Social responsibility is closely related to business ethics and practice.

What is Social Responsibility?

Social responsibility is a social theory that maintains that businesses, organizations, and entities should not just focus on making a profit; rather, they also have an obligation towards the benefit of the society.

Social responsibility is the same as corporate social responsibility. It is a theory that advocates that businesses, individuals, and organizations act in the benefit of the society.

According to the International Organization for Standardization (ISO), the ability of businesses to add value to the societies in which they operate alongside having good economic performance is crucial to the business.

Hence, a business is valuable when it maximizes its shareholders value and also acts for the benefit of the society.

What is Corporate Social Responsibility (CSR)?

Corporate social responsibility is a business imperative wherein the business is accountable to society and the community and take into account various community aspects, including: physical features, monetary, and social features.

What is Social Enterprise?

A social enterprise refers to a business or a commercial organization whose main objectives are social and environmental impacts.

A social enterprise generates income by maximizing all potentials that will have positive social and environmental impacts on the community.

Social enterprises seek to address social needs and environmental issues, they employ certain strategies that help achieve social improvements.

The income that social enterprises generate are used to fund social programs for the benefit of all.