Of Social Business Ventures and Islamic Principles
Tuesday, February 17, 2015
Interest in the area of social entrepreneurship has gained momentum in recent years. Many studies have been commissioned in this area, including comparative studies to clarify the concepts of conventional entrepreneurship and social entrepreneurship, and also social entrepreneurship with not-for-profit activities such as corporate social responsibility (CSR) initiatives, charity and voluntary work.
In recognising the vital role of social entrepreneurship in the economy and society at large, experts in the area of business and entrepreneurship have supported the view that social entrepreneurship is the force that will drive this world towards a better future.
We have seen successful conventional entrepreneurs establish business ventures, accumulate wealth through profits and contribute a significant portion of their wealth to charitable causes that benefit society. Undoubtedly, such deeds are noble and highly recognised by society.
Nevertheless, one may question whether such contributions are adequate in providing long-term and sustainable solutions for serious socio-economic problems, especially among the underprivileged.
This includes providing them with adequate education, healthcare, energy and water services.
In addition, there is also the need to address poverty, unemployment, housing, the environment and other problems in society.
Inevitably, a viable long-term solution is essential in solving these socio-economic problems, which has led to the emergence of social entrepreneurship as a possible alternative to conventional entrepreneurship in recent years.