This month’s book is Building Social Business by Muhammad Yunus, founder of Grameen Bank and microcredit. Social business is a growing enterprise model in which entrepreneurs and investors use profit for social good over personal financial gain.
Building Social Business draws its examples for creating a sustainable model from Grameen’s long list of endeavors, which include selling low-cost nutritious yogurt and addressing the water crisis. Part of Yunus’s definition of a social business is investing 100% of profits back into the enterprise. I wonder if asking investors to give up profits/dividends completely is realistic but I expect he will address this.
Social business has gained a lot of support recently and some (me, depending on the day) argue they are the refined, self-sustaining version of nonprofits. They are ‘all the rage’ right now (WhyDev has dubbed the phenomenon MOSE – My Own Social Enterprise), and this book will offer a good look at how they can be a part of international development…and creating a world without poverty.