Source: Author 6.0 Social Capital in Economic Development We shall now see how social capital affects local economic development. For examining this relationship, we need to consider both micro and macro forces. 6.01 Micro factors – are those special ties and networks among residents and it is useful in differentiating between intra community ties (integration) and extra community ties (autonomy). Both types of social capital may improve the prospects for local economic development. Intra community ties are beneficial because they allow individuals to draw on the social resources in their community and increase the likelihood that the community will be able to address adequately, the collective concerns in their community.
Delegation is a difficult task for them because it is extremely hard to look for someone to fill the shoes of the managers most especially the founder. As stated a while ago, it is difficult to look for an employee who possesses the values that a social enterprise needs. Another factor aside from the employee’s fit is the founder’s own attitude towards replacement especially when it is their time to let go and be replaced. Social entrepreneur leaders need to understand that they need to hand some things over. It is not just doing their selves a favor, but also doing a good thing for others.
Such organizations attain a successful change in underlying issues in the community through feedback and innovations towards solving the social problem. By constituting commercial, public issues, and ventures, social entrepreneurship greatly contributes towards Vision 2030. Components of Social Entrepreneurship Social entrepreneurship includes a combination of social and commerce issues used to enhance the lives of individuals connected to some community problems. Particularly, commercial matters are met to raise money that is used by the entrepreneurship to work towards eliminating the matter negatively affecting people. In fact, the sole focus of this business is to improve the world condition and not to make profits, unlike other forms of business existing nowadays (Phillips, Lee, Ghobadian, O’Regan, & James, 2015).
It includes the following: • Good employer: the organisation should ensure employee satisfaction, development and well-being. Management should ensure fairness and equity in all aspects of employee relationship. The working environment should be free from harassment, discrimination or bullying. • Environmental responsibility: the organization should limit its operations in an environmentally efficient way. • Community contribution and fairness: the organization should ensure that the community in which it operates is uplifted and helps to make it a better place to live and operate
The policies laid down are backed by the country's constitution. Good economic institutions- are those with policies/ rules that are enacted with the aim of reducing poverty and enhancing economic development. The growth process begins when reforms and policies that are made and agreed upon, and they open new opportunities for profitable investments, thus creating favorable conditions for investment and innovation.
Civic engagement is when people gather together which “refers to attitudes, behaviors, knowledge, and skills that are aimed at improving society and is derived from an interest in improving the common good” (Rossi 1041). For example, people who volunteer in hospitals or in public schools, people who vote or help others register to vote, and people who attend city council meetings are all some examples of civic engagement. One outcome of civic engagement is civic responsibility, which means that people have the responsibility of being an active citizen by sharing their opinions and stances to enhance their local communities (Rossi 1042). The second outcome of civic engagement is civic participation, which is when people take action by volunteering or being involved in politics to enrich their communities (Rossi 1042). It is important for people to be civically engaged because it will benefit their community and themselves as well because they will gain more knowledge and skills.
They also believe it is their duty to serve the communities in which they do business in so that they help improve the quality of education, employment, safety and future prospects etc. Their overall mission is to transform the role that businesses will play in society by acting as a government instead of a sole entity. They will do this by promoting small businesses in their area which will support their
Social sustainability Some authors have defined Social sustainability as follows: “Social Sustainability occurs when the formal and informal processes; systems and structures and relationships actively support the capacity of current and future generations to create healthy and liveable communities. Socially sustainable communities are equitable, diverse, connected and democratic and provide a good quality of life”. Explained in different words, a society that has reached social sustainability is one that understands what people need from the places and contexts they live and work, and apart from that is able to effectively provide infrastructure to support social life, systems for citizen and space for people and places to evolve. All necessities
A quick analysis of each line will highlights the aspects. Social Sustainability: having fair and beneficial labour practices and further to this can the company be measured in the impact of the business activities on the local economy and lastly corporate community involvement. Environmental Sustainability: This measures the company’s impact on the