What is Social Entrepreneurship and Why the World Needs More Social Entrepreneurs
February 12, 2025
Introduction: Knowledge is Power Knowledge is power. This saying more than anything else captures the importance of knowledge in the contemporary digital economy and the knowledge economy. It is no longer enough to be the most strongest when the lubricant and catalyst of success is knowledge. This is the reason why organizations emphasize the fact […]
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Everyone, right from a humanities graduate to an engineer or a commerce executive, aspire for an MBA degree. Just after the admission, students are taught main subjects, personality development, understanding human psychology as well as the functioning of the economy. A management degree not only helps to find a lucrative job but also makes you […]
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The idea of social business was given by Prof. Muhammad Yunus of Bangladesh. It was unique because unlike other concepts or businesses that were serving the society for namesake, social business was based on certain principles. These principles are seven in number and are called the principles of social business.
Like any other principle, the seven principles of social business define the purpose of a social business and its modus operandi. They outline the priority sectors for any organisation or individual that aims to venture into the field and also define the how the financials would be managed.
These seven principles were given by Prof. Muhammad Yunus in collaboration with Hans Reitz who is also the co-founder of the Grameen creative Lab. These principles are very simple in nature and easy to follow. They are important because they draw a distinction between social business and other businesses carried out in the name of contributing to social welfare.
The seven principles of social business are followed world over by organisations that either promote or run social businesses. Ashoka, the Omidyar network, NIKA water company in U.S, Grameen Bank in Bangladesh are examples of such organisations.
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