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Young entrepreneurs' involvement in social entrepreneurship is gaining momentum, and the impact of their active participation in social enterprises is tremendous. As younger generation creates and leads social enterprises, self-identity that entails their leadership can bring benefits to various stakeholders. In particular, the engagement of younger generation in social entrepreneurship lead to positive identity development that brings impact not only to the founders but also to the employees, volunteers and recipients of the product and services offered by the social enterprise. In this context, the chapter explains the importance of social entrepreneurship in society-building, looking into how it creates values to its participants in regard to personal growth and development. The objective of this chapter is to elucidate the role of social enterprises in developing the personal identity of the younger generation. The chapter maps the characteristics of social entrepreneurs to the characteristics of young people with focus on the development of personal, social and role identities. The chapter also explains the significance of young social entrepreneurs' participation in social activities for the identity formation and how it directly and indirectly contributes to a balanced societal development.