A Review And Critique Of Quot Building Social Business Quot By Muhammad Yunus

Ann Ruth P. Lamug
UD42534SIN51338
DSc. Information Technology
CIS-020: Seminar Administrative Development I
“Building Social Business: The New Kind of Capitalism
that Serves Humanity’s Most Pressing Needs”
Muhammad Yunus
Atlantic International University
Honolulu, HI USA
Fall 2016

CIS-020: Seminar Administrative Development I ii
Table of Contents
CIS-020: Seminar Administrative Development I ............................................................. i
CIS-020: Seminar Administrative Development I ............................................................ 1
“Building Social Business: The New Kind of Capitalism that Serves Humanity’s Most
Pressing Needs” Muhammad Yunus........................................................................... 1
Essay Objectives....................................................................................................... 1
Summary and Narrative Synopsis ........................................................................... 3
Social Business: A Review and Critique............................................................... 16

CIS-020: Seminar Administrative Development I
“Building Social Business: The New Kind of Capitalism
that Serves Humanity’s Most Pressing Needs”
Muhammad Yunus
Essay Objectives
Social business is a “revolutionary” concept and a divergent idea
from the traditional models of non-profit, non-government
organizations, foundations, or social enterprises. Dr. Muhammad
Yunus, winner of the Nobel Peace Prize in 2006, introduced this
concept into the world using “microcredit”1
as the foundation,
and later pronounced that 5% of Grameen2
borrowers escape
poverty every year.3
It is a difficult model to grasp – how can a business person not want profit for the money
he invested? His experience with large corporations says otherwise. The partnerships
of Grameen with Danone, Danone Veola, BASF, Adidas, GE, to name a few, exemplify
the fact that not-for-profit businesses which solve social problems are possible.
1
Microcredit is the provision of tiny micro-loans to the poor to allow them to establish a range of very
simple income-generating activities, thereby supposedly helping facilitate an escape from poverty.
2
The Grameen Bank is a microfinance organization and community development bank founded in
Bangladesh. It makes small loans to the impoverished without requiring collateral.
3
It was later conceded in further studies that there is nothing in the data to establish “a causal pathway
between access to microfinance and changes in household-level welfare outcomes” (Bateman, 2014).

CIS-020: Seminar Administrative Development I – “Building Social Business”
Essay by Ann Ruth P. Lamug Page 2 of 25
The purpose of this essay is to provide a summary and narrative synopsis of the book,
highlighting the social business model, the two types of social business,
the seven principles, and the lessons learned from social businesses that were
established for the poor of Bangladesh.
The next part is a critique and review of social business itself, the concept,methods,
and structure. A balanced perspective will be presented in praise and in criticism of the
concept propagated by Yunus. There will be a brief discourse on the value of individual
social responsibility, altruism, and pro-social behavior as precursors to structured
charitable acts.

Summary and Narrative Synopsis
Social business defined
Social business is cause-driven and a new form of capitalism. It is an enterprise that
expounds on the selflessness of individuals. It is dedicated to solving social problems
that tormented mankind for the longest time – poverty, hunger, disease, homelessness,
ignorance. Yunus’ came up with the idea of a social business when he lent an
equivalent of US$27 to a few people to repay village usurers. He posited that if a small
amount made such a big difference, then he should do it more often. Guaranteeing
loans for poor borrowers and having them repay it in small amounts on shorter time
periods is the seed idea for the creation of Grameen Bank or “village bank.”
The concept of collateral-free “microcredit” or “microfinance” is born. Today,
Grameen Bank has a nationwide reach, serving 8 million borrowers in every single
village in Bangladesh, and with a collective savings balance of half a billion U.S. dollars.
Yunus believes that poverty is not created by the poor, but rather the systems that were
built, the institutions that have been designed, and the subsequent concepts formulated.
Traditional banks, for example, refuse to provide financial services to nearly two-thirds
of the world’s population – the “unbanked.”4
In this regard, he urges that credit should
be given the status of a human right. Every human being is born fully equipped to take
care of himself. Therefore, poverty represents an artificial and external imposition
on a person, and as such can be eradicated.
4
According to a McKinsey study, 58% of adults in South Asia are unbanked. In the Philippines alone,
15% of the population does not have access to financial services (that’s 14.7 million people!).

