The Merits of Social Entrepreneurism

The concept of entrepreneurism is highly regarded by the general public, because it epitomizes the qualities of creativity, determination, and risk-taking. We root for entrepreneurs to be successful, because they show that such characteristics can lead to positive results. Social entrepreneurs augment this illustration of a business, because they aim to assist disadvantaged and impoverished communities. Social entrepreneurship is the backbone of development in third-world countries, providing opportunities for people to sustain economic prosperity.

All forms of humanitarian aid can make a difference in neglected societies, and non-profit organizations impact the underprivileged by providing food, shelter, and other necessities. But in order to maintain long-term growth and facilitate cultural expansion, the people in these communities must learn how to be financially successful and improve quality of life in the modern world. Education and business initiatives are key, because they can influence an economy and improve the lives of significant populations.   Successful entrepreneurship is crucial to economic growth, and social entrepreneurship in particular can have a lasting effect on a populace.

For a social entrepreneur, financial profit is not the primary goal of the initiative. Rather, the optimal result is to create extensive benefits for his or her society. By focusing their endeavors on producing an effective outcome for a community or large-scale society, social entrepreneurs can be extraordinarily beneficial to that region’s growth.

Many Indians in need have been assisted by social entrepreneurships. One example is Frontier Markets, a business based in Jaipur, India. The organization provides affordable access to clean-energy products. Rural communities in India are given the opportunity to purchase high-quality energy devices at a low price, and are supplied with training and servicing to ensure that the predominantly solar energy products could be used indefinitely. This social entrepreneurship has impacted rural communities across India. Rural families saved money on energy, and the replacement of kerosene energy with solar power saved lives. Power became a more reliable commodity, and emissions were significantly reduced. In a measure that actively diminishes revenue for the company, Frontier Markets decided to educate their customers by training them on the service and replacement of the energy devices. Frontier Markets is not a non-profit organization, but it structured its entrepreneurial activities around a commitment to improving rural societies in India.

This is the sort of influence Profugo hopes to incorporate in the village of Prashanthagiri and beyond. Frontier Markets exists because its founder, Ajaita Shah, utilized her creativity and insight to make a difference. Profugo’s Social Entrepreneurship Incubation Program is meant to provide individuals with the same opportunities that Shah utilized. The initiative hopes to provide training and funding for citizens of Prashanthagiri to become visionaries in their community.

Women in rural India rarely obtain the resources and knowledge to become entrepreneurs and take part in the marketplace. Because of gender biases and a lack of educational opportunities, these women often refrain from following their passions. Profugo has worked hard to provide tailoring and English language training to women, and our next step is to give Prashanthagiri citizens the chance to become active in the community and engage in social entrepreneurship.

Social entrepreneurships positively influence the creator of the business and the society in which its products or services are sold. If a social entrepreneur begins a program to sell an exotic fruit in the area, that person and the individuals purchasing the product are positively influenced. Similarly, market diversity is expanded and economic development broadens. Profugo can initiate such economic maturation by providing rural Indians with the tools to construct a social entrepreneurship. The Social Enterprise Incubation Program can have a positive influence on the Prashanthagiri community, as long as we have the funds to establish and invigorate the program.