This article has been written by Ms. Madhumita Barik a final year LLM student of Adamas University.

ABSTRACT: 

Promoting social entrepreneurship as a way to solve global difficulties and stimulate creative solutions to urgent concerns is something that the United Nations (UN) does very well. Beyond standard profit-driven motivations, social entrepreneurship entails applying business ideas and creative techniques to have a beneficial social and environmental effect. The social stability of a nation is one of the most important success markers, irrespective of its level of socioeconomic progress. For this reason, social entrepreneurship—a novel use of social technology in contemporary society—became a reality. The paper’s goal is to provide a theoretical and methodological foundation for the viability and necessity of employing social entrepreneurship as a catalyst for economically driven social development. It also develops actionable recommendations for social entrepreneurship growth and implementation in Ukraine. The study’s methodological foundation was provided by theoretical scientific knowledge techniques, the use of which allowed for the discovery of social entrepreneurship’s broader potential for addressing societal issues.

KEYWORDS: Social Entrepreneurship, Sustainable Development, Innovation, United Nation, Solution.

INTRODUCTION: Originating in the cooperative movement that started in nineteenth-century Europe, social entrepreneurship gained popularity in the 1980s and 1990s with the advent of the schools of thought and practice known as social innovation and social business. Nonetheless, for centuries, philanthropists—including those who are today referred to as venture philanthropists—have been motivated in their actions by the concepts of social entrepreneurship. The term “social entrepreneur” gained popularity due in large part to William Drayton, who founded Asoka: Innovators of the Public, a non-profit organization that promotes social entrepreneurship. Drayton is also a well-known supporter of the social innovation school of thought. Asoka, which was founded in 1980, is dedicated to assisting regional social entrepreneurs and reducing income disparity via social entrepreneurship. Designing and implementing novel solutions that suggest conceptual, procedural, product, or organizational change with the ultimate goal of enhancing the welfare and well-being of people as well as communities is known as social innovation. 

SOCIAL ENTREPRENEURSHIP: The application of entrepreneurial ideas and methods to social and environmental problems is known as “social entrepreneurship.” Social entrepreneurs are people or groups that use creative, long-lasting, and market-driven solutions to address urgent issues and bring about constructive social change. Social entrepreneurs place a higher priority on social effect than regular business owners, who are primarily concerned with making money. Microfinance institutions, fair trade associations, renewable energy projects in underprivileged areas, and businesses that hire marginalized or disadvantaged people are a few examples of social entrepreneurship ventures. The accomplishment of international objectives, such the Sustainable Development Goals (SDGs) of the United Nations, is greatly aided by social entrepreneurship. It fosters a more sustainable and just world by fusing the ideas of commercial innovation with a strong commitment to positively impacting society.

The key features of social entrepreneurships are:

1. Mission-Oriented Strategy:

A strong dedication to an environmental or social cause serves as the driving force behind social entrepreneurs. Rather than focusing only on optimizing profits, their main objective is to tackle and resolve a particular issue or difficulty.

1. Creative Remedies:

Social entrepreneurs frequently come up with original and imaginative ways to solve societal issues. They use innovative business strategies, technological advancements, and organizational designs to effectively and long-lastingly bring about good change.

1. Models of Sustainable Business:

Social businesses make money by selling products or services in an effort to maintain their financial viability. Because of their sustainability, they are not dependent on grants or contributions alone to continue tackling social concerns.

1. Measurement of Impact:

Measuring and quantifying the social or environmental impact of their activities is the primary emphasis of social entrepreneurs. To evaluate the efficacy and accomplishment of their treatments, they employ indicators and metrics.

1. Inter-Sector Cooperation:

Cross-sector cooperation is a common feature of social entrepreneurship, encompassing alliances with corporations, non-profits, governments, and local communities. This multispectral strategy aids in utilizing a range of resources and knowledge.

1. Empowerment and All-Roundness:

Often, the goal of social entrepreneurs is to strengthen underprivileged or neglected communities. Through their activities, they hope to alleviate societal injustices and provide equitable access to opportunities for all.

1. Adaptable and Hardy:

Resilient and flexible, social entrepreneurs are frequently prepared to change course after experiencing setbacks and refine their approach. They embrace a philosophy that promotes lifelong learning and progress as they negotiate difficult social problems.

1. The Ability to Scale and Replicate: 

 Initiatives in the field of social entrepreneurship that are successful are made to be reproducible and scalable. This implies that their models may be modified to solve comparable problems in various contexts or enlarged to reach bigger populations.

