Social Entrepreneurs have been one of the major diving forces of worldwide economy growth, employment and prosperity over the years. They are considered to be of high importance in ensuring economically, societal and environmental impact, particularly in every country.
Although they face numerous challenges, social entrepreneurs formulate and implement coherent policies focusing on sustainable development which is capable of lifting under-served communities out of poverty. One of the roles mostly played by these social entrepreneurs in developing countries is to scale up new and inclusive business models in a robust economy. They also undertake policy reforms and review policy frameworks such as developing sound and competitive markets for people at the Base of the Pyramid (BoP).
To give future generations a chance to create wealth and improve their lives, we need to inspire them to adopt and embrace an integrated and sustainable business approach holistically. This new sustainable business approach requires steady, long-term commitment, action and coherent strategies that intimately involve both the government and the private sector. In order to accelerate the pace of development efforts considerably, support systems must be created by both the government and the private sector and must always be available to those who have good community based projects / programs that can uplift the society.
Africa is now the new frontier, an important growth pole for economic growth and an attractive business destination. It is therefore important for government and the private sector to initiate policies and programs that would induce new entry, encourage partnership, effective legal and regulatory frameworks and ensuring support for social entrepreneurs within Africa.
Just as the private sector, the social enterprise sector has been considered as the engine of innovation, investment and growth. They create wealth through new venture and equity creation and the building of value chains, competition through being alert to faster, better and more efficient ways of meeting a market need and employment through creating new jobs on a sustained basis.
They inspire respect within their communities in which they operate and understand how to respond to issues such as corruption, openness, transparency and politics.
They therefore need laws and regulations that are efficiently implemented that which would encourage domestic and foreign investment, most importantly, an enabling environment which includes transparent, effective, and honest legal system, access to affordable credit and technology.
By Isaac Aggrey