Entrepreneurship, Social Enterprise, and Economic Development of African LDCs : A Socio-Economic View

Abstract

Pouring large sums of money into African countries, with the hope that somehow the money will translate into development has proven to be a failed strategy. If the Africans are ever to build an enlightened and prosperous continent, they must develop processes that will allow development to occur. Social entrepreneurship could be that process. Entrepreneurship that develops economic and social benefits within the grassroots of African society may allow Africans to rebuild their society and avoid the problems that a sea of money dumped into a society frequently causes. Social entrepreneurship also may allow African societies to focus on their social issues in addition to their economic ones using techniques and systems that have long since demonstrated their efficacy in the economic arena. Entrepreneurship is after all, the engine of economic growth in developed countries and the concepts of entrepreneurship have proven effective in many developing countries. Social entrepreneurship may also be the means by which African countries can, in a non-colonial way, harness the power of large numbers of young, deviated professionals in the developed world with interest in giving back to the greater world in which they live