Social Entrepreneurship – A Way for Community Development

The concept of entrepreneurship has a long history in the business sector with major objective of creation of value through innovation, but now corporate awareness about triple bottom-line-profit, society and environment leads organization to long-term sustainability. Nowadays, corporate fulfills its social responsibility through CSR and by adopting environmental friendly practices and processes. Apart from fulfilling its traditional objective of profit making, corporate sets social and environmental objective too. Social entrepreneurs use business skills and knowledge to create enterprises that accomplish social purposes. Social entrepreneurship has been widely recognized as a successful way that leads to significant changes in the social and economic contexts for poor and marginalized groups. Social problems—health, education, economic, environmental and cultural are main area of concern for the social entrepreneurship. They take innovative initiatives to build new social arrangements through mobilized resources and business principle in response to those social problems, rather than profit. Social entrepreneurship is a way to catalyze social transformation rather than profit making. Mohammad Yunus and Gramin Bank, Mr. V. Kurian and Amul, N. K. Chaudhari and Jaipur rugs, and SKS micro-finance are few successful examples before us telling that how they took initiative to solve social problems as their main objective along with profit making. The main objective is to find out the role of social entrepreneurship in understanding and solving societal problems for a sustainable world. Research Methodology: An exploratory research is conducted through secondary data collected via different means. Findings: The main findings of this paper are that bottom of the pyramid cannot be neglected, as it is a part of major population. Proper identification and solution of the underprivileged can be better achieved for a peaceful and sustained world through social entrepreneurship.