Social business is about creating an environment that the poor can express their energy
and creativity to lift them out of their poverty.
It is with an optimistic note that Yunus envisaged that social business can bring about
a fundamental change in the architecture of the predominantly capitalist economy,
the fundamental flaw of which is the misrepresentation of human nature.
Social business purports to free society from this flaw. Human beings though motivated
by selfish objectives can also be influenced by an inherent selfless nature. In the field
of economics, this nature has no room at all. Time, energy, and money are spent on
catering to the needs of for-profit businesses. Economics should serve both the selfish
(personal gain) and selfless (helping others) intentions of the human being.
A social business must be self-sustaining and generates income to cover the cost of its
operations. The investors can have a return only up to the money they have invested,
but nothing more. The company can make a profit but no one takes the profit.
The objective is to achieve social goals and no personal gain is desired. The success
of the business is measured on its impact to the people and the environment rather than
on the amount of profit gained in a period of time.
One may be skeptical on where the money will come from. From his experience,
Yunus believes that people are happy to give money from their own pockets; also their
talent, creativity, technological prowess, and time. Governments can also channel
some of their social/charity funds to social businesses.
In 2005, Grameen partnered with the French dairy company Danone, for the purpose
of reducing malnutrition among the children in rural Bangladesh. The company
Grameen Danone became a global role model and attracted the attention of the world.

Other partnerships were borne out of the social business concept of Yunus.
The Grameen Veolia Water Company delivered safe and cheap drinking water to the
villages of Bangladesh where the water supply was contaminated with arsenic.
BASF of Germany via a joint venture agreement manufactured chemically-treated
mosquito nets that dramatically reduced the incidence of malaria and other mosquito-
borne diseases. Grameen Intel on the other hand, provides information technology
services to remote areas, such as providing connectivity to facilitate healthcare services
and diagnosis.
The Grameen Adidas’ project aims to provide affordable shoes (at 1 Euro per pair),
not just for comfort but to prevent the transmission of parasitic diseases when walking
barefoot. Another German company, Otto GmbH, partnered with Grameen to set up
a garment factory in Bangladesh for the economically-marginal people.
Being driven by humanitarian purposes rather than profit, social businesses have the
freedom of maximising its scope with no pressure to earn from the owners.
Technology can also be maximised to enhance the solutions for social problems.
Initiatives are proliferating in Europe and Japan to create social businesses,
to provide equity or loans.
The source of pride in creating successful social businesses is not in the amount of
money one amasses but from the pleasure of helping solve difficult human and social
problems. It gives everyone an opportunity to take part in creating and seeing a world
that they want to see. The role of governments cannot be over stated: they can offer
tax incentives and promote social businesses as an integral part of the economic
structure.

There are two kinds of social businesses:
Type I: A non-loss, non-divident company dedicated to solving a social problem,
and owned by investors. All profits are re-invested in expanding and improving the
business.
Type II: A profit-making business owned by the poor people who are the beneficiaries
themselves.
According to Hanz Reitz, the director of the Grameen Creative Lab (GCL),
the Type I social business has the following key characteristics:
1. The business objective is to overcome poverty, or one or more problems
that threaten society – not to maximise profit.
2. The company will attain financial and economic sustainability.
3. Investors get back only their investment amount. No dividend is given beyond
the return of the original investment.
4. When the investment amount is paid back, profit stays with the company
for expansion and improvement.
5. The company will be environmentally conscious.
6. The workforce gets market wage with better-than-standard working conditions.
7. Do it with joy!

