Innovate Now
9 Social entrepreneurship: The basis of the start-up success The French word ‘entrepreneur’ is now part of common parlance. The concept has now also branched into social entrepreneurship. PM Modi used this term several times while launching the StartUp India program. He chose this phrase over words like trade and business. This would have answered many students’ doubts over why courses like MBA have a special emphasis on teaching social entrepreneurship. All major business schools teach social entrepreneurship because new vistas for business open only when you think of making lives better. Noticing problems around you and thinking of innovative ideas to solve them are at the core of any start-up’s success. Management gurus count 2 vital factors for the success of any start-up: innovation and the capability to take risks. Both attributes should be coupled with the motivation to contribute to society. This chapter has many case studies that are a shining example of finding opportunities in the face of challenges. PM Modi’s appeal for social entrepreneurship would have encouraged those youngsters who want to make a career out of social service. We have many examples where people have found success even in social welfare. NGOs and similar organizations also work for social welfare. However, it is now transforming from philanthropy to entrepreneurial ventures.
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