5. The Concepts of ‘Social Value Creation’ and ‘Social Value’

This chapter explores the concept of ‘social value’ from the perspectives of both social entrepreneurs and the beneficiaries. All social entrepreneurs see ‘social value creation’ in bringing social change or creating social impact (long term impact)/outcomes (immediate or short term impact), while addressing social problems/issues/needs. This social change or social impact/outcome includes a wide range of social impacts, starting from creating awareness, empowering beneficiaries, bringing about changes in behaviour, attitude, perception, norms and institutions, to create socio-economic benefits for the beneficiaries and impact their lives at the institutional, individual, community, state, national and in some cases, the international level. Social entrepreneurs create value not only for the poor and marginalised people, but also for the affluent sections of the society. Beneficiaries perceive ‘value’ in getting various kinds of benefits created by social entrepreneurs for them, and in various positive changes and impacts (direct and indirect) in their lives brought in because of these benefits. Chapter 4 provided a brief description of each case included in the study. This chapter would first present an understanding of ‘social value’ from the perspectives of both social entrepreneurs and beneficiaries.