The Role of Circular Economy and Social Entrepreneurship: A New Frontier for Sustainable Development
The increasing strain on the natural resources coupled with the increasing social inequalities has increased the pursuit of development models that would not give preference to either of economic growth, environmental protection or social well-being. In this regard, the concept of the circular economy and social entrepreneurship has become complementary to each other and is likely to provide a revolutionary course to sustainable development. The circular economy will ensure efficiency of resources through reduction, reuse, recycling, and regeneration thus reducing the number of wastes and environmental degradation. Social entrepreneurship however is geared at responding to social and environmental issues by creating innovative, mission-driven business models that aim at creating social value as well as sustaining financial sustainability. The paper dwells upon the overlapping of principles of circular economy and social entrepreneurship, outlining how the two parties can be combined to provide an inclusive, resilient, and sustainable economic framework. The study brings to the fore the application of circular practices in social enterprises, by conducting a comprehensive literature review on the topic, policy frameworks, and practical initiatives, to solve the following problems: waste management, resource scarcity, unemployment, and community development. The review indicates that social entrepreneurs are important in implementing the idea of the circular economy at the grassroots by engaging the local community, promoting behavioural changes, and establishing local value chains. The paper also explains the opportunities and challenges alike with this integration such as availability of finance, regulatory support, scalability and constraints with technology. It maintains that a circular economy plan and social entrepreneurship are able to align to improve in the long-term sustainability outcomes by integrating social responsibility with social inclusion. The results highlight the importance of the support policy, cross-sector cooperation, and capacity-building approaches to enhance this synergy. In sum, the paper locates the intersection between circular economy and social entrepreneurship as a prospective area of potential to pursue sustainable development objective and allow us to create a more just and more resource-abundant future.