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Nobel Laureate Prof.Yunus emphasizes on social business

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BENGALURU: Prof. Muhammad Yunus, Nobel Laureate, is a globally recognized authority among the evolving sustainable social business models. He is famously known as the professor who defined social business in his book. He defines it as a business that is non-profitable and for the society.

Prof. Yunus spoke about social business and addressed the students of Indian Institute of Management (IIMB), Bangalore on Feb 8, 2017.Professor Yunus established the Grameen Bank that originally began in Bangladesh and fuelled the belief that credit has to be a fundamental right to humans. Before moving to Bangladesh, Prof. Yunus saw the struggles and the poverty in the United States which urged him to do something for them and that is when the concept of social business came into being.

Prof Yunus has worked towards the eradication of poverty and women empowerment. He also provided small amount of money as personal loans to basket weavers and other low wage employees in Bangladesh.“I wanted to reach the poor through service. I started the micro financing for the poor workers. The social business is a non-profit motive and my objective is to help the poor people escape from poverty by providing loans on terms suitable to them and by teaching them a few financial principles so they could help themselves. Banks were not able to give credit to the poor, that is why I started this social business where the poor could be credited,” said Prof. Yunus.

He spoke on, ‘Social business to address social issues’ and he emphasized that social business is nothing about working towards the benefit of others and expecting nothing for oneself.  He also added that the biggest problem in today’s world is people go out looking for jobs and do not make use of their own creative capacity. Human beings are not entities who are designed to work for others rather they are an independent entity who are capable enough of doing what they want on their own.

He further added that people working for others just use a small part of their creativity where as their actual creative capacity is a lot more than that. In his talk, he encouraged people to be entrepreneurs of their own life and bring about a change in the society.


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