Research Information System
37th International Scientific Conference on Economic and Social Development - Socio Economic Problems of Sustainable Development, Baku, Azerbaijan, 14 - 15 February 2019, pp.1454-1462
Social business is a kind of new and modern business that does not damage necessary needs of humanity, dividends and a complete social goal. Social business doesn't aim to make a profit. The aim of this business is to solve social problems by using business methods as well as by organizing sale of products and services. As commercial business types, this type of business operates in many different directions, however as social impact is a major goal of it, all profits should integrate into business again or be used for organization of social work. Development of social business in the country plays a crucial role in eliminating unemployment and poverty, the development of small and medium sized entrepreneurship and solving the problems of society and improving prosperity. The development of social business is one of the main objectives because of these reasons specifically. All newly independent countries declared to move into market economy after the collapse of Soviet Union. However, a market economy made a huge step to take shape in these countries. One of the main problems facing the transition to a market economy is the creation of a favorable business environment and business development. The main task of these countries is to reduce poverty and achieve prosperity. One of these strategies in the modern world is the growth and development of social business. The article will consider the types of social business not only theoretically but also systemically, including world experience. In addition, the study will examine the current state and prospects of social business in Former Soviet union republics. The role of social business in the economies of these countries will be considered and analyzed in a comparative way. Factors affecting the development of social business in the countries will be clarified. As a result, those countries will be given some recommendations based on theory and world experience, and will show prospects for development.