Differentiation with other business types
People are often confused with similar terms related to, but quite different from a social
business. The business types are summarized in the following table and contrasted
with what a social business is:
Ownership Purpose/
objectives
Business
structure
Characteristics/
features
Business types vs. social
business
Social entrepreneurship
E.g., https://www.ashoka.org/
Social business is a very specific
type, non-loss, non-dividend
company with a social objective.
The
entrepreneur
Initiative of a
social vision
and
consequence
May be
housed within
a non-
governmental
organization
(NGO)
May be non-
economic,
charity, or
business
initiative, with or
without a profit
Foundation
E.g., The Bill and Melinda Gates
Foundation
(http://www.gatesfoundation.org/)
A foundation is not self-
sustaining and does not
generate any income, unlike a
social business.
No specific
ownership
Create social
benefits
through the
donors.
Governed by a
board of
directors under
guideliness of
a state
Charitable
organization
created to
disburse funds
from one or more
donors.
Non-governmental organizations
(NGOs)
E.g., Asia Society for Social
Improvement and Sustainable
Transformation
(http://assistasia.org/)
NGOs rely on charitable
donations to sustain itself, while
a social business is designed to
be sustainable. It treats its
beneficiaries with a lot more
personal dignity and autonomy.
Owned by a
board or a
group of
individuals
Often with a
socially
relevant
objective
Relies on
charitable
donations to
sustain the
organization
Non-profit,
charitable
organization;
efforts largely
spent on fund-
raising efforts

Ownership Purpose/
objectives
Business
structure
Characteristics/
features
Business types vs. social
business
Cooperative
E.g., Self-Employed Women’s
Association
(http://www.sewa.org/)
Owned by
members
Empower the
poor,
encourage
self-suffiiency,
promote
economic
development.
Run like an
ordinary profit-
making
company
Run for profit to
benefit member-
shareholders
Corporate Social Responsibility
(CSR)
E.g., Starbucks’ Coffee and
Farmer Equity (C.A.F.E.)
A social business devotes 100%
of its resources to making the
world a better place; focused on
services to benefit a broad group
of people rather than focused on
monetary gain.
Owned by a
company or
business.
Built to
propagate the
company’s
image as a
“good citizen”.
Usually
managed by
the company’s
officers or
employees as
an extended
role.
Charity fund set
up by a profit-
making company
to do good in the
local community.
A social business differs vastly – it expands the market by giving options to consumers
and entrepreneurs, gives a new dimension to the business world, and a renewed social
awareness.
Here, Yunus makes a strong and important pronouncement: seeking profit from the
poor is immoral, more so as benefitting from the suffering of our fellow human beings.
Common human decency forbids us to pursue this objective. The only right thing to do
is to give poor people the means so they can extricate themselves from poverty.
Once they are no longer poor, by all means profit can be gained.
Social business is about totally differentiating itself from the traditional definition of a
business, to shun the priorities created for us by capitalism. The developing nations
are the foremost beneficiaries of a well-run social business. Having the systemic lack

of managerial ability and material resources, these countries can leverage on the
expertise of more developed nations and businesses.
Everyone is encouraged to start a social business from a simple idea, even if it means
lifting only five people from poverty. It is about planting a seed and letting it grow a
million times.
The role of government and society
Social business is sometimes mistaken for an ideology that is akin to communism
or socialism. It is far from it – social business offers options to investors and citizens
to take on the responsibility that is traditionally the role of the government. In turn,
the government’s burden is eased and complemented by a civil society.
Competition and freedom of choice is enhanced when people are given a wide range
of options for goods and services. People have more control over their careers as
social businesses may be created depending on the kind of organization structure as
the owners deem fit. Investment opportunities are greatly raised from diverse sources.
It is a pittance that governments of poor countries are subject to self-serving parties,
corruption, and conflicting interests. Social business can greatly help these
governments solve its society’s problems. Privatization efforts did not have
considerable success due to influential individuals who serve only to gain from new
holdings.

Social business’ offering to individuals
A sense of meaning and purpose are strong motivators for individuals. The emptiness
that the daily grind offers pushes people to look for “something more.” The prevalence
of poverty, hunger, disease, illiteracy is something that cannot be ignored.
Social business is a way of bringing hope and giving fruit to the idealism of helping
humankind in its quest for quality of life. It is an outlet to creative problem solving and
an opportunity for spiritual renewal, framing an otherwise bland existence, or simply
improving the planet.
A multi-faceted individual is somebody with depth and dimension, not lost in the drone
of everyday living. A commitment to a social business offers an attitude change
towards optimism, sympathy, and hopefulness. Change can only be shaped by like-
minded individuals and kindred spirits who believe that humans are fundamentally good
and that we can all contribute to make a better world.
The world’s limited resources do not seem to be equitably distributed. Mounting crises
open doors to experiment with bold solutions. Complementary social businesses
produce a synergy effect to eradicate the most basic of human ailments. Improved
health and education produce able bodied and minded individuals that will in turn
contribute to society.

