Redefining Social Entrepreneurship as a Strategy to Strengthen the Social Welfare of SDGs

Abstract

The objective of this research is to redefine Socio-Entrepreneurship (SE), whose mainstream definition is an entity with two orientations: social and material. These dual orientations have made a number of SEs disoriented, being more material than social. Survival strategies are not always related to technical aspects; they also deal with the fundamental ones. This literature review research examines previous studies that discuss the definition of SE, criticism on the concept of SE, and the implementation of SE in several countries. Using Islamic paradigm as its analytical tool, this research finds that the two basic goals of SE, in fact, are the onset for the entrapment of most entities in their own material goals. The paradigm, which is implied in maqashid al shariah, stands to the notion that justice and social welfare are one of the five main principles that must be upheld. Therefore, all human activities are supposed to conform to this paradigm and to be used as the manifestation of man's worship. On this basis, the researchers then changed the concept of "bottom line" into another concept called "the ultimate goal", which is an outlook that makes social goals the only goal for SE. In order to implement it, the researchers propose the integration of takaful as a survival strategy for SE which enables the provision of greater social benefits, particularly the attainment of Sustainable Developmental Goals (SDGs) in social, economy, and environment.