Measurement of Social Effect in Social Entrepreneurial Ventures

Abstract

In this reality accountability has turned into an institutional foundation and measurement defines value as per increasing requirements of stakeholders. The motivation behind this paper is to address change and its effects in progress on a social level. No matter the harbinger of change is social entrepreneurial ventures, social innovation or socially obligated activities, it deciphers into a change in business as standard of the society. In this way, the dialogue of our paper spins around quality, social issue, enterprise and it associates them to the effect on social level they produce by introducing the systems used to quantify this effect and their essential reservations. The systems for measuring the societal effect found in the literature inclines toward measurement in monetary sense and it tends to disregard the significance of the psychological influence an organization may have over its objective customers. Moreover, social effect is translated from organizational aspects and of the financial specialists, disregarding the clients that are the object of the influence. Additional discoveries expose that there is no appropriate legal enactment to manage this turf and no specific regulatory frameworks to administer the social affect. Three standards are proposed supporting social effect estimation model (supportability, included quality and adaptability).