Expanding the Definition of Social Business When Muhammad Yunus was awarded the Nobel Peace Prize in 2006, his definition of social business gained widespread prominence through its ability to lift millions of people out of extreme poverty using microfinance.
For Yunus, social business was a new category of business that would remove financial reward from its objectives.
According to Yunus, this was a necessary break from the old framework of business that focused on personal financial gain in order to fully unleash the true potential of social business, which would solve problems that threaten people and society in a financially sustainable manner. Read More
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