The term "Social entrepreneurship" refers to a method that may be taken by people, organisations, start-up firms, or entrepreneurs in which they identify social, cultural, or environmental problems and then create, finance, and put into action potential solutions to such problems. This idea is applicable to a broad variety of organisations, each of which is unique in terms of its size, objectives, and core values. Typically, business indicators like as profit, sales, and gains in stock price are used by entrepreneurs operating for profit in order to evaluate company success. However, social entrepreneurs are either non-profit organisations or businesses that combine for-profit objectives with the achievement of a beneficial "return to society." As a consequence of this, they use distinct measures. In most cases, the goal of social entrepreneurship is to work toward the advancement of generalised social, cultural, and environmental objectives. These objectives are typically associated with the nonprofit sector and include the reduction of poverty, the improvement of health care, and the growth of communities.
There are occasions when non-profit organisations may form for-profit social enterprises, not as an aim in and of themselves, but rather to promote the social or cultural purposes of the organisation. For instance, a nonprofit group with the dual mission of helping the homeless find homes and work may run a restaurant in order to accomplish both of these goals at the same time. This would accomplish both of the organization's goals.
In 2010, the usage of the Internet, and more specifically social networking and social media websites, made it easier for anyone to engage in social entrepreneurship. These websites make it possible for social entrepreneurs to communicate with a large number of individuals who are not located in close proximity to one another but who have the same objectives. They also encourage these individuals to work together online, educate themselves on the issues, disseminate information about the group's events and activities, and raise money through the use of crowdfunding.
Researchers have been advocating for a deeper understanding of the ecosystem that social entrepreneurship and social enterprises operate in for the last several years. They will be able to improve their plan as a result, which will assist them in meeting their double bottom line aim.