By simply capitalizing on core strengths and knowledge, companies and entrepreneurs can engage in an emerging business model that will enable them to create - and demonstrate - real, sustainable social impact in society.
Interpretation
Companies can achieve social impact by leveraging their strengths and knowledge through new business models.
This quote by Muhammad Yunus emphasizes the importance of utilizing core competencies and knowledge to drive innovative business practices. By focusing on what they do best, entrepreneurs and companies can not only increase their profitability but also contribute positively to society, ultimately leading to sustainable social impact.
In practice
In a conference about social entrepreneurship, this quote can inspire startups to focus on their strengths to make a difference.
Civilization has given us enormous successes: going to the moon, technology. But then this is the civilisation that took us to debt, environmental crisis, every single crisis. We need a civilization where we say goodbye to these things.
What I did not know yet about hunger, but would find out over the next twenty-one years, was that brilliant theorists of economics do not find it worthwhile to spend time discussing issues of poverty and hunger. They believe that these will be resolved when general economic prosperity increases. These economists spend all their talents detailing the process of development and prosperity, but rarely reflect on the origin and development of poverty and hunger. A a result, poverty continues.
People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.
Some people think that poor people are lazy. Actually, it takes a lot of work to survive when you are dirt-poor.
Once poverty is gone, we'll need to build museums to display its horrors to future generations. They'll wonder why poverty continued so long in human society - how a few people could live in luxury while billions dwelt in misery, deprivation and despair.
Today, if you look at financial systems around the globe, more than half the population of the world - out of six billion people, more than three billion - do not qualify to take out a loan from a bank. This is a shame.
Management innovation is going to be the most enduring source of competitive advantage. There will be lots of rewards for firms in the vanguard.
It turns out that people - in every country in the world, there's a segment of buyer that wants the best product and the best experience. And that's what we're about providing.
Business must go on reiterating its absolute commitment to embedding human rights in all it does, driving industry change through collaboration with governments, international organizations, and each other.
When we first started our internet company, 'China Pages', in 1995, and we were just making home pages for a lot of Chinese companies. We went to the big owners, the big companies, and they didn't want to do it. We go to state-owned companies, and they didn't want to do it. Only the small and medium companies really want to do it.
The rules of engagement around building a brand have changed significantly over the past 10 to 15 years. Where companies at one time could spread their message through traditional marketing, consumers now seek an enduring emotional connection with the companies they patronize. The foundation of that connection is the most important characteristic of building a world-class brand: trust. Trust with your people and trust with your customers.
If your customer base is aging with you, then eventually you are going to become obsolete or irrelevant. You need to be constantly figuring out who are your new customers and what are you doing to stay forever young.
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