Traditionally, entrepreneurs seek opportunities to create market value. Recently, a growing trend of using entrepreneurship to pursue opportunities to create #Social Values has taken place. Social entrepreneurs are people who start businesses so that they can create innovative solutions to #Society’s most vexing problems. They often see themselves as change agents for society. They are finding resources to fight challenging problems confronting the global economy. These include pollution, habitat destruction, human rights, AIDS, hunger, poverty, and more. There are multiple ways a social entrepreneur can be characterized.

Firstly, a social entrepreneur can be one that seeks solutions for social problems that are met by neither the market nor government.

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Secondly, they can be someone who is motivated by creating social benefit rather than commercial success. Lastly, a social entrepreneur can tackle social problems by taking full advantage of natural market forces.

These social entrepreneurs use their creativity to develop solutions to social problems. This type of entrepreneurship is the fastest growing type of entrepreneurship in most parts of the world and has had a huge impact on economic growth and society. The whole concept of social responsibility has evolved from that of a “do-gooder” to a “social steward.” With this, there is an expectation that businesses will produce benefits not only for themselves but also for society as a whole. The expectations of business are constantly redefined by society and are set to high standards of ethics and social responsibility.

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Entrepreneurship and economic growth

Through this, entrepreneurship plays a very important role in the growth of the US economy. Both traditional and social entrepreneurs create jobs for the economy. According to Kafmann Org, in 2015, there were approximately 675,000 new establishments and approximately 3,000,000 jobs created by new establishments. New businesses are an important addition to the economy, but it is inevitable that some of these businesses will eventually fail. How well a new establishment performs ofter depends on the industry they are in. For example, in 2015, 40.5 percent of health care and social assistance establishments that were created in 2004 were still surviving. However, in 2015, only 25.4 percent of construction establishments were still serving from 2004.

Entrepreneurship is essential to economic growth. In fact, according to Jason Wiens and Chris Jackson in “The Importance of Young Firms for Economic Growth,” new businesses account for nearly all net new job creation and almost 20 percent of gross job creation.

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Small business, on the other hand, does not have a significant impact on job growth when age is accounted for. New businesses have created approximately 1.5 million jobs per year over the past three decades. Entrepreneur levels are increased by higher levels of education. Therefore, the inspiration of entrepreneurs has a positive influence on young adults and continuing their education.