The nascent field of social entrepreneurship has been gaining wide attention because of the
enormous need for social development in developing countries. Its primary yet inherently
interesting appeal takes people into a mirage of the stories of why and how they do what they do.
And therefore, for some reason, business entrepreneurs like Ratan Tata still take a spree over us
with their brilliant ideas. Their success against all odds has led to creating new products and
services that have dramatically improved people’s lives.
Running a social business can be challenging as it requires the maintenance of funds equally for
business utilization and simultaneously developing and building leadership to win a social
impact. The rising number of social enterprises, changes in the workforce, and socio-political
environment and the impact of technological disruption have compelled organizations and
business leaders to acknowledge the significance of social capital to achieve long-term business
success. There is a difference between a social entrepreneur’s position as a task-pushed leader
and their functions at the strategic management level in a social business.
Human resource is a crucial factor in achieving the success of the social enterprise. One can
quickly build a team that can benefit the organizations’ internal and external technical
engagement with professionals. It is not unusual for a business to face falling and rising trends
on the graph. However, a team that excels in enduring social positivity will have a better bounce-
the back rate in the industry. Maybe there will be times that people will have to work without being
paid or to toil long hours in adverse, unhealthy, and uncomfortable conditions or even take real
risks for their lives and safety. Building a business with an established social venture, therefore,
needs a team that must not only possess the right set of skills and competencies but must also be
dedicated to the vision of the social enterprise. This excellence will fulfill the need to endure
courage despite the possible downfalls and sacrifices.
We focus on the three critical dimensions of how a Social enterprise’s human assets contribute to
the effectiveness of the company’s operations, namely – human capital acquisition, human capital
development, and human capital retention. Human assets play a crucial role in growing and
scaling a social venture for attaining objectives and attain financial sustainability. In contrast,
social entrepreneurship can guarantee healthy growth in the organization.
The common logic of social problems in management is shared interest and a shared
understanding of behavior by organizations. Therefore, individuals and teams operating in and
with human resources are always empowered by moral systems, roles, functioning, and
legitimacy of business establishments. As a result, they bridge technical expertise to applied
social practices, thereby developing strategies to market social amendment and further property
development.
For this kind of growth, social entrepreneurship emanates the need for a good portion of critical
training in verbal and informal arenas. Eventually, high-touch mentoring and coaching becomes
essential because nothing can be more fruitful than experiential learning in this context. As
communication is the shield against challenges, engagement in a problem-solving session will be
a promising gain through lateral learning. Similarly, the motivation and rewarding system under
social entrepreneurship. Although monetary incentives are the prime purpose of an individual
indulging in business, productivity should not always be driven by fiscal rewards. It would
altogether cancel out the very definition of social entrepreneurship.
In recruiting socially-venturing employees, the company must emphasize generic skills and
education and the crucial specialized skills necessary for a specific social enterprise. The
retention of trained human resources relies on diligent recruitment and equal consideration of
competent skills and social endeavors. Together, these can play a substantial role in helping the
organization achieve viability, prosper, and fulfill goals on a broader social scale.