Lessons learned from created social businesses
Yunus went on to detail the creation and running of the different businesses
accompanied with lessons learned therein.
1. Grameen Danone
Grameen Danone was created in partnership with the French dairy company, Danone
(http://www.danone.com/en/). The ojective is to reduce malnutrition in children from rural
Bangladesh by producing and distributing affordable Shokti Doi (Bengali, means “yogurt
for energy”) yogurt. Nutrition and eventual creation of new jobs for village women were
the main focus.
The yogurt was nutritious and delicious, but sales of the company were not taking off.
Distribution channels had to be examined. Yogurt requires refrigeration and some
district towns do not have reliable electrical service. This issue was promptly addressed
by storing quantities of the yogurt to towns where there is reliable service.
Grameen “ladies” were leveraged to sell the yogurt door-to-door. To be successful,
the company had to involve the whole community and family. Traditionally, women stay
close to home. By involving the husbands, the company is able to seek approval and
therefore make selling by these ladies more successful.
Evidently, the main learning is to know the community, be close to the culture, and
manage the business accordingly. A social business must also be managed on a
sustainable basis. Prices, procedures, and methods need to be realistic at the start-up
stage and then reviewed periodically.

The rural network was strengthened, likewise the retail store program. The distribution
strategy included refrigerated trucks to carry supplies from the factory to the city of
Dhaka. Both the urban and the rural markets were served. Product offerings were
diversified to include both adults and children.
In summary, here are the lessons learned from the Grameen Danone experience:
a. Be flexible, yet never lose sight of your central goal.
b. Don’t be afraid to adjust your business when circumstances make it necessary.
c. Immerse yourself in the culture of the people you intend to serve.
d. Use help from allies wherever you may find them.
e. Take advantage of differing opportunities in different markets.
f. Question your own assumptions.
2. Cure2Children and Grameen Healthcare Trust
The purpose of this partnership is to provide a cure for the devastating genetic disease
called thalassemia,5
a blood anomaly carried by a recessive gene. It is transmitted
genetically among certain population groups. In Bangladesh, over 100,000 children are
affected. The cure is a complete bone marrow transplant that is time-consuming,
5
Thalassemia is a blood disorder passed down through families (inherited) in which the body makes
an abnormal form of hemoglobin. Hemoglobin is the protein in red blood cells that carries oxygen.
The disorder results in large numbers of red blood cells being destroyed, which leads to anemia
(https://medlineplus.gov/ency/article/000587.htm).

difficult, and expensive. Post-operative care requires the patient to be hospitalised for
forty five days.
The partnership enabled Cure2Children to become a learning organization, sharing the
experience to other medical institutions and practitioners. The process of eliminating
thalassemia spanned both developed and poor countries, from Europe to Pakistan.
3. Grameen Veolia Water
This business is dedicated to providing access to pure and safe drinking water for rural
Bangladeshis. The presence of toxins in the water naturally occurs in the alluvial soil6
of Bangladesh flowing from the Himalayas and only discovered by scientists in 1993.
The result is arsenic-laden water in the rural areas.
Water is a central focus in topics involving sustainable living.7
An estimated 2 million
children die annually due to water-related diseases. Water is also an issue of women’s
rights. In most African societies, women and children have the task of fetching water
for the family. Creating a supply of clean water is a health, economic, and a gender
rights issue.
6
Alluvial soil – a fine-grained fertile soil deposited by water flowing over flood plains or in river beds.
7
It is a tragedy that 42% of the world’s population, or 2.6 billion people, live in families with no proper
means of sanitation and 1.1 billion do not have access to improved drinking water. Women and children
are particularly susceptible (WHO and UNICEF, 2005).

