Social Entrepreneurship – Third Sector

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Social entrepreneurship is a rapidly growing field that has extended the concept of entrepreneurship with social issues sustainable projects. In 2006, Muhammad Yunus and Grameen Bank of Bangladesh was awarded the Nobel Prize for their extraordinary efforts to promote economic and social development in the current section of society. This event gave tremendous momentum to social entrepreneurship. This was the beginning. Many more profit and non-profit companies have begun to recognize them as a Social Entrepreneur. Ashoka.org, settled in skollfoundation.org Foundation, Schwab Foundation schwabfound.org and Aravind Eye Hospital araving.org are the best examples of social entrepreneurs. I will suggest readers to go to the relevant websites and read about these projects to understand the concept of social entrepreneurship, however.

Social and environment, such as environmental denudation, poverty and human rights violations have not been addressed adequately by the government, nor has there been a considerable amount of business. If we observe history, we see only unofficial and non-profit organizations have taken an interest in resolving such problems. This sector has worked mostly independent of any sector. The social is more or less on their own.

Whether the government supported or not, the social sector has increased significantly over time. In the United States alone are 1.5 million non-profit organizations with a combined annual revenue of about US $ 700 billion (National Center for non-profit boards, 2006). This is more than the GDP of Brazil, Russia or Australia. Moreover manages over US $ 2000000000000 in assets in the social field.

Despite the economic importance of the social sector is not recognized as a profession in traditional economies. The first country to recognize the economic and social importance of the social sector by creating comprises ‘third sector’ of voluntary and community groups, social enterprises, charities, cooperatives and mutuals that share the characteristic of being independent and value driven primarily reinvest financial losses surplus more social, environmental and cultural objectives. 2006 British government created the ‘office of the third sector. The British government is spending millions of pounds in the third sector. Recently, President Obama has also created’ office of social innovation and civic engagement with social innovation fund “(The White House 2009) that intends to identify and replicate high-impact, performance-linked organizations that deal with nations most challenging social problems.

In our country, in my notes The Aravind Eye Hospital is a classic example of social entrepreneurship defines all aspects. Founded in 1976 by Dr. G. Venkataswamy with the mission to eliminate unnecessary blindness, Aravind is the largest and most productive eye care facility in the world. Take compassionate service to the doorstep of rural India, incredibly effective methods Aravind has vaulted the barriers removed, poverty and ignorance to create a self-sustaining system.

Social and environmental problems can be solved if Social Entrepreneurship considered important sector. Technological and entrepreneurial skills will be used in this sector. The Young Entrepreneurs should think differently and be prepared to take some orbit change challenge, as the saying goes, “The Beginning of breakthrough innovation is not the idea but the trajectory change challenge.”

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