Social Entrepreneurship can resolve India’s outstanding issues like access to basic healthcare, education, clean water , particularly in underserved or disadvantaged sections of society. It can create jobs and economic development. It can help in environmental problems, such as pollution, waste management, climate change and conserve natural resources and protect the environment. It can help in empowerment of marginalized groups such as women, minorities, people with disabilities.
Entrepreneurship
An entrepreneur is an individual who creates or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures. A few decades ago, the term “entrepreneurship” became fashionable and more and more youngsters with creative minds and innovative ideas decided to establish their careers as entrepreneurs. As a result of which, now we have successful businesses like Amazon, Microsoft, Facebook, Apple, etc. India has Infosys, Reliance, HDFC’s, Tatas, Wipro etc. which are big corporations now. At the same time, the likes of Paytm, Flipkart, Ola, OYO Rooms, Swiggy, Practo and Zomato are some recent applications based successful enterprises.
Social Entrepreneurship
Entrepreneurs now look for innovative ideas so that they not only generate profit but also can have a positive impact on society. Hence, the term “Social Entrepreneurship” came into existence. Social Entrepreneurs are innovators, change agents, dreamers, self-driven, philanthropists and leaders. They analyze social issues and problems and work strategically to deal with them. Social entrepreneurship creates job opportunities and provides employment to people. Entrepreneurs in food tech businesses like Swiggy, Zomato, and UberEats have created more than 600,000 jobs through their food delivery operations alone. They have provided a respectable job and regular income to people with low educational qualifications and skills. The goal of social entrepreneurship is not just to create profit but also to give back to society and connect with customers beyond economical purposes. Amul, an Indian co-operative dairy company, famous for white revolution, was started to stop the exploitation of rural milk producers by the traders and agents. It played an important role in the development of rural people and farmers. Therefore, it is known as one of the leading social entrepreneurship companies.
Social Entrepreneurship status in India
India is a vast country with a huge population. We have the largest youth population in the world, which is both a challenge and an opportunity. It is a challenge because as a developing nation and always in dearth of resources and capital. With limited financial resources the Indian State is not in a position to support and create required opportunities for our youth. The corporate sector is also in its nascent stage of growth. Our NGO infrastructure is underdeveloped and lacks the resources. Social Entrepreneurship has great potential towards our national development and growth. We urgently need individuals, groups, start-up companies or entrepreneurs, who develop, fund and implement solutions to social, cultural, or environmental issues. We need inspiring examples of social entrepreneurship like Pipeline Angels of the US.
Pipeline Angels is the US’s Investment company. It observed that there are fewer female minority investors. They decided to change the face of investing by creating investment opportunities for women and minority investors. They also run a Bootcamp to educate female investors. We need social entrepreneurship in India like that of Bangladeshi Muhammad Yunus, who founded Grameen Bank, pioneered the concept of microcredit for supporting innovators and received a Nobel Peace Prize for his efforts. We need more profit-making social enterprises to support the social or cultural goals and generate a positive "return to society". Social entrepreneurs are innovative, resourceful, and results oriented. They draw upon the best thinking in both the business and non-profit worlds to develop strategies that maximize their social impact.
Social Entrepreneurship and Challenges:
Social entrepreneurship is relatively new and faces challenges too. Social entrepreneurs are trying to predict, address and creatively respond to future problems and often face difficulties in identifying the right problems to solve. Unlike business entrepreneurs, social entrepreneurs tackle hypothetical, unseen or often less-researched issues, such as overpopulation, unsustainable energy sources and food shortages etc. Founding successful social businesses on merely potential solutions can be nearly impossible as investors are much less willing to support risky ventures. Social entrepreneurs and their employees are often given diminutive or non-existent salaries, especially at the onset of their ventures and struggle to maintain qualified, committed employees. Social entrepreneurs are often unsuccessful because they typically offer help for those least able to pay for it. Capitalism is founded upon the exchange of capital for goods and services. However, social entrepreneurs must find new business models that do not rely on standard exchange of capital in order to make their organizations sustainable. This self-sustainability is what distinguishes social businesses from charities, who rely almost entirely on donations and outside funding.
Educational & Entrepreneurship:
Somaiya Vidyavihar University, Mumbai outshines as a premier educational institution of the country. Established in 1959 by the late Shri K.J. Somaiya (1902-1999), celebrated 81st Foundation Day on 1st December, 2002. Endowed with a sharp business acumen, a balanced perspective and a social bent of mind, Karamshibhai set up the Somaiya Trust in 1953 for furthering his dream of shaping young minds through quality education.
Somaiya Vidyavihar University & Entrepreneurship:
If you are interested in learning about entrepreneurship at Somaiya Vidyavihar University, there are several options available to you:
Enroll in entrepreneurship course: It offers courses on entrepreneurship that cover topics such as business planning, market analysis, financial management, and leadership. These courses provide you with a solid foundation in entrepreneurship principles and practices.
Join an entrepreneurship club: It has clubs that provide students with opportunities to learn about entrepreneurship and connect with like-minded individuals. These clubs often host events, workshops and guest speakers focused on entrepreneurship.
Participate in an entrepreneurship program or incubator: It offers entrepreneurship programs or incubators that provide students with hands-on experience working on business ideas or ventures. These programs can be an excellent way to gain practical experience and build your entrepreneurial skills.
Seek out internship or job opportunities with startups: Another way to learn about entrepreneurship is to seek out internships or job opportunities with startups. These experiences can provide you with valuable insight into the day-to-day realities of running business and allow you to work alongside experienced entrepreneurs.
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