Business that is based on the selflessness that is in all of us.
I am calling this, Social Business -Prof. Muhammad Yunus, Co-founder Yunus Social Business
What is a Social Business?
7 PRINCIPLES OF
1. Goal is to solve social or environmental problems
2. Financial and economic sustainability
3. Debt repaid to investors. No further returns, profits or dividends
Reinvest for expansion or seeding other social businesses
5. Practice environmental consciousness
6. Market wages and better working conditions
7. Do it with joy
A social business is a company with a social mission at its core. Set up to solve a specific problem to the benefit of poor or disadvantaged members of society, social businesses operate exactly like normal companies except for a few small differences.
Unlike a charity, a social businesses generates profit and aims to be financially self sustaining. Removing the need for fundraising allows social businesses to re-invest profits back into generating sustainable social impact.
A social business is either created by the disadvantaged population it serves or serves them as its primary customers.
100% of the company profits are reinvested in continuing the company’s social mission.
“A charity dollar has one life. A social business dollar can be invested over and over again.” – Prof. Muhammad Yunus
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