Problems and Prospects of Social Entrepreneurship

Abstract

The emergence and success of entrepreneurship contribute to the economic growth and development of a nation. Social entrepreneurship primarily focuses on social or environmental issues. It is derived from social innovation to find solutions to social or environmental challenges. They provide quality and affordable products and services to serve the community, especially underserved and marginal sections of the society. Out of this, social entrepreneurship generates revenues, to be financially sustainable so that it can invest the same in further social programmes. The present has attempted to analyze the challenges and prospects of social entrepreneurship. It further aims to explore the societal need factors and motivational factors for the emergence of social entrepreneurship. The study reveals that finance, family support, and awareness are the major challenges, whereas opportunities for personal welfare and social transformation, integration of marginalized groups, and excellent mobilization of social capital are the major prospects for social entrepreneurship in the study area.