Corporate Social Responsibility is the responsibility of the corporation towards the social, economic and environmental development of the society. This would in turn lead to creation of positive impact on the society. The social and economic hardships in India can be defeated through innovating and promoting best practices and positive models as well as by spreading good examples of social entrepreneurship and social responsibility. A major future challenge is not the proper implementation of 2% CSR mandate but to ensure contribution of businesses to reduce the problems and work towards the betterment of the society. Social entrepreneurship in simpler terms can be defined as doing business for a social cause. The paper highlights the importance of social entrepreneurship for the improvement of business climate and its contribution towards the development of the society. Social entrepreneurship is becoming a popular form of social responsibility and away to solve a variety of critical social problems. In order to boost social entrepreneurship there is a strong need for a specific environment for the emergence of such ideas and developing it into active business models. This paper aims at understanding Social Entrepreneurship and its impact on Indian society. The paper concludes that social entrepreneurship has much better impact and is more desirable as compared to Corporate Social Responsibility.