Abstract
Women are taking the lead as change agents and innovators in the society. The participation of women in economic activities occupied a prominent place in the list of strategic priorities and national development plans in the Kingdom of Saudi Arabia. Fostering the development of entrepreneurship sector in this country is one of the political agenda in empowering the women. Considering that the country has a very young population and a growing youth bulge a fact which leads itself well to the rise of women entrepreneurship. This paper highlights the status of social entrepreneurship in Saudi Arabia to illuminate why and how its ventures are implemented. The research objective’s end view is to contribute towards the fostering of social entrepreneurship among Saudi women entrepreneurs to boost their confidence in performing the activities that create difference towards progressive development of the socio-economic frames of the country. The study focused on the social entrepreneurship activities prioritized, challenges faced by women social entrepreneurs and strategic measures recommended towards sustainable social entrepreneurship in the Kingdom. The study found out that the basic issue prioritized by social entrepreneurs was training and development; the areas of challenges met were financing, regulatory frameworks and technical support. The strategic measures recommended towards fostering social entrepreneurship in the Kingdom of Saudi Arabia were focused on access to funding, entrepreneurship culture, tax and regulation, education and training and coordinated support.
Highlights
Entrepreneurship is the process of seizing an opportunity to introduce new products or services in an effort to transform inventions and innovations into monetary value (Szycher, 2014)
The following specific problems were answered: (1) what are the social entrepreneurship activities prioritized by social women entrepreneurs? (2) what are the challenges faced by women social entrepreneurs in implementing social entrepreneurial activities? (3) what strategic management measures can be recommended towards fostering social entrepreneurship program in the Kingdom of Saudi Arabia?
Social entrepreneurship activities prioritized by women social entrepreneurs in the Kingdom of Saudi Arabia The leading service prioritized by women entrepreneur groups and individuals was 20 % on training and development through skills building
Summary
Entrepreneurship is the process of seizing an opportunity to introduce new products or services in an effort to transform inventions and innovations into monetary value (Szycher, 2014). Schumpeter viewed entrepreneurship as a force of “creative destruction.”. The entrepreneur carries out “new combinations,” thereby helping render old industries obsolete. Established ways of doing business are destroyed by the creation of new and better ways to do them. Drucker (1985) took this idea further, describing the entrepreneur as someone who searches for change, responds to it, and exploits change as an opportunity. Players of entrepreneurship are classified as social and business oriented. Business entrepreneurs typically measure performance in profit and return, but social entrepreneurs take into account a positive return to
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