Question

What is the difference between social responsibility and social entrepreneurship, and give an example of each one.

-  What does the triple bottom line mean?  Explain the practices that your business can do to be considered a triple bottom line venture.

Answer 1

The major difference between social responsibility (SR) and social entrepreneurship(SE) lies in the fact that SE is a business where an entrepreneur is either involving or impacting the lives of under-priviledged to create something profitable and helpful. For example there is a company called Jaipur Rugs (Based out of India) which is hiring local poor ladies and gents to manufacture hand made rugs for them and hence impacting their lives in a positive way and also operating a profitable business.
SR on the other hand is basically devoting special time/money for the poor or environment for their betterment. But this is not permanent and basically carried out only few times a year by big corporates in the name of corporate social responsibility.

The triple bottom line means for a business to be environmentally sustainable, socially sustainable and economically sustainable. Some of the practices which can be adopted by corporates to make their triple bottom line stronger are:
1) For environmental measures they can adopt practices to reduce the industrial waste dumping to the environment, reduce electricity consumption etc.
2) For social measures they can create employment for poor, educate the nearby households, improve health conditions of nearby population etc.
3) Economic measures can be generating jobs, helping the workers in improving the standard of living, reduce churn etc.