Importance of understanding social entrepreneurship during Covid-19

Published : 14 Jun 2021 08:03 PM | Updated : 15 Jun 2021 12:41 AM

(Continued from last day’s section)

Either funding or knowledge sharing there are some companies working along with social enterprises and empowering them to further create an impact. Neoliberal social entrepreneurship also lends itself well to feel-good communication and storytelling—a just cause with young, idealistic, self-reliant characters ready to solve the problem on their own. People need to become creative and find innovative solutions for fostering sustainable growth, securing jobs, and increasing competitive abilities. 

Many of the most important social challenges the world facing today require radical innovation that cuts across organizational and disciplinary boundaries. Social innovation is nothing but finding out the most innovative and unique solution of social problems. The basic traits of social entrepreneurship are in seeing the social problem and solving it by local expertise. 

Social engineers are the entrepreneurs with the most resources who deconstruct and reconstruct society’s engines to achieve broader social aims. Social constructionists identify social gaps and convert them into opportunities by being more alert than others. Social entrepreneurship has become so inclusive that it now has an immense tent into which all manner of socially beneficial activities fit. Social entrepreneurship plays an increasingly important role in solving current societal and social challenges. Wongtschowski (2015) depicted that while social enterprises methodically generate opportunities for the growth of a variety of central human capabilities, they are only share of the solution. 

Types of social entrepreneurs: Association with commerce and a social issue; like what Elon Musk; Innovate for social impact; like Tom Szaky; Performance as a substance for social impact; like Greta Thunberg. Community initiatives are productions which skill for a common drive, re-invest excesses obsessed by their community development purposes and brand themselves responsible aimed at their movements, somewhat than just make the most of incomes for proprietors and investors. Community creativity is a mounting and active segment of the country. It is making occupations for deprived collections, authorizing females, and speaking community prohibiting crosswise in the country.

Regional cooperation among the social entrepreneurs to decrease the worst effect of the pandemic should work out by the social entrepreneurs. Underprivileged and worst affected people may get the benefit of the social entrepreneurs. Social entrepreneurship must be different from the commercial entrepreneurship as they should refrain from taking profit. Only large entrepreneurs should not be considered as social entrepreneurs but those who are working CMSME sector and creating employment scopes are also doing societal job. Govt. 

of Bangladesh may think to set up separate regulatory body for societal banking so that micro savings can be used for micro investment. However, agent banking and sub branch banking is flighting capital from the rural areas to the urban areas as investment and saving is not matching. There must be research and development how much deposit is accumulated from the rural areas and how much actually invested in rural areas-deficit should not be shadow typing.

Risks are also inherent in the expansion of financial markets to the margins have been promoted as incentive and discipline whilst being increasingly born by women and households. Neo-liberal form has been central to the incorporation of women into global capital accumulation via the expansion of credit markets, therefore microfinance programs are important sites of the politics for class and gender. However, the social entrepreneurs offering a unique product and set of services make it even harder to get financial aid from the established financial institutes. 

Nobel Peace Prize winner Kailash Satyarthiis a social entrepreneur. Paybacks of Social Entrepreneurship can be mentioned below: Implements a Societal Change; Improves excellence of Life; Is a Positivity Magnet; Earned Funding. According to the World Bank, between 143 million and 163 million people may be pushed into extreme poverty during 2021 because of the pandemic. Role of Social entrepreneurship rises to bring social change in the vulnerable and deprived societies through providing the means of financial development and advancing the quality of lives in the form of job creation especially during pandemic situation and aftermath. 

The COVID Response Alliance for Social Entrepreneurs was launched in April 2020 by 60 leading social-sector organizations aiming to help mobilize support and raise awareness of the vital role these entrepreneurs play in tackling the crisis and beyond. In various capacities, the members of the Alliance support over 50,0002 social entrepreneurs across the world. The entrepreneurs, in turn, have a direct or indirect impact on the lives of nearly 1 billion people according to their own estimates‚ providing access to employment, food, affordable energy and other critical services. Unlike conventional businesses, social entrepreneurs measure success according to their social, environmental, and economic impact. Challenges of social entrepreneurs’ value chain actors are shown below:

There are five factors in the supply chain which must work in an integrated manner: supporting intermediaries  should be act with considering the impact of the investors; Corporations need to work benevolent of the masses; Funders and Philanthropists need to work all out for social development and govt. institutions need to change their mindset and act for social expansion. 

By incorporating Covid-19 prevention into Society for Nutrition, Education and Health Action’s (SNEHA) efforts, they have helped in Mumbai, India to ensure that even during a pandemic, pregnant women living in communities continue to use public health services and gain access to treatments. Human capital that businesses and the global economy will need to thrive in a post-COVID world and work for new poor by the social entrepreneurs. As such social entrepreneurs need to work at local level, regional level and global level. Social entrepreneur can work for anti COVID 19 vaccination program to mitigate trust between life and livelihood. After COVID 19, under new normal situation duty and work of the social entrepreneur will rise.

 But now social entrepreneurs of the world should come forward to arrange production of anti COVID vaccine for all over the world. I was really surprised when Bill Gates told that he did not wish that special production of anti COVID vaccine for least developed countries though he donated huge amount where his company involved in huge amount of making profit for business process: double standard of the person. For Bangladeshi social entrepreneurs, they must come forward to maintain protocol of WHO and country’s medical requirements to produce anti COVID vaccine for the human being besides govt. initiatives. Currently social entrepreneurs all over the world are also need to address the need of the new poor due to pandemic situation which is ongoing.


Muhammad Mahboob Ali is a Professor and expert in the field of Macro and financial economics, entrepreneurial management and ICT, Dhaka School of Economics, Constituent Institution of the University of Dhaka, Bangladesh.