Definition of Social enterprise:
A social enterprise or social business is defined as a business that has specific social objectives that serve its primary purpose. Social enterprises seek to maximize profits while maximizing benefits to society and the environment. Their profits are principally used to fund social programs.
The concept of a social enterprise was developed in the UK in the late 1970s to counter the traditional commercial enterprise. Social enterprises exist at the intersection of the private and volunteer sectors. They seek to balance activities that provide financial benefits with social goals, such as providing housing to low-income families or job training.
A type of non-profit business that employs people and earns income in order to help address perceived social or environmental issues. For example, a social enterprise might provide valuable services to a population in need, or they might perform volunteer or even paid consulting work on environmental cleanup projects.
How to use Social enterprise in a sentence?
- Maximizing profits is not the primary goal of a social enterprise as is with a traditional business.
- A social enterprise is a business with social objectives that serve its primary purpose.
- Unlike a charity, social enterprises pursue endeavors that generate revenues, which fund their social causes.
- Regarding employment, preference is given to job-seekers from at-risk communities.
Meaning of Social enterprise & Social enterprise Definition