Advantages of Social Enterprises
Social enterprises tend to operate with a purpose of creating value for the society and also generate income (if not wealth). As a thumb rule, the solutions they offer are supposed to be innovative, unique, people and environment friendly; Cost effectiveness is also a huge consideration. All of these are challenges to the sustainability of […]
Managing Downsizing in Organizations
What is Downsizing ? Downsizing or layoffs is the term used to refer to the practice of firing employees for various reasons in organizations. These reasons can range from poor performance by the employees, the poor performance of the organizations in economic downturns that necessitates laying off employees to save costs, and for disciplinary reasons. […]
Employee Training – Objectives, Benefits & Steps in Creating a Training Programme
Training implies enhancing the skills and knowledge of the employees for performing a specific job. Training tries to improve employees’ performance in current job and prepares them for future job. The crucial consequence of training is learning. Objectives of Employee Training Programmes To prepare employees to meet the varying and challenging needs of the job […]
Benefits of a Career Development System
Career development programs are most effective when they are integrated with the organization’s ongoing training and development strategies. For being able to do this, an organization must have a carefully designed career development system especially designed to meet its own unique needs and requirements. An automated and well-designed career management system not only benefits organizations […]
Performance Management – Meaning, System and Process
Definition of Performance Management The role of HR in the present scenario has undergone a sea change and its focus is on evolving such functional strategies which enable successful implementation of the major corporate strategies. In a way, HR and corporate strategies function in alignment. Today, HR works towards facilitating and improving the performance of […]
The idea of social business was given by Prof. Muhammad Yunus of Bangladesh. It was unique because unlike other concepts or businesses that were serving the society for namesake, social business was based on certain principles. These principles are seven in number and are called the principles of social business.
Like any other principle, the seven principles of social business define the purpose of a social business and its modus operandi. They outline the priority sectors for any organisation or individual that aims to venture into the field and also define the how the financials would be managed.
These seven principles were given by Prof. Muhammad Yunus in collaboration with Hans Reitz who is also the co-founder of the Grameen creative Lab. These principles are very simple in nature and easy to follow. They are important because they draw a distinction between social business and other businesses carried out in the name of contributing to social welfare.
The seven principles of social business are followed world over by organisations that either promote or run social businesses. Ashoka, the Omidyar network, NIKA water company in U.S, Grameen Bank in Bangladesh are examples of such organisations.
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