SOCIAL ENTERPRISES: A PATHWAY TO ECONOMIC DEVELOPMENT AND SOCIAL INNOVATION

Abstract

Social enterprises, renowned for their dual commitment to financial sustainability and social impact, have emerged as pivotal actors in promoting economic development and driving social innovation on a global scale. This study delves into the management of social enterprises as a strategic avenue toward achieving these intertwined goals. By blending principles of business management with a steadfast dedication to social and environmental objectives, social enterprises offer a distinctive framework for tackling intricate societal challenges while fostering inclusive growth. Drawing upon insights from management, economics, and sociology, this research explores the mechanisms through which social enterprises contribute to economic development and social innovation. It investigates how effective management practices, such as strategic planning, resource allocation, and stakeholder engagement, facilitate the creation of value for communities and investors alike. Furthermore, the paper analyzes the pivotal role of leadership in shaping organizational culture and fostering innovation within social enterprises, emphasizing the significance of visionary leadership in navigating the inherent trade-offs between profitability and social impact. Through the lens of case studies and secondary research across diverse sectors and geographical contexts, this paper provides insights into various management models and strategies employed by social enterprises. It identifies key success factors and challenges encountered by social entrepreneurs and managers in balancing financial sustainability with social objectives, shedding light on best practices and valuable lessons gleaned from global experiences. Ultimately, this study underscores the transformative potential of managing social enterprises as a catalyst for sustainable economic development and social innovation. By harnessing the power of entrepreneurship and innovation, social enterprises offer a viable pathway to cultivating resilient and inclusive economies, where businesses prioritize social and environmental value alongside financial returns. This research contributes to a deeper understanding of the pivotal role of social enterprises in shaping the future of sustainable development and offers practical implications for policymakers, practitioners, and scholars interested in advancing social entrepreneurship and sustainable business practices.