Economic Benefits from Social Entrepreneurship

house buyer in Charleston

Social entrepreneurship is beneficial to any country’s economic growth and development. It aims not only to innovate things like products or services but also to help the overall welfare of the community. Although this topic is not apparently being empathized to other people, it is still vital to know what are the benefits it can bring to the public and how important it is. Does Social Entrepreneurship have value to us and our environment? This is significant as it creates social benefits and economic values to the world and here are the 4 benefits;

1. Job Market Enhancement

Once social entrepreneurs establish a business related to social services that primarily aims to help people like social work organizations, foundations and charities, professionals will be needed. Thus, it offers job opportunities to multiple skilled individuals in order to implement the mission and vision of the business.

In this field of enterprise, it provides social training for the purpose of social development, awareness, and even maintaining a healthy mind and body. Entrepreneurship is not always right after profit since its social form has an objective of providing something valuable to the public with or without return. That’s how it expands employment in a particular place.

2. Invention of New Commodities and Services

As we have tackled in the first paragraph, social entrepreneurship invents either a good or service for social and economic purposes. For instance, serial entrepreneurs gathered together to implement their plan to put up a nuclear power plant in a certain remote area. This will become the new source of energy in the community and people will enjoy the low-costs and accessible electricity.

Through the purpose of creating a chance for indigent people to access energy, it paves the way of innovating a service that would be beneficial not only for the people but also to the state since it will provide another service and bring taxes to the government.

3. Social and Economic Capital

Of course, this will lead the social enterprise to obtaining social and economic capital. Economic capital pertains to tangible assets and cash while social capital refers to the advantages we obtained from the organizations we belong to and relationships we established to other people. For instance, if an individual is a professional house buyer in Charleston and he decided to launch a fundraising for people who lost their homes due to hurricanes.

Then he asked help from other wealthy investors and build a house for selected victims. This allows the state to generate more  properties and strengthen individual connections to others that might be helpful for them in the future. 

4. Equity Promotion

This means identifying the various social patterns and detriments that need to be addressed in order to solve it. This requires community engagement, active communication, understanding one’s beliefs and societal challenges, and taking an action as a citizen to promote common good for your fellow man. This will build capacity for anyone to comprehend and realize the importance of their lives and how they can contribute to the state or their own countries. 

Final thoughts…

Social entrepreneurship has numerous positive impacts to the community’s economic and social advancement. This becomes an advantage to address the people’s social needs through continuous innovation with community-centered goals and objectives. This is significant to those countries that belong to third world class including the developing countries since they faced several financial and environmental constraints.

Not to mention the homeless beggars along the streets that only dwell on leftover food from trash cans to survive. They deserve to be seen, heard and assisted as their lives are also valuable like ours.

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