In our reading session we had discussed about the Social Business Entrepreneurs are the solution for social, cultural and environmental issues caused by capitalism. Dr. Yunus is a Bangladeshi entrepreneur, economist and founder of Grameen Bank and introduced the concept of microcredit and microfinance (Wikipedia contributors, 2022). In this reading guide we also learnt that if we contribute our full efforts towards the society than we will get maximum in revert. There is a just need to divert the mind towards multi-dimensional insight of capitalism rather than one-dimensional to find its solutions.
In capitalism world people feel insecure as most of the job position has been occupied by the technology or machines which impact directly on the society welfare. Dr. Yunus introduced the social business entrepreneurs for the solution of such problems and some companies already implemented this trend of entrepreneur .For Example,a famous Canadian company McCain collaborate with Grameen Bank to help farmers in Columbia to improve crop production of potatoes and vegetables which ultimately reduce unemployment and poverty. McCain co-joined hands with Dr. Yunus to spread their business worldwide and support farmers who struggle to feed their families to provide basic necessities.(Beal et al., 2021).
McCain give realistic experience to their employees for engaging them with social business which create the sense of ownership with the company. Moreover, McCain buys throwaway vegetables, wrong shape potatoes and vegetables from Europe for making French fries, potato soup and ready-to-cook vegetables.(Bornstein, 2017) .To accomplish this purpose McCain, hire unemployed youth and providing fair pay for long term perspective to raise their living standards.
In conclusion, McCain is a well-known company of Canada which spreads their business all over the world by using advice of Dr. Yunus to convert their business into social business entrepreneurship and this is the best example for small business how McCain earns high profit and deliver special value to society for opening the door to expand their business.
References-
Bornstein, D. (2017, October 10). Giving capitalism a social conscience. The New York Times. Retrieved April 9, 2022, from https://www.nytimes.com/2017/10/10/opinion/giving-capitalism-a-social-conscience.html
Beal, D., Dahl, F., Eisenmann, S., Nowack, D., & Uekermann, F. (2021, January 8). Designing a social business that benefits the core. BCG Global. Retrieved April 9, 2022, from https://www.bcg.com/publications/2017/innovation-strategy-business-social-sector-designing-social-business-benefits-core
Wikimedia Foundation. (2022, April 6). Muhammad Yunus. Wikipedia. Retrieved April 11, 2022, from https://en.wikipedia.org/wiki/Muhammad_Yunus
Manpreet Kaur Rayat (Student id 75757)
Manpreet Kaur (Student id 76944)
15 April 2022 at 11:31 pm
I agree with your blog, that social business entrepreneurs could be the solution for the different issues that arise from capitalism, such as inequality and destruction of the environment. Rich people become richer while the poor are struggling to provide for their basic needs. Competition among businesses to stay on the top and the constant need for growth led to exploiting nature.
Another social business example that I found interesting, is the Community Store, in which they create a food market through surplus and donated food from their supplier. Other supermarkets have difficulty selling their food items, because of dented cans, mislabelled products and near expiry products. The community store offered help by buying those items at a cheap price. That business process is like hitting two birds with one stone. Helping other businesses, maximize the products that already exist and not go to waste will help lessen the destructive effects on the environment. While offering good products to low-income families will help them to have access to their necessities. The profit from the community store goes to the community hub and kitchen. The purpose of those two projects is to inspire people to be confident with themselves, create leadership training and bring communities together.
In conclusion, creating a profitable business without sacrificing the environment and society is possible through social business entrepreneurs.
Reference:
Company Shop Group. (n.d.) Our Social Enterprise. Medium. https://www.companyshopgroup.co.uk/community-shop-our-social-enterprise
17 April 2022 at 2:53 am
I agree with your blog, and it is very interesting. Capitalism is the biggest problem, but social entrepreneurs are the best solution for it. Social entrepreneurs provide a lot of benefits and profits to society. Social entrepreneurs connect the private and voluntary sectors and provide benefits to low-income families.
A good example of social business is smartphones because smartphones connect people with each other, as well as smartphones, develop a deeper understanding between people and between products. . with the help of smartphones, people can easily get knowledge of any product. A fair phone company cares the human rights and well beings as well as they care about the climate and about the ecosystem. In the article, I read how the environment and people help play an important role. The profit from this business goes to people. This device provides fair wages to its workers. Moreover, it provides a fair price to its consumers. This business believes in reuse and recycles system. It helps to reduce worldwide electronics. The business helps people by providing smartphones at a low cost. The main purpose of this project is to connect the people with each other as well as connect the different communities with each other.
In conclusion, social entrepreneurs’ businesses provide a profitable business. it gives strength to society. Apart from this, do focus on those things which are useful for the environment
References:
Barone, A. (2022, April 11). The aims of social enterprises. Investopedia. Retrieved April 16, 2022, from https://www.investopedia.com/terms/s/social-enterprise.asp#toc-examples-of-a-social-enterprise
theSedge.org. (2020, November 14). Retrieved April 16, 2022, from https://www.thesedge.org/socent-spotlights/22-awesome-social-enterprise-business-ideas
17 April 2022 at 11:37 pm
Social Business Entrepreneurs
Some businesses and companies which create values and solutions for society issues. Social welfare is their main focus, then profit. While, many people are running behind the profits because of capitalism and they ignore the other sides of business like they can help to solve the social problems such as, poverty, education, and so on. Prof. Mohammad Yunus who is famous in the world as a social entrepreneur, and he brought the concept of social business to overcome the shortage and failures of capitalism. He helped many people and small businesses by providing them micro credit or credit in small amounts. For the social work and his efforts to help and overcome the the issues of society, he was awarded the Nobel Prize.
He created a Grameen Bank which gives micro-credit to small businesses without any condition like, properties. Providing small credits without any mortgages is a good way to help people who are not able to meet their basic needs. This concept of social business is really helpful for society to overcome the problems of poverty, unemployment, education, etc.
The social and environmental problem can be tackled with the help of businesses and companies which are getting success and making money, and they can run their business for long time. Technology is also playing an important role for people to make their business and life easy. For example, Mobile phones. It is not only the source of communication, however it helps many people to promote their business, providing education etc.
Patagonia is a good example of business who helps the society by celebrating Black Friday, and the amount of sale on that day goes to the projects which helps to overcome the social and environmental issues. Also, McCain is sharing their profits to help the society and creating employment which is really help full to overcome the problems like unemployment.
So, everyone should help others without expecting any return and do efforts on personal levels and encourage people to help each other and overcome the social issues.
References
https://www.managementstudyguide.com/what-is-social-business.htm
https://muhammadyunus.org/post/2113/social-business
https://www.thenationalnews.com/business/energy/2021/12/06/us-retailer-patagonia-donates-10m-from-black-friday-sales-to-protect-environment/