Social Businesses

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What is a Social Business

About a Social Business

Unlike a profit-maximizing business, the prime aim of a social business is not to maximize profits (although generating profits is desired). Furthermore, business owners are not receiving any dividend out of the business profits, if any.

On the other hand, unlike a non-profit, 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. Per Yunus’ quote: “A charity dollar has only one life; a social business dollar can be invested over and over again.”

Philosophically, social business is based on what Yunus identifies as the two basic motives of human beings, selfishness and selflessness. Selfishly, people do seek profit through business; however, social business is also based on the latter motive people by performing philanthropic services, like establishing churches, mosques, synagogues, art museums, public parks, health clinics or community centers. For Yunus, the profits made through a social business’s operations are less important than the beneficial effects it has on society.Muhammad Yunus has more recently founded Yunus Social Business (YSB) to study, support, and invest in young social businesses.

“Courtesy of Wikipedia”

Examples of a Social Business

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