Question

What are the social needs and the importance in today's business world?

Answer 1

Social needs stem from being able to contribute back to the society. It borrows from the maxim - 'Give back to teh society which is providing you with resources to conduct your business'.

Businesses hope to make positive difference in the world. Many of them do in some way or the other. However, the drive to build a company that has direct social impact has been the aim.

Focus is placed on social responsibilities like championing women’s rights, protecting and creating sustainable environment, attempting to obliterate poverty, educating the underprovileged, using greener technologies etc..

Social enterprise is one that puts business tools in meeting a social need. It could be as simple as recycling waste, planting treesm bringing technologies to remote regions of the world, reducing waste etc. A social enterprise can overlap with social innovation, which is a term that describes a business finding innovative ways to address social needs.

However, a business doesn't have to be community service-oriented to make a difference in the world. Emerging markets are now taking center stage, with every business now having the potential to seriously impact society. This goes beyond charitable organizations to include businesses of all types and sizes like manufacturing, banking, mobile communications, utilities, and more.