Social Entrepreneurship as Catalyst for Solving Socioeconomic Problems Created by Covid-19 Pandemic Lockdown

Abstract

The financial situation has collapsed radically amidst the double shock of the COVID-19 pandemic and the plunge in world oil prices in 2020. The lockdown measures imposed by the central government due to COVID-19 caused a lot of financial problems among the younger generation.  Therefore, social entrepreneurs are found to become crucial in responding to government failure in solving complex problems and in promoting economic development initiatives at all levels. If this is true, it then becomes imperative to find out whether social entrepreneurship has any cogent relationship in solving social and economic problems created by the COVID-19 pandemic among the youth. The review inspected social business as an impetus for tackling social and financial issues caused by the COVID-19 pandemic lockdown.  Three specific purposes, each relating to research questions and speculations directed the review. The review took on a clear study research plan. The number of inhabitants in the review included every one of the social business people and the Non-Governmental Organizations directors. A sample of 400 entrepreneurs and 80 directors were purposively drawn for the study. The findings showed among others that the respondents strongly agreed that entrepreneurship education, literacy education, training, seminars and workshops can empower and liberate the youths from the menace of idleness and poverty. The findings also revealed a significant relationship between social entrepreneurship in curbing social economic problems created by the COVID-19 pandemic lockdown. The study concluded by recommending among others the formulation of various policies to support the operation and activities of social entrepreneurs.