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Social Enterprise in the South Korean context
In South Korean context, a SE is defined as a company or an organization which performs business activities while placing high importance on the pursuit of social purposes.
Point 3- definition of key terms and their correlation.
A social enterprise is an organization that normally applies commercial strategies in order to maximize enhancements in financial, environmental and social well-being. SEs generally endeavor to maximize their social impacts alongside increasing profitability. Generally, there are social enterprises constituted in a social economy. A social economy on the other hand refers to diversification of enterprises and organizations in the private sphere with the aim to seek both economic and social interests based on a set of given principles. Understanding social enterprises and their role in a social economy is essential because it makes it possible to identify how sustainable development can be achieved. Sustainability, a foundational concept of sustainable development refers to the ability of anything to be maintained at a certain rate or level while sustainable development implies development that is able to sufficiently meet the current needs of a population without compromising the ability of forthcoming generations to meet their own.