ABSTRACT
The multi-stakeholder view of corporate social responsibility (CSR) argues that businesses must create value for all the stakeholders, including society at large, not just for owners/shareholders. Creating shared values for all the stakeholders is essential for corporate sustainability, too. To achieve this goal, companies have to perform on all three parameters of the triple bottom line: planet/environment, people/social, and profit/economic. Profit making is the reason for companies’ existence, so obviously, they are capable of performing on economic parameters, but generally, they struggle to outperform on the other two parameters, i.e. social and environment. On the other hand, in the process of social entrepreneurship (SE), social entrepreneurs primarily aim at providing innovative solutions to social problems and creating social value. Most often, social entrepreneurs operate in resource-constrained environments. It clearly shows the interface between CSR and SE on social value creation. Recognising the potential, this chapter presents a conceptual framework for social value creation, integrating both CSR and SE. It also discusses different opportunities to combine CSR and SE that can inspire future initiatives, and further, will contribute to sustainable development and inclusive growth of the country.