The experience of Grameen Veolia Water yields the following lessons in social
business:
a. Look to your core business for a source of inspiration.
b. Integrate the service into the social structure of the market you want to serve.
c. Start small but dream big.
d. Address the root cause of the problem.
e. Provide the product or the service directly without going through middle-men or
dealers.
f. Explore a wide array of distribution channels.
g. Always keep the goal in mind, but adjust your methods as circumstances and
new learning dictate.
Basic steps in starting a social business
Creativity and a desire to make the world a better place is enough motivation to start a
social business. The core motivation of the entrepreneur is to make a difference and
help humanity to solve its fundamental problems. One simply needs to exercise
compassion.
a. The first step is to pick a social problem and then find a solution for it.
Another approach is to look for a group of people who need help.
b. Match the need with your capabilities and talents, then use your creativity.
Start with a personal passion.
c. Think about how technology can address social problems.
d. Make a list of general headings of the issues you want to explore further.

e. Build a business plan around the idea by gathering information on various
aspects of the business.
f. Start where you are. Keep it simple. Do it with joy.
g. Clarify your objective and ensure that desired results can be achieved.
h. Come up with a product or service to serve as an avenue to achieve this
objective.
i. Find ways to translate your dreams to specific and concrete goals.
For example,
• a product or service that empowers customers at affordable prices;
• giving chances for the poor to be financially independent;
• helping others get better access to markets;
• providing employment;
• enabling entrepreneurship;
• providing stability in people’s lives and remove vulnerability;
• increasing access to infrastructure and resources.
j. Spend time with the people you want to serve.
k. Test and experiment on the idea. Try to use minimal resources at this stage, for
instance, starting the business on a part-time basis.
l. Explore the “social franchising” option and seek guidance from existing
businesses.
m. Look around for partners who can help.

Social Business: A Review and Critique
Individual social responsibility
A sense of social responsibility is at the root of the desire to help and often leads into
a structure, effort, or act of a charitable nature. People are driven by a genuine desire
to help and engage in prosocial behavior,8
enhance their social image or self-esteem
(“feel good about themselves”), or for material gain (such as tax-deductible
contributions). We would like to reassure ourselves that we are good people.
The search for a good self-image has both a bright and a dark side. In the advent of
social media, individuals may be prone to self-aggrandizement and tends to give only
to those causes that will provide the most glamour or publicity. Anonymous-giving
is still a much coveted virtue. Few are those who would rather have a third party
publish the altruistic act lest their intentions are misconstrued.
Society insists that individual and corporate social responsibility become an alternative
response to market failures (Benabou, 2009). Governments, particularly in developing
nations may not have sufficient resources and management capabilities to address its
myriad of problems. They turn to the ever sprouting charitable institutions to aid in the
8
Prosocial behavior is any action intended to help others. One motivation for prosocial behavior is
altruism, or the desire to help others with no expectation of reward (http://study.com/academy/lesson/altruism-
and-prosocial-behavior-definition-predictors.html).

solution creation. In an ideal world, governments will be doing their jobs more
efficiently, and there would be no need for social businesses. Alas this is not the reality
we live in today. Several nations of the world continue to suffer in the throes of poverty,
often caught in political or armed conflict, civil unrest, and squalid living conditions.
Caring about the environment, the welfare of people in poor countries, and other good
causes is a normal good. The richer our societies, the higher the demand for socially
responsible behavior. But one needs to lever altruism and signaling concerns in the
right way, and this requires a good understanding of the psychology of giving and
how it interacts with markets and other general-equilbrium forces (Benabou, ibid.).
Will this intrinsic need to look after the welfare of other human beings necessarily
translate to creating a social business? It is a way, but not the only way. Building
a social business, as described by Yunus, is a dedicated and full time effort, mostly
thankless, though altogether rewarding. Not everybody are Nobel laureates;
and it may prove to be rather difficult for ordinary mortals to attract investors with no
promise of profit! People would rather resort to sporadic charitable giving and support
causes that they deem to be worthy, feeling good about themselves, rather than
devoting themselves to building a social business.
Acting on social responsibility is viable only in the absence of a historically-grounded
understanding of capitalist political economy. It constitutes an influential ideology with
material implications to the stakeholders (Jones, 2016). In people’s minds, business
should equate to profit.

