The Importance of Social Entrepreneurship

The nascent field of social entrepreneurship has been gaining wide attention because of the

enormous need for social development in developing countries. Its primary yet inherently

interesting appeal takes people into a mirage of the stories of why and how they do what they do.

And therefore, for some reason, business entrepreneurs like Ratan Tata still take a spree over us

with their brilliant ideas. Their success against all odds has led to creating new products and

services that have dramatically improved people’s lives.

Running a social business can be challenging as it requires the maintenance of funds equally for

business utilization and simultaneously developing and building leadership to win a social

impact. The rising number of social enterprises, changes in the workforce, and socio-political

environment and the impact of technological disruption have compelled organizations and

business leaders to acknowledge the significance of social capital to achieve long-term business

success. There is a difference between a social entrepreneur’s position as a task-pushed leader

and their functions at the strategic management level in a social business.

Human resource is a crucial factor in achieving the success of the social enterprise. One can

quickly build a team that can benefit the organizations’ internal and external technical

engagement with professionals. It is not unusual for a business to face falling and rising trends

on the graph. However, a team that excels in enduring social positivity will have a better bounce-

the back rate in the industry. Maybe there will be times that people will have to work without being

paid or to toil long hours in adverse, unhealthy, and uncomfortable conditions or even take real

risks for their lives and safety. Building a business with an established social venture, therefore,

needs a team that must not only possess the right set of skills and competencies but must also be

dedicated to the vision of the social enterprise. This excellence will fulfill the need to endure

courage despite the possible downfalls and sacrifices.

We focus on the three critical dimensions of how a Social enterprise’s human assets contribute to

the effectiveness of the company’s operations, namely - human capital acquisition, human capital

development, and human capital retention. Human assets play a crucial role in growing and

scaling a social venture for attaining objectives and attain financial sustainability. In contrast,

social entrepreneurship can guarantee healthy growth in the organization.

The common logic of social problems in management is shared interest and a shared

understanding of behavior by organizations. Therefore, individuals and teams operating in and

with human resources are always empowered by moral systems, roles, functioning, and

legitimacy of business establishments. As a result, they bridge technical expertise to applied

social practices, thereby developing strategies to market social amendment and further property

development.

For this kind of growth, social entrepreneurship emanates the need for a good portion of critical

training in verbal and informal arenas. Eventually, high-touch mentoring and coaching becomes

essential because nothing can be more fruitful than experiential learning in this context. As

communication is the shield against challenges, engagement in a problem-solving session will be

a promising gain through lateral learning. Similarly, the motivation and rewarding system under

social entrepreneurship. Although monetary incentives are the prime purpose of an individual

indulging in business, productivity should not always be driven by fiscal rewards. It would

altogether cancel out the very definition of social entrepreneurship.

In recruiting socially-venturing employees, the company must emphasize generic skills and

education and the crucial specialized skills necessary for a specific social enterprise. The

retention of trained human resources relies on diligent recruitment and equal consideration of

competent skills and social endeavors. Together, these can play a substantial role in helping the

organization achieve viability, prosper, and fulfill goals on a broader social scale.