Role Of Social Entrepreneurship In Economic Development

Role Of Social Entrepreneurship In Economic Development – The concept of social entrepreneurship emerged as an important factor contributing to general welfare and prosperity. Recent studies have shown that social entrepreneurship affects the state’s economic growth and sustainability. Therefore, the underlying purpose of this study was to investigate the impact of social entrepreneurship on sustainable economic growth and value creation. This study also undertook to observe the mediating role of innovation in the relationship between social entrepreneurship and sustainable economic growth and between social entrepreneurship and value creation. A questionnaire technique was used to obtain data from 343 tour operators in China. Smart-PLS software was used to analyze the data using a structural equation modeling (SEM) technique. The results showed that social entrepreneurship has an effect on sustainable economic growth and value creation. The results also showed that innovation has an effect on sustainable economic growth and value creation. In addition, innovation was also observed to mediate the relationship between social entrepreneurship and sustainable economic growth and between social entrepreneurship and value creation. Theoretically, this study made a valuable contribution by examining the impact of social entrepreneurship on sustainable economic growth and value creation and innovation as mediators. In terms of practical implications, this study would certainly help policy makers design policies and strategies aimed at encouraging and promoting social entrepreneurship. In addition, future studies can introduce other mediating and moderating variables to gain a deeper insight into the phenomenon.

More recently, the concept of entrepreneurship has been explored and viewed from different perspectives (Ranville and Barros, 2021). One of the ways in which entrepreneurship can be seen is how it affects economic growth in the country. Higher economic growth leads to a higher employment rate and better living standards for the people in society, especially when the economy is down (Doran et al., 2018). This justifies that entrepreneurship is directly related to the economic growth of the country. Thus, policy makers can intervene and add social entrepreneurship as an important indicator that increases sustainable economic growth. In addition, innovation and human capital are also closely associated with social entrepreneurship. Statistical analysis showed that these variables greatly contribute to economic sustainability and growth (Rayamajhee et al., 2022).

Role Of Social Entrepreneurship In Economic Development

Role Of Social Entrepreneurship In Economic Development

Specifically, social entrepreneurship has recently caught the attention of researchers and practitioners and this concept has emerged as a prominent factor contributing to the improvement of society (Kannampuzha and Hockerts, 2019). Companies have devised social welfare policies to mitigate several social issues such as human welfare, poverty and employment (Lall and Park, 2020). Social entrepreneurship is an important factor that can increase social change. Furthermore, social entrepreneurs work for society without expecting any direct financial benefit from society in return (Adro and Fernandes, 2021). In addition, each type of entrepreneurship has some kind of social function, but social entrepreneurship and traditional entrepreneurship are different in terms of value creation (Stirzaker et al., 2021). Social entrepreneurship creates social value, while traditional entrepreneurship aims to create private economic value. Gupta et al. (2020) argued that entrepreneurial enterprise promotes economic value that is inseparable from social benefits because commercial and social activities are closely related in the real world. Furthermore, in a larger system, opportunity, entrepreneurship and philanthropy increase economic sustainability and institutional development. Social entrepreneurship is considered as a new business and a mixture of entrepreneurship (developing new ideas) and social cause (working for society; Bozhikin et al., 2019). Existing literature shows that various studies have tried to investigate the phenomenon of social entrepreneurship and its effect on the perspectives of social enterprises, social entrepreneurs and social ventures (Dwivedi and Weerawardena, 2018).

Linking Social Impact With Creativity, Innovation And Entrepreneurship Competence Building

