From Social Responsibility towards Social Entrepreneurship

Recently, more and more companies integrate social and environmental objectives to build their identity, acknowledging the important role of social responsibility in the process of direct economic value creation. To be socially responsible means, beyond compliance with applicable regulations, in a rigorous and continuous manner, a voluntary and continual concern of the company with investments in human capital, in environment management, and stakeholders' relationship management. The paper aims to investigate multiple conceptions and definitions of social responsibility and social entrepreneurship using an extensive review of the recent specialized literature. Also, to get a clear understanding of the meanings of the two concepts, various good practices of organizations demonstrating social responsibility have been researched, using information available on their web pages and other specialized sites. The paper explains the determinants that influence the companies' socially responsible behavior and the dimensions of social responsibility. The social entrepreneurship term is also examined through the perspective of the criteria against which the social impact of the company is assessed. Furthermore, the similarities and differences between the two concepts are inquired, as well as the steps that a socially responsible company is to take to become a social entrepreneurial organization. The paper suggests that a company which integrates social and environment objectives into its key processes and its interaction with stakeholders is more likely to be more competitive on the market and to contribute successfully to the sustainable socio-economic growth of the local community in which it operates.