The importance of social business in the context of stable development of Ukraine's economy

Abstract

Abstract. Nowadays the most characteristic are intense and rapid globalization, European integration processes, international social and economic cooperation and, in addition, popularization of new ideas about democracy, professional honesty, social and environmental responsibility and governance in entrepreneurship. Taken together, these factors are complementary and can advance for sustainable development of Ukraine. In this context sustainable economic development is symbiosis of an effective commercial and social business. The achievement of the optimum balance between profit maximization of Ukrainians’ companies in a long run and meeting the population’s socio-economic needs, such as enhancement of the quality of life is now recognized as a major challenge for our country. This situation is particularly complicated by the case of permanent complex crises and unsuccessful reformation of national public government. The article is devoted to the analysis of considerable theoretical and practical significance of social business as a primary entrepreneurship by which sustainable economic development of Ukraine is achieved. Social business is essential to strengthen the social responsibility, social awareness and civil unity among the market participants. These issues have been outlined in this science paper by authors. Comparison, methods of abstraction, analysis and generalization, graphic and tabular modeling are the research methods which were used in the article. In this science paper the concept of “social business”, the main features, basic principles and functions of the social entrepreneurship and impacts of the social business sector on sustainable economic development of Ukraine are analyzed by authors. So, based on theoretical and methodological research, it was determined that sustainable development is our country’s strategic goal. In the meantime, social business development is one of the key vectors to achieve defined objective. Key words: Sustainable development goals of Ukraine, social business, social entrepreneurship, incentives for development of social business in Ukraine.