What best defines 'social entrepreneurship'?

Social entrepreneurship is best defined by the practice of addressing social issues while being financially sustainable. This concept blends social mission and business acumen, indicating that social entrepreneurs seek to solve societal problems through innovative solutions, all while maintaining a viable business model that can generate revenue.

This approach is essential as it aims for long-term impact rather than just short-term fixes; it combines the goal of making a positive change in the society with the necessity of being financially sustainable. Social entrepreneurs often develop creative solutions to local or global social challenges, demonstrating that financial success can coexist with making a significant social impact.

In contrast, traditional business models that focus solely on profits might not prioritize social issues, while charities that do focus on social objectives often depend on donations and might lack the financial sustainability characteristic of social enterprises. Government initiatives, though sometimes beneficial, typically revolve around policy and public funding rather than the entrepreneurial spirit and innovation found in social entrepreneurship.