Social entrepreneurship is basically utilizing a market-inspired business model to focus on important social and environmental matters. It is a developing field with varied and changing interpretations.
Most people have the idea that a basic element of social entrepreneurship, “social” stands for collective ownership. Unless and until a broader term is used for ‘social entrepreneurship’, it is required to use the words with a broader interpretation that does not make it limited to such an ownership. Whenever the purpose of a business is to address environmental and social issues, it is social entrepreneurship without any concern for the structure of its ownership.
Social entrepreneurship comes in all kinds of shapes and sizes, it can be found in all corners of the world. Some of the popular social entrepreneurship examples include Grameen Bank, Ever Green Environmental and Minnesota Diversified Industries.
Grameen Bank has created a revolutionary ripple in conventional banking system by eliminating the requirement of collateral. It has created new-age banking system which is based on the pillars of mutual trust, creativity, participation and accountability. Grameen Bank facilitates credit to the poorest people in the rural belts of Bangladesh, and that too without any collateral. Grameen Bank has been able to bring the poor within the banking orbit. The bank has transformed credit into a powerful tool to fight poverty and utilizes it as a catalyst for the comprehensive development of the socio-economic conditions of the poor. Managing Director and Founder of Grameen Bank, Professor Muhammad Yunus believes that providing financial resources to the poor people on proper and rational terms and conditions can add up their millions of tiny pursuits to create one of the largest wonders of development.
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Another of example is the Ever Green Environmental story. The program started in 1993 for mental health employees, who worked to recycle paper, aluminum cans and cardboard, all in a workshop. Today, Ever Green Recycling has grown to become a leading environmental business. It presently has three depots in St. John’s. Ever Green has seen thousands of products bring transformed in its recycling unit, reducing waste and saving energy. And, even today Ever Green supports physical and mental health programs.
Minnesota Diversified Industries has been around serving individuals having disabilities by providing them employment and progressive development opportunities in competitive business ventures. In order to provide the vital support for this mission, MDI offers solutions for its customers in the form of project-based services to corrugated plastic products.
Reaching out through this form of entrepreneurship matters since it strives to make positive changes to the world at a time when it is desperately required. It is one important tool that is directly making the world a far better place.
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