The role of social entrepreneurship in reducing poverty in Ilesa East Local Government Area, Osun State
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Background of the study
Social entrepreneurship has emerged as a transformative force in addressing socio-economic challenges, especially in poverty-stricken regions. In Ilesa East Local Government Area, Osun State, innovative business models that prioritize social impact are gaining traction (Olu, 2023). These ventures integrate community development with entrepreneurial practices to create sustainable solutions that empower the underprivileged. Historically reliant on traditional economic models that have not effectively reduced poverty, Ilesa East now witnesses a paradigm shift where social enterprises foster employment, offer micro-financing, and support skills development (Balogun, 2024). By leveraging local resources and community networks, social entrepreneurs are addressing systemic barriers to economic growth while simultaneously empowering marginalized groups. The infusion of social innovation into the local economy aims to reduce poverty through inclusive practices and creative problem-solving. This study explores the extent to which social entrepreneurship contributes to poverty alleviation, investigating both its potential and limitations. It examines the operational challenges these ventures face and assesses their overall impact on community development (Adedeji, 2023). Emphasis is placed on the interplay between social goals and financial sustainability, which is critical for long-term poverty reduction.
Statement of the problem
Despite numerous poverty reduction initiatives in Ilesa East, persistent socio-economic challenges remain. High unemployment, limited access to education, and inadequate healthcare point to the shortcomings of traditional economic models (Olu, 2023). Although social entrepreneurship presents a promising alternative, empirical evidence on its effectiveness is sparse (Balogun, 2024). Challenges such as limited funding, insufficient technical support, and infrastructural deficits hinder the scalability of social ventures. This knowledge gap limits the ability of policymakers to harness social entrepreneurship as a tool for sustainable poverty alleviation. Consequently, there is an urgent need to assess the practical impact of these initiatives, identify key obstacles, and propose strategies to optimize their benefits (Adedeji, 2023).
Objectives of the study (3):
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To examine the role of social entrepreneurship in reducing poverty in Ilesa East.
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To identify challenges and opportunities faced by social enterprises in the region.
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To develop strategic recommendations for enhancing the impact of social entrepreneurship.
Research questions (3):
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What is the impact of social entrepreneurship on poverty reduction in Ilesa East?
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What challenges do social entrepreneurs encounter?
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How can policy frameworks better support social entrepreneurship?
Research Hypotheses (3):
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Social entrepreneurship significantly reduces poverty levels in Ilesa East.
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Limited funding and support structures hinder social enterprise performance.
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Strengthening policy frameworks will enhance the impact of social ventures.
Significance of the study
This study highlights the transformative potential of social entrepreneurship in alleviating poverty in Ilesa East. It offers valuable insights for policymakers and community leaders by identifying best practices and pinpointing obstacles in current initiatives. The findings will inform the design of more effective support programs, ultimately fostering community development and inclusive economic growth (Olu, 2023; Balogun, 2024).
Scope and limitations of the study:
This study is limited to exploring social entrepreneurship initiatives and their impact on poverty reduction in Ilesa East Local Government Area, focusing on local enterprises and community projects.
Definitions of terms (3):
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Social Entrepreneurship: Innovative business practices aimed at solving social problems.
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Poverty Reduction: Strategies designed to decrease poverty levels.
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Community Empowerment: Enabling individuals to gain control over economic and social resources.
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