Saturday, December 23, 2006

The Nobel Lecture - Prof. Yunus

" ... the assumption that entrepreneurs are one-dimensional human beings, who are dedicated to one mission in their business lives − to maximize profit. This interpretation of capitalism insulates the entrepreneurs from all political, emotional, social, spiritual, environmental dimensions of their lives. This was done perhaps as a reasonable simplification, but it stripped away the very essentials of human life.

Human beings are a wonderful creation embodied with limitless human qualities and capabilities. Our theoretical constructs should make room for the blossoming of those qualities, not assume them away.
...
By defining "entrepreneur" in a broader way we can change the character of capitalism radically, and solve many of the unresolved social and economic problems within the scope of the free market. Let us suppose an entrepreneur, instead of having a single source of motivation (such as, maximizing profit), now has two sources of motivation, which are mutually exclusive, but equally compelling − a) maximization of profit and b) doing good to people and the world.
Each type of motivation will lead to a separate kind of business. Let us call the first type of business a profit-maximizing business, and the second type of business as social business.
Social business will be a new kind of business introduced in the market place with the objective of making a difference in the world."

First read at Sujit's Orkut Profile.
Read the complete Nobel Lecture.

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