The UN acknowledges social entrepreneurship’s revolutionary potential in tackling difficult global issues. Here is a more thorough look at the ways that the UN promotes creative solutions through its several programs:

1. Sustainable Development Goals: 

• The 17 Sustainable Development Goals (SDGs) that the UN has established act as a roadmap for building a better, more sustainable future. It is recommended that social entrepreneurs match their endeavours to these objectives, concentrating on particular problems including hunger, poverty, health, education, gender parity, access to clean water, and climate change action.
• Social entrepreneurs may use the SDGs as a framework to focus their efforts and advance the larger global agenda for sustainable development.

1. Collaborations and Partnerships: 

• To optimize effect and foster synergies, the UN actively encourages collaborations between corporations, governments, non-governmental organizations, and social entrepreneurs.
• Initiatives for collaboration, like the UN Global Compact, unite companies and groups dedicated to coordinating their plans with the SDGs, encouraging creativity and teamwork.

1. Increasing Capacity: 

• The UN funds initiatives that increase the skills and expertise of social entrepreneurs so they can plan, carry out, and grow their projects.
• Programs for education, training, and mentoring assist social entrepreneurs in overcoming obstacles and securing the long-term viability of their businesses.

1. Innovation Contests and Challenges: 

• The UN hosts and funds a number of innovation contests and challenges that inspire social entrepreneurs to provide original answers to certain issues.
• These contests frequently give winning projects prominence, financial assistance, and mentorship, encouraging an innovative culture and drawing attention to worthwhile ventures.

1. Mechanisms of Financing: 

• The United Nations (UN) enables social entrepreneurs to obtain funding through impact investment funds, grants, and collaborations with financial institutions.
• The goal of programs like the UN Social effect Fund is to finance social entrepreneurs so they may grow their businesses and have a greater beneficial effect.

1. Campaigning and consciousness: 

• The UN is essential in promoting laws that encourage social entrepreneurship and increase public knowledge of its capacity to bring about constructive change.
• By presenting case studies and emphasizing the benefits of social entrepreneurship, the UN helps to shift attitudes and create a welcoming environment.

1. Sharing of Knowledge: 

• Social entrepreneurs may exchange ideas, lessons gained, and best practices on the UN platform. A worldwide network of change-makers who can benefit from one another’s experiences is fostered by this knowledge-sharing.
• Social entrepreneurs and other stakeholders can engage in debate and collaboration through UN-provided conferences, seminars, and online platforms.

1. Social Impact Management: 

• The UN stresses how crucial it is to assess and document an initiative’s effects on society and the environment.
• The United Nations facilitates social entrepreneurs in communicating their accomplishments and garnering backing from investors and donors by offering assistance on impact measuring methodology.

CONCLUSION: Encouraging innovative solutions is essential for addressing complex challenges and driving positive change in various fields. Whether in business, technology, social issues, or the environment, fostering innovation requires a supportive environment and deliberate efforts to nurture creativity. The UN’s engagement with social entrepreneurship encompasses a holistic approach that involves partnerships, financial support, capacity building, advocacy, knowledge sharing, and a focus on impact measurement. This collaborative effort aims to harness the potential of social entrepreneurs in achieving the UN’s vision of a more equitable, sustainable, and resilient world. As a potent tool for tackling global issues and encouraging creative solutions, social entrepreneurship is greatly aided by the United Nations (UN). The Sustainable Development Goals (SDGs) and the UN’s aim to promote sustainable development and address urgent challenges are in line with social entrepreneurship. Essentially, the UN’s support of social entrepreneurship is a reflection of its dedication to use innovation to promote sustainable development. As part of its efforts to solve the world’s most pressing issues and build a more inclusive and resilient future, the UN supports a worldwide movement of social entrepreneurs by establishing an ecosystem that fosters cooperation, capacity building, finance, and policy advocacy.

Reference: 

1. This article is published in 

https://www.un.org/en/academic-impact/fostering-innovation-and-creativity-social-change

1. This article is written by 

Iryn Kostetska. https://www.researchgate.net/publication/315358859_Social_entrepreneurship_as_an_innovative_solution_mechanism_of_social_problems_of_society

1. This article is published in

https://unitar.org/sustainable-development-goals/prosperity/our-portfolio/entrepreneurship-and-private-sector-development