Social business is very much about entreprenurship and women´s empowerment, based upon sustainable business (social, economical, environmental and ethical). 2006 Nobel Peace Laureate Professor Muhammad Yunus has initiated a social business together with Juteborg AB and Zenit Design regarding kick bike for Girls in Bangladesh.
The 7 principles of Social Business
- Business objective will be to overcome poverty, or one or more problems (such as education, health, technology access, and environment) which threaten people and society; not profit maximization.
- Financial and economic sustainability.
- Investors get back their investment amount only. No dividend is given beyond investment money.
- When investment amount is paid back, company profit stays with the company for expansion and improvement.
- Environmentally conscious.
- Workforce gets market wage with better working conditions.
- …do it with joy.