What is social business according to Muhammad Yunus?

Professor Muhammad Yunus, Nobel Peace Prize laureate and founder of the first micro-credit organization Grameen Bank, defines social business more narrowly as a kind of business: (2) (3) Whose primary aim is to address a social problem; Which is financially self-sufficient; Which does not pay dividends to its owners.

What does Yunus social business do?

Yunus Funds grow local social businesses that provide employment, education, healthcare, clean water and clean energy to over 9 million people in East Africa, Latin America & India. We turn donations into investments in social businesses, which we reinvest over and over again, multiplying the impact each time.

Is Muhammad Yunus social entrepreneur?

Muhammad Yunus (born 28 June 1940) is a Bangladeshi social entrepreneur, banker, economist, and civil society leader who was awarded the Nobel Peace Prize for founding the Grameen Bank and pioneering the concepts of microcredit and microfinance.

What is Muhammad Yunus known for?

Muhammad Yunus and Grameen Bank were awarded the Nobel Peace Prize for 2006 for their work to “create economic and social development from below”. Grameen Bank’s objective since its establishment in 1983 has been to grant poor people small loans on easy terms – so-called micro-credit – and Yunus was the bank’s founder.

What is the goal of social business?

One of the main benefits of social goals is that they help to improve the public image of the company. This shows consumers that the business is going above and beyond to help the society in which they operate.

How is the social business defined?

A social enterprise or social business is defined as a business that has specific social objectives that serve its primary purpose. Social enterprises seek to maximize profits while maximizing benefits to society and the environment. Their profits are principally used to fund social programs.

What is the seventh principle of social businesses?

The Seven principles of social Business

1	Business objective will be to overcome poverty, or one or more problems (such as education, health, technology access, and environment) which threaten people and society; not profit maximization.
6	Workforce gets market wage with better working conditions
7	…Do it with joy

What are the different types of social enterprises?

Types of social enterprise

Community-based organisation. Definition: An organisation with a strong geographical definition and focus on local markets and services.
Non-Governmental Organisations with commercial arms.
Cooperative.
Fairtrade.

Why is Muhammad Yunus a social entrepreneur?

Professor Muhammad Yunus co-founded Yunus Social Business and currently serves as the Chairman of the Board. He is the founder of Grameen Bank and father of microcredit, an economic movement that has helped lift millions of families around the world out of poverty.

How did Muhammad Yunus help people?

1940) Economist and Nobel Peace Laureate Muhammad Yunus has become internationally renowned for his revolutionary system of micro-credit (small loans to entrepreneurs too poor to qualify for traditional bank loans) that has helped millions to escape poverty.

How do you define social business?

When did Muhammad Yunus start his social business?

In February 2011, Yunus together with Saskia Bruysten, Sophie Eisenmann and Hans Reitz co-founded Yunus Social Business – Global Initiatives (YSB).

How does Yunus Social Business help the poor?

Yunus Social Business believes in the power of business to end poverty. Our Philanthropic Venture Funds finance and support social businesses in developing economies, whilst our Corporate Innovation guide multinationals to apply their core competencies to some of the greatest human challenges.

When did Muhammad Yunus get the Nobel Prize?

In 2006, the Norwegian Nobel Committee jointly awarded the Nobel Prize in Peace to Professor Yunus and Grameen Bank “for their efforts to create economic and social development from below.” Professor Yunus is also the creator of social business and since 2006 has focused on spreading and implementing the concept.

What did Muhammad Yunus do for the people of Bangladesh?

Dr. Muhammad Yunus founded the bank, and created the financial system known as micro-credit system for the people of Bangladesh.

What is social business according to Muhammad Yunus? Professor Muhammad Yunus, Nobel Peace Prize laureate and founder of the first micro-credit organization Grameen Bank, defines social business more narrowly as a kind of business: (2) (3) Whose primary aim is to address a social problem; Which is financially self-sufficient; Which does not pay dividends to…