Benefits of social entrepreneurship

The spirit of volunteering and helping the needy is very pure and is often given the attention of all sections of society. At the level of schools and institutions of higher learning (IPT), students are often exposed to these activities. Several agencies such as the Malaysian Red Crescent Society and Mercy Malaysia often come forward to provide energy and financial assistance to those in need. However, they need funds donated by various parties to continue to pour out their devotion.

The existence of social entrepreneurship (SE) businesses today combines entrepreneurial objectives based on mutual profit, the desire to increase concern for the community and the weak or troubled. The success of several start-up companies with the SE concept is increasingly being talked about. It is not only seen as a company based on volunteerism and high civic commitment.

Traditional Entrepreneurship

A critical difference between SE and traditional entrepreneurship can be seen in the primary mission of the organization and its impact on the target market. The concept of SE differs from other types of entrepreneurial models because of the effort to find influence related to the identified mission. Over the past few years, Malaysia has witnessed unprecedented progress in the field of SE and attracted the attention of various sectors.

Social entrepreneurs emphasize how to eradicate the pressure and social problems of society by producing products or services that can help the society in question. The Chief Executive Officer of the Malaysian Global Innovation and Creativity Center (Magics), Zuleika Abu Bakar, shared some examples of SEs contributing to disadvantaged communities.

Preserve The Environment,

These include Animal Projects and Environmental Education SD Bud which helps preserve the environment, Langat Collective which works with small farmers in Sabah and Sarawak, as well as Community Tucking Jahir which provides business training to housewives and single mothers.

Deputy Minister of Higher Education, Datuk Mansoor Othman, admitted that SE is one of the attractive alternatives to reduce the problem of graduates not working. Currently, it is estimated that 330,557 unemployed people can engage in SE. In fact, graduates have good and brilliant ideas to help in social issues of society, but at the university level there are not many activities to attract their interest towards SE.

Potential Entrepreneurs

The welfare project organized by Khand Starfish Foundation is one of the initiatives for all students in Malaysia to plan a grassroots project in Malaysia, in order to promote happiness and address the causes of poverty and poor education. Those who are eligible are given a maximum funding of RM10,000 per project. But not many projects are selected, continue as SE after graduation.

In universities, students are still exposed to doing business for financial gain alone. However, like any other business, capital is also a major problem. Potential entrepreneurs need to identify the mission or community they want to help. The Ministry of Higher Education (KPT) began to see the opportunity to encourage graduates to participate in SE with a fund of RM650,000 allocated to train 600 students in public universities, polytechnics and community

Social Impact

Colleges in the field through the National Entrepreneurship Program 2020/2021 University To Community. A program like that can have a big impact on raising the entrepreneurship agenda in HEIs. For capital injection, some agencies can introduce these startups with investors. The government also offers several incentives in the form of tax relief and accreditation. Last August, the Minister of Science, Technology and Innovation (MOSTI), Khiry Jamaluddin Abu Bakar, announced a Social Impact

Matching Grant (SIM) amounting to RM10 million. Magics Malaysia is given the responsibility of overseeing the granting of SIM Grants on behalf of the government. Grants aim to support SEs and businesses with social impact to sustain their initiatives and programs, leverage the ability to raise funds, increase community awareness in social innovation and improve solutions for good social and ecosystem outcomes.

This opportunity needs to be seized by the unemployed to build success through SE. Who knows one day, this group will be as great SE world figures as Muhammad Yuns (Founder of Grameen Bank), Blake Mycosis (Founder of Chief Shoe Giver) or Adam Braun (Founder of Pencils of Promise).