What is Social Business?
"A company dedicated to solving human problems." - Yunus
We define ‘social business’ as a company whose core mission is to solve a social problem. There exist several social business models and we support whichever model our members chose to use. While this is true, most MyVision chapter-run businesses have adopted the non-loss, non-dividend company model developed by Nobel Peace Prize Laureate, Muhammad Yunus.
Under this framework the company is financially self-sustainable. It is contrary to a charity not dependent on donations nor on grants, since it generates revenue through the sale of a socially impactful product. Meanwhile, unlike in a profit-maximizing company, here profits gained from sales are reinvested into the business itself (to for example, expand the company’s reach, improve its products, or in other ways subsidize its social mission) or used to start other social businesses, with the aim of increasing social impact.
"A charity dollar has one life. A social business dollar can be invested over and over again." - Yunus