Nobel Prize recipient, Muhammad Yunus, has developed the concept of social business, a special type of business dedicated to solving social problems. A social business is a non-loss, non-dividend company, where investors can recoup their investment but nothing beyond that. All profits go to improve the products and services offered, and/or to increase the company’s outreach. The second yearly social business day was observed on the June 28th at hotel Sonargaon in Dhaka. The theme for this year’s event, “Achieving the Millennium Development Goals through Social Business.”
Many investors and activists are trying to discover the method of solving problems through social experiments. The purpose of Yunus’s social business is to offer something beneficial to the disadvantaged within a state. The main thinking behind this new concept is that the investor will invest and will be eligible to withdraw that money after a certain period. Of the profits that will come from the investment, some shall be utilized for education and healthcare. The social business model may be the best practical weapon for removing poverty.
According to Yunus, it is possible to rid the world of poverty by fulfilling the target of the Millennium Development Goals (MDG) through his social business model. Social businesses are also a milestone of the target fixed by the UN for fulfilling the MDG within 2015. The developing world can adopt initiatives to fulfill development targets by 2015, through, but not strictly through social business models. And in Bangladesh, where I am currently living, social businesses will also help eradicate poverty.
Bear in mind that of the eight goals of the Millennium Development Goals, one is reducing the rate of child mortality. Of the remaining seven goals, the fulfillment has remained a challenge for Bangladesh. In reality, the global community confronts many challenges. By adopting some model of Yunus’s social business, and achieving and meeting some of the goals set forth, the MDG will be achievable. For Bangladesh, which is particularly hard hit by many challenges, this is undoubtedly an important topic. For countries like Bangladesh, it very well could be necessary to implement Yunus’s social business model on a grand scale.
Of particular mention, is goal eight of the MDG. It calls for a partnership for development all over the world. Specifically, business and monetary arrangements will be managed on the basis of rules and regulations - which will be prima facie reasonable. Bangladesh is celebrated worldwide for its innovation and ingenuity in the field of development. Social business will make a big difference in fighting the challenges that confront many global communities around the globe. If we continue to create social business to focus on social goals, we can ensure that Bangladesh reaches all MDGs by 2015.