SOCIAL ENTREPRENEURSHIP DEFINITION AND ESSENCE IN THE LATVIA CONTEXT

Abstract

Inconsistencies, overlapping concepts, and contradictions appear in the developing literature on social entrepreneurship and its role in economic development and social value creation. However, the theoretical and practical importance of developing and applying social entrepreneurship to sustain social development and enhance human well-being in rapidly changing environments has catapulted this issue to the forefront of the research agendas of many scholars. This article examines the historical backdrop of social entrepreneurship, as well as the contexts of Latvia and the Nordic and Baltic countries. The study examines how the definition of social entrepreneurship has changed through time in various studies. Different scientists’ definitions are compared, and the issues with a common definition barrier are discussed. The definitions of social entrepreneurship are examined in the Latvian context between M. Yunus’ concept, the European Commission’s definition, and the Social Enterprise Law. Finally, the definitions of social entrepreneurship in the Nordic and Baltic nations that have legalized social entrepreneurship are examined to see where there are similarities and discrepancies.