Reflection 6
Results from research done on social entrepreneurship in Saudi Arabia show that the percentage of men in entrepreneurship is higher than the number of women (Alarifi & Alrubaishi, 2018). The study looked at age, level of education, and the number of experiences of the respondents. The study also looked at the types of licenses social entrepreneurs, where the study found out the majority have association licenses, followed closely by NGOs, cooperatives then lastly subsidiaries. There are also social entrepreneurs without permits. With the finding, it was noted that the Kingdom of Saudi Arabia has legal complications mainly because its laws do not permit the establishment of NGOs. The other factor that affects social entrepreneurship in Saudi Arabia is religion, which affects institutional environment dimensions. The difficulties explain why social entrepreneurship is still a challenge in Saudi Arabia.
Social entrepreneurship contributes to a country’s socio-economic development. In the Middle East countries, the progress is slow because their governments have not supported the initiative entirely. Most young people thus fear to get into entrepreneurship because there are no legal regulations that support. Essentially, it is the fear of failure and doubt that is driving the young minds behind (Beggin, 2016). This trend should be a matter of concern because social entrepreneurship is essential. Fundamentally, apart from gaining financial freedom, social entrepreneurship inspires a purpose to impact. That is, most people are working towards making society a better place by providing solutions. Secondly, small enterprises are aligned towards responding to the needs of clients. By fulfilling customers’ needs, a good relationship is built between them will see the economy stable.
In addition, with social entrepreneurship, new market opportunities are discovered that deal with social problems more effectively than the government (Cohive, 2020). Thus, social entrepreneurship is the bridge to change in society as it offers alternatives to what the government has provided. The mission of promoting social entrepreneurship is to make the world better with innovations that add value. The motivation towards all the effort put in place is not only for monetary profits but for the greater good of systems in the community. In summary, governments need to consider promoting and regulating laws that protect social entrepreneurship.