Social Entrepreneurship in the Function of Achieving Socio-economic Development of Local Communities in Federation of Bosnia and Herzegovina

Abstract

The aim of the article is to explore the role and importance of social entrepreneurship, and to analyze theoretical and practical aspects of social entrepreneurship in the function of achieving social and economic development of local communities. Social entrepreneurship in Bosnia and Herzegovina is a contemporary challenge with highly fragmented forms of business practices and under utilized opportunities. The perspective of social entrepreneurship is reflected in the fact that it is an integral part of the unavoidable reforms in Bosnia and Herzegovina. There is no doubt that the resolution and prevention of the social needs and social problems of members of local communities depends on the effects of the economic development of local communities. The results in practice have shown that the failure to dedicate more attention to social development, during the process of planning of the development in the local community, has an extremely negative repercussion on the quality of local development. On the other hand, the development of the local community implies active community.The participation of community members in activities that contribute to community development directly, or indirectly, largely depends on their willingness to be active participants in the development of their local communities. In this context, social entrepreneurship, as a recently recognized phenomenon in our country, represents an essential instrument for motivation of the citizens to be more active, as well as an instrument for achieving social and economic development, through which is possible to mitigate economic disproportion, poverty and social exclusion. Social entrepreneurship emphasizes the unavoidable interconnection between social and economic development through which economic and social value are realized.