Social business Per se
Yunus describes a unique perspective on the ways in which social businesses can
coexist with traditional businesses to alleviate poverty and improve the lives of the
world's citizens. He leaned heavily on his experience in building Grameen Bank,
which started from a $27 loan, and became the forerunner to the concept
of “microlending” and “microfinance.” After all, the poor people of this world are not
considered credit-worthy by traditional banking institutions.
With the success of Grameen Bank, the modest earnings by Grameen Danone,
and the business model demonstrated by Grameen Veolia Water, one can earnestly
say that indeed social businesses do have the potential of reducing poverty and
addressing the world’s ills. There was a brief discussion in the book of how
governments can enhance the growth of social businesses, but none on Yunus’
experience with Bangladesh’s local jurisdictions. One can surmise that in a developing
third world country, politics is usually thick and dubious. Yunus did not discuss in the
book if he had any dealings with them.
The optimistic tone of the book draws from real-life examples from partnership with
global companies such as Adidas, BASF, and Intel, as well as profiles of a variety
of entrepreneurs and social activists. There is evidence how side-by-side for-profit and
social businesses are becoming the avenues for socioeconomic change and improved
global social welfare.
The partnerships were created with large, global companies but the benefits are still

local to Bangladesh. Perhaps there is a lot of work to be done there than in other
locations.9
These new partnerships entered into by Grameen are still in its infancy and
the world has yet to see if they truly deliver the objectives that they have set forth to
work on.
One cannot help but be skeptical. The idea and the promise of poverty alleviation seem
to be overly idealistic. Is it really that simple? Yunus claimed that “poverty will be
eradicated in a generation” and that “our children will have to go to the poverty museum
to see what the fuss is about.” In 2008, Bangladesh has the highest microcredit
penetration with 25%. Nevertheless, commercialisation led to Wall Street-style abuse
of the poor (Bateman, 2014). Microcredit was found to have serious flaws that undermine
its logic and practice (Bateman and Novkovic, 2014).
The premise of social business is that if there is focus on profit, there is tension. Owners
become bent on running the business and creating profits. Yunus argues that, when
there is no focus on profit for the investor, it becomes very powerful, and its attention to
the social cause is totally undivided.
The tension and challenges are inevitable though, and stress will always trump the
bottomline. They arise from combining social and business objectives. While the level
of analysis is varied, one common theme is the conflicting demands present in social
enterprises. As “hybrid” organizations, social enterprises seek to both sustain a social
mission and maintain commercial viability (Gonin, et al., 2012).
9
It is of a happy note that I found the Philippine office of Grameen Foundation in the same floor and
building where I do my yoga practice. Talk about serendipity.
(http://www.grameenfoundation.org/about/contact-us/worldwide-offices; http://urbanashramyoga.com/contact-us/)

There is also no concrete legal structure to support a social business. Yunus said so
himself. Countries will have to pass legislation, update their policies, and reengineer
their procedures to properly register the business. Dealing with the bureaucracy can be
an administrative nightmare. The hurdles than an entrepreneur will have to go through
just to fulfill a social intention! Is it really worth it? Are charitable institutions,
foundations, NGOs, and cooperatives not enough? Throughout world history, collective
efforts do produce viable results. Individuals and groups who mean well address the
most severe of world problems. The whole is indeed more than the sum of its parts.
Or it can be that poverty is just what it is, complicated.
Once thing is certain, there are many ways to skin the cat. Real value can only be
derived from social business when they have reached a certain level of sophistication
with regards to their initiatives. They must be run like for-profit businesses, backed by a
robust product or service strategy, distribution plan, and managed by credible
professionals. Noble intentions cannot be overcome by greed.10
Social businesses
have come under extreme scrutiny and if not managed efficiently, then it is no different
from capitalist businesses, noble intentions notwithstanding.
10
As this essay is being written, the following headline flashed through a Google search result: “Grameen
Bank officials jailed for embezzlement” (http://www.dhakatribune.com/bangladesh/2016/11/08/grameen-bank-
officials-jailed-embezzlement/).

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