Question

How can fourth-sector organisations address conflicting social and economic objectives if they want to be successful?

Answer 1

Majorly public, private, and non -government organizations are in practice and these organizations keep growing through the utilization of resources but now fourth sector economy emerging rapidly that combines market-based approaches of the private sector with the social and environmental aims of the public and nonprofit sector to address pressing problems. These are the mission-driven businesses, social enterprises, sustainable businesses, cooperatives benefits, benefits organizations.

Fourth sector organizations address conflicting social and economic objectives through a balanced business process and keep engaging with benefiting communities, societies, regions by developing infrastructure, employment, opportunities, uplifting the lives of poor, developing health facilities, etc.

Fourth Sector organizations need to maximize the profit and keep securing the life of societies that is very cumbersome because both are different and need to create combinations and mutual growth. Fourth sector organizations need to keep divide both units separately to proper care and growth to keep empowering along with benefiting the communities.

Fourth sector organizations address conflicting social and economic objectives through effective management, motivations, funds, separate vision, and mission statement, and by all these processes these organizations can successful.