.
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, has 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.
Royer Thompson Management Consulting Limited