Important contributions have also been seen in the field of entrepreneurship by psychologists to provide clear understanding of the behavioral factors that drive entrepreneurs’ career choices and their success (Gorgievski and Stephan, 2016). As a result, entrepreneurship research has also offered new insights and avenues to the field of behavioral psychology. For example, entrepreneurship methods have provided many examples in terms of identifying the different aspects that have characterized the continuous changes in the work domain, i.e. responsibility, uncertainty, flexibility, time pressure and uncertainty that are not yet managed by means of individual proactive behaviors (Mu et al ., 2020). Moreover, the initial stages of a business have observed no or less standards in the day-to-day or routine work roles. This gives the researchers an opportunity to investigate how entrepreneurship shapes innovation, careers, organizations and the overall impact on the environment that can influence the growth of the organization. The field of entrepreneurship, especially social entrepreneurship, shows a high potential to deliver the innovative and new solutions to the challenges facing societies today, for example climate change and social exclusion (Stephan et al., 2016). Social entrepreneurship is a driving force for innovation (Kickul et al., 2018). Innovation stems from social entrepreneurship because entrepreneurs intend to work with the opportunities that have appeared in the market and produce new products or services (Douglas and Prentice, 2019). Within the framework of social entrepreneurship, innovation has been highlighted as a significant factor that stimulates innovation in society. This study has considered innovation as an essential construct because innovation in the production process is a competitive advantage for firms and societies. This competitive advantage comes when environmental constraints are minimized and economic growth along with technological progress is enhanced (Ho and Yoon, 2022).

Entrepreneurship is conducted to solve social problems and promote sustainable development in the country. Thus, social value is created through innovation, progressiveness, social responsibility and competitiveness (Adro and Fernandes, 2021). Innovation in this regard helps society grow and achieve long-term sustainability. In addition, social entrepreneurs are capable of bringing innovation to society to improve people’s living standards. Innovative activities not only benefit the society of a country but also improve the overall reputation of the state (Doran et al., 2018). Different social causes are considered as opportunities for social entrepreneurs so that they work on these opportunities and develop new innovative products and services to mitigate these social problems (Crupi et al., 2022).

Sustainable economic development and economic stability are essential for the country’s growth (Al-Qudah et al., 2022). The social problems such as poverty, food shortages, unemployment and human welfare gradually impair the sustainable economic development of the state (Méndez-Picazo et al., 2021). However, social entrepreneurs intervene to mitigate these problems to create economic prosperity without compromising the capabilities of future generations (Morales et al., 2021). Sustainable economic development can be achieved by designing favorable and effective economic policies and development strategies. In addition, researchers argued that there should not be a trade-off between sustainability and economic growth, therefore studies have been conducted to investigate the factors that affect sustainable economic development and how sustainable economic development in turn affects the country’s economy. The political decision-makers in different countries have drawn up policies for sustainable economic development (Morris et al., 2020). Sustainable economic stability can be developed through social entrepreneurship as social entrepreneurs work for the betterment of society, resulting in better economic conditions (Abad-Segura and González-Zamar, 2021). In addition, the increasing interest in societal or social problems faced by economies has brought attention to ways that can mitigate or reduce these problems. For this reason, economic growth has become a prominent debate and the arguments for such debates are based on sustainable economic development (Aquino et al., 2018).

The Global Entrepreneurship Monitor defined the social entrepreneurial variable as those business initiatives or organizations that have a specific goal regarding environmental, social or societal aspects (Gupta et al., 2020). These factors include new ventures that focus on new value creation and social nature (van Lunenburg et al., 2020). Value creation in terms of social entrepreneurship develops when resources are combined in a new way to meet society’s needs, create new organizations and stimulate social change (Douglas and Prentice, 2019). The countries that encourage value creation can create a competitive advantage and gain a better and improved reputation. The role of social entrepreneurship in value creation is crucial for economies. Social entrepreneurship is a phenomenon that increases value creation for better living standards for people. Value creation occurs when the social problems in society are mitigated. Some examples of social problems are poverty, unemployment, homelessness, gender inequality and lack of access to healthcare. In addition, innovation as a result of social entrepreneurship is also a significant factor contributing to value creation. Social innovation increases value creation, which in turn improves society’s standard of living. Furthermore, the value created by social entrepreneurship is generally seen in terms of social value. Higher sustainability also ensures value creation through social entrepreneurship (Bozhikin et al., 2019).

The Impact Of Entrepreneurship On Society

Social entrepreneurship is a new concept that requires attention because fewer studies have been conducted to understand this concept (Lall and Park, 2020). Al-Qudah et al. (2022) examined the impact of social entrepreneurship on sustainable economic development and suggested investigating how social entrepreneurship and innovation would impact sustainable economic development. Also, the authors too

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