social entrepreneurship is a business activity with a purpose to bring solutions to acute social issues. It is different from ordinary business where the highest purpose is to generate more profit for shareholders. While a growing profit is desirable for a social business as well, but it's top priority is to generate a positive social impact.
Instead they study the issue and build business models that allow them to offer solutions for groups in need on one hand and to generate income that provides sustainable support to social impact they create.
Social entrepreneurship does not equal social activism or social work, as it is specifically a business activity and
a valid sustainable business model must be an integral part of a social enterprise.
The definition of social entrepreneurship may differ in different parts of the world. However,
in Latvia this definition is determined by the Social Enterpreneurship law, which came into force on April 1st of 2018. The status of a social enterprise in Latvia can be obtained by a merchant who meets the criteria set by the law.
social entrepreneurs choose not to leave social needs to governments or big business to solve
By creating products or services with high social value social entrepreneurs make life better for vulnerable or disadvantaged groups. They bring innovation to social structures, social services and relations between economy sectors. In their essense social entrepreneurs combine pro-active entrepreneurial spirit and problem-solving attitude with empathy and care for their communal and ecological environment. In their actions they bring business principles, processes and operations to the social sphere in order to achieve a desired social change.