Research Article

Social Entreprenuership’s economic empowerment strategy (SEEES)

*Raheem S, Cole BM and Adebayo MS

Centre for Entreprenuership Development, CED, Yaba College of Technology, Yaba, Lagos

*Corresponding Author E-mail: bestraheems@yahoo.com, Tel; +2348038509401

Accepted 27 October 2014

Abstract

This paper examines social entrepreneurship as a powerful mantra for economic empowerment with emphasis on the youths of Nigeria. Social entrepreneurship signals the imperative to drive social change, and it is that potential payoff, with its lasting, transformational benefit to society, that sets the field and its practitioners apart. Social entrepreneurs are setting trends and sparking movements that are spreading across the world. These could have far-reaching effects in different locations and future scenarios. What is most important about social entrepreneurs, wherever they operate, is that they challenge existing rules and institutions and create innovative vehicles to achieve their social goals. These may end up directly provoking markets through competition or providing alternatives, or they may indirectly put pressure on industries by creating awareness and stimulating behavioral and attitude change. The paper discuses social entrepreneurship schools of practice the ecosystem of social entrepreneurship, principles of social entrepreneurship, models of social entrepreneurship and the assumptions of social entrepreneurship among others. Youth social entrepreneurship should grow out of young people’s own interests, motivations and ideas. It entails young people being actively involved by initiating their own activities rather than just being told what to do. Yet it also requires resources and supportive and experienced adults who can mentor/guide young people without being controlling. The key now is to focus on how social enterprise can sustain growth and generate more impact. The role of public policy is to stimulate and orchestrate this process of collective innovation. Politicians, policy-makers and civic leaders can make a unique contribution by changing the way society frames its challenges and mobilizes public, private and voluntary resources to meet them. Demand for social enterprise solutions will not lessen because they attack fundamental issues of how to create public goods and solutions to social problems in an open market economy.

Keywords: Social entrepreneurship, Youth empowerment, Volunteerism and Economic Development