Corporate Social Responsibility: Business Opportunities in Latvia
In the research various social problems in Latvia have been indicated. These problems have developed during a long period of time and the causes for them are different. Having negative impact to whole society, problems in society damage it and prevent it from being sustainable. In order to improve current situation in Latvia, it is vital to diminish existing and prevent future social problems. One way to solve it is using Corporate Social Responsibility concept and integrating it into a business model.
Although Corporate Social Responsibility is a relatively new concept of a business model, it has gained popularity around the world because of its characteristics, which help to benefit society and improve the welfare level.
Social enterprises have a huge potential in the market of Latvia. Taking into account its current problems that have to be solved, this is the perfect time and place to develop social entrepreneurship. Professor N. Craig Smith has said, “Companies should do more that passively wait for the business case to emerge”. It is up to entrepreneurs to decide, which business model to choose.
Although, there is no legal basis for creating a social enterprise in Latvia and only a small number of people are familiar with CSR, a few entrepreneurs have noticed the possibility of establishing a business and helping society at the same time. There are companies in Latvia that help to reduce social problem impact on whole society. Most popular organizations of that kind are those who deal with ageism, disabled people and young people from dysfunctional families.