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Social Business


What Exactly is Social Business?

What exactly is ‘social business’? Well, it’s actually a very effective and creative way for finding answers to global problems.

Have you ever thought that you’d love to do more and on a bigger stage?

And would you like your work to count for more than just profits and a pay cheque?

What if you could? What if it was possible for you to have a measurable impact on one of the world’s greatest issues and be truly fulfilled (whilst making an income)?

What would it mean to you?

Social Business

You see, social business is an idea whose time has come. Why? Because more and more people are looking for fulfillment in their lives. They want to be able to give back in a positive and impactful way. Social enterprises combine the cashflow, profitability and technology of the for-profits with the passion, vision and mission of not-for-profit organisations to provide sustainable solutions to some of the world’s greatest challenges. And it turns out that doing good is good for business.

Many social enterprises are creating a loyal and growing customer base who love the idea that their purchase helps solve a large social problem somewhere in the world.

How did social business come about?  It all started in the mid-1970s when a man called Muhammad Yunus personally lent small amounts of money to destitute basket-weavers in his home country of Bangladesh, to help them build and grow a profitable enterprise and escape from the cycle of poverty. Fuelled by his belief that the ability to obtain credit was a basic human right, in 1983  Muhammad Yunus formed the Grameen Bank. His goal was to provide loans to people who otherwise had no hope of obtaining finance. The recipients of the loans were taught a few sound financial principles.

Since then the Grameen Bank has advanced to the forefront of a world movement to eradicate poverty through microlending. Professor Muhammad Yunus was awarded the Nobel Peace Prize for his work and the concept of ‘social business’ began.

Why did social business come about?  Because no-one can get their arms around these massive global problems.  Governments for the most part are too inefficient, ineffective or, in some cases, too corrupt, to actually be able or willing to try and solve global challenges like poverty, disease, malnutrition, poor sanitation, bad water, etc. Large corporations are simply too busy doing business. Solving humanitarian issues is not on their radar.  Right now, social business is the only mechanism we have that can provide sustainable change to the world’s biggest problems.

Harvard Business Review recently said, “Social business will become the most powerful, purposeful and profitable industry in the world in the twenty-first century.” And they warned the global business community that if they don’t become involved in social business collaboration in some way, they’ll be guilty of strategy malpractice.

Social business has become the most sought-after curriculum in business schools all over the world, as an entire generation of young people want their work to account for more than just a pay cheque. If today’s organisations want these young people to stay with their company, they’d better be focused on more than just the bottom line and shareholder returns.

At Wilsten Global, social business is part of our DNA.

If you’d like to know more about social business, and how you might get involved in it, we’d love to have a chat with you.  Click here to supply your details and we’ll be in touch.


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