Concept of Social business

Yesterday on December 09, 2009, I was lucky enough to watch a live broadcasted lecture by Professor Md. Yunus on the concept of social businesses. Mr. Yunus, a noble laureate known for his social entrepreneurial achievements across the globe and in south Asia in particular. What he dreamt about and got that converted in realty was quite impossible for most of us across the south Asia.
Actually all our financial institutions are built on such an anti poor economic theories that a poor can never take benefit of these institutions, whereas those having enough money to show in their accounts are welcomed by them. This principle in itself suggests that the banks or lending institutions exist not for the needy but for those who already possess enough money. Going by their (financial institution) theory of lending money to an individual, poor or needy people would not have ever been able to come out of the vicious cycle of poverty.
It is the concept of Mr. Yunus which once might have been seen as not a long lasting one, gave the confidence and monetary help required to every needy, capable and confident individual who wanted to come out of poverty. We all know the story after that Grameen Bank became a revolution in micro financing and changed the fate of millions of poor people of Bangladesh. The ‘not a long lasting one’ concept became a case study of management, banking and financial institutions. It showed us a ray of hope at time when United Nations and other developed countries were left out of ideas to cope up with increasing rate of poverty and its consequences in the world.
Then came the idea of social business, a business not just for the profit of any organization’s shareholders and its promoters but for the well being of society at large. His idea of a different stock exchange for all social business companies is itself a striking one, then to create as many entrepreneurs as possible rather than having so many profit making companies and so on & so forth.
I think the idea or dream of having a world with social businesses of the drivers of economy is a wonderful, path breaking, innovative and real one. When south Asia is the home of maximum number of illiterate & poor people, when we accounts for the maximum percentage of malnourished children in any region, when the rate of increase of patients suffering from some deadly diseases like HIV AIDS is higher in this region, then the only way ahead to combat to all these future challenges is nurturing of social businesses in south Asia. Because, social business is then, the only way forward to come out of the deadly disease of our society – which we call as poverty.