Nobel Peace Prize winner Professor Muhammad Yunus introduced social business. He says that a charity dollar has only one life, while a social business dollar can be invested over and over again.
The Social business builds on the idea where the business are reinvested in the business itself (or used to start other social businesses), with the aim of increasing social impact, for example expanding the company’s reach, improving the products or services or in other ways subsidizing the social mission.
Image: Social Business - by David Armano
On the other hand, social business is also used as a next step in business developing built on social media and social nettvoks.
Unlike a profit-maximizing business, the prime aim of a social business is according to Yunus, not to maximize profits and the business owners are not receiving dividend out of the business profits.
Unlike a non-profit organisation (like an NGO), a social business is not dependent on donations or on private or public grants to survive and to operate, because, as any other business, it is self-sustainable.
Furthermore, unlike a non-profit, where funds are spent only once on the field, funds in a social business are invested to increase and improve the business' operations on the field on an indefinite basis.
Image: Social business earth
A new book, “The Power of Social Business”, was unveiled on 7th May 2016 by Professor Muhammad Yunus at the Yunus Centre office. MFM Amir Khashru, General Manager of Yunus Centre is the author of the book. Monirul Haque of Ananya Prokashoni published the book.
Mr. Amir Khashru has worked closely with Professor Muhammad Yunus for a long time and has helped incubate different social businesses along the years. The book covers different topics on social business like: Social business and its chemistry, Grameen Bank and social business, New entrepreneurs, Social business design lab, Social business fund, Social business in global platform and Different Organizations, Actions and programs centering social business. The book would be a useful material for anyone interested to learn the fundamentals of social business and would like to gain an operational insight on it. It would be a good reference book for the social business researchers, academics and teachers.
Deloitte define Social Business as a concept that goes beyond the buzz of social media networks; it’s a practice that can enable more efficient, effective and net-new connections inside and outside your organization to drive performance.