In the last two decades social entrepreneurship has emerged as a new innovative approach for solving social challenges in many countries. Having in mind that for a long period of time Macedonia has been facing a deteriorating social situation with high levels of poverty and unemployment, the paper is focused on an analysis of the latest trends in the development of the concept, as well as the possibilities for its implementation in the country. Although some elements of social entrepreneurship have existed in the former Yugoslavia, the Macedonian legal framework for this concept has not been established yet. However, there have been a number of best practices, both formal and informal, in the country, and these have been examined in this paper. Finally, based on the comparative experiences, as well as the existing domestic practice, the authors offer recommendations for drafting a legal framework for incorporation of the concept in Macedonia.