Social Entrepreneurship as a Catalyst for Social Change: An Empirical Study on Global Perspective

Abstract

Social entrepreneurship has emerged as a major force behind innovation and the development of creative solutions in a setting where traditional economies struggle to effectively address environmental, social, and economic issues. It demonstrates its commitment to its purpose by prioritising environmental and social impact over profit maximisation and reinvesting an important segment of any surplus into its mission. Social entrepreneurship is necessary for human development because it fosters long-term social change and the development of creative answers to societal problems. The goal of this study is to examine how social entrepreneurship contributes to social and economic advancement and how it affects societal change. Thirty-five diverse countries have been chosen for this study across the six continents worldwide. To evaluate the connection between social entrepreneurship and societal transformation, a multivariate regression analysis was performed. The Human Development Index (HDI) was employed as the dependent variable to gauge social change, while the independent variables included social enterprise per capita, average turnover per social enterprise, average jobs per social enterprise, and women-led social enterprises. The analysis revealed that the social enterprise per capita, average turnover per social enterprise, average jobs per social enterprise, and the percentage of women-led social enterprises significantly influenced the HDI. This confirms the role of social entrepreneurship in promoting positive societal change.