SOCIAL ENTREPRENEURSHIP: INNOVATION AND DEVELOPMENT FOR BUDDING BUSINESS

The world, until recently, was divided between capitalism, socialism, free market, command economies and other similar polarisations. Entrepreneurship, in such a dichotomous world, belonged to the realm of capitalism. It referred to individuals starting their own enterprises, instead of being employed by someone else, with the purpose of making money.  Social entrepreneurship is an evolution beyond these extremes and combines the need for economic, social and ecological sustainability.

India is a hub of social entrepreneurship and has a long history of solving social problems through entrepreneurial strategies. Social Entrepreneurship in India focuses on what ‘entrepreneurship’ means for social entrepreneurs, and how their efforts are different from other social change agents. Entrepreneurship in developing economies is a greater social phenomenon than an economic driver. The social empowerment of entrepreneurs helps them evolve cognitively with their ability to turn ideas into action and build a contextual business model. It is a pool of social practices-led knowledge, frugal innovation and business vision among the entrepreneurs, which they either inherit or learn through social interactions.        

Socially empowered entrepreneurs are innovators and risk-takers who plan and manage business projects to achieve predetermined goals in the local markets. The social facet of entrepreneurship has closer proximity to innovation, diffusion and business modelling. With proactive public policies emerging, especially during Covid Pandemic, empowerment of entrepreneurs is operationalised in both financial and social categories. Social Entrepreneurs also use innovation in their business models in all countries including India. The vital role of socially responsible enterprises and the need for their complete participation and leadership in all areas of sustainable development is possible primarily through collective action. It is in this context that Chinmaya Vishwavidyapeeth, Veliyanad, Ernakulam, has put in efforts to bring forth an edited volume on Social Entrepreneurship: Innovation and Development for Budding Businesses.

Twenty-four select articles, pondering on various topics related to Social Entrepreneurship, have been wrapped up in this volume. These articles were presented at the National Virtual Conference on ‘Social Entrepreneurship: Innovation and Development for Budding Businesses’ organised by the University’s School of Contemporary Knowledge System on 15-16 September 2021.  These papers will definitely provide useful insights to academicians, entrepreneurs, research scholars, students, executives of government and non-governmental organisations, sustainability activists, corporates engaged in the sustainability programs, public policy experts and the general public as a whole.  The scholarly reflections include different perceptions on social entrepreneurial activities such as women empowerment, Self-Help groups, environmental concerns, business models during the COVID-19 pandemic, student start-ups, government-sponsored interventions in bringing up social entrepreneurial activities etc.  Based on the existing successful Indian social ventures and enterprises, the book provides practical insights into the models used to build these successful ventures.