Prof. Muhammad Yunus at MUBS for the Social Business Conference
On December 06, 2016, the MUBS Entrepreneurship Centre held a Conference on Social Business which took place at the MUBS ADB Faculty of Computing and Management Science main campus. Professor Muhammad Yunus the father of Micro-credit in the whole world was the main Guest. Among the key people in MUBS was Professor Peter Rosa a Visiting Professor in Entrepreneurship at MUBS, Assoc. Prof. Moses Muhwezi the Deputy Principal MUBS, Professor Waswa Balunywa the Principal of MUBS and Mrs. Diana Ntamu the Director MUBS Entreprenuership Centre and organizer of the event.
This is the second time Professor Muhammad Yunus is visiting MUBS, he was here in 2013. During his last visit in 2013 the Yunus Social Business was launched. He thanked MUBS for inviting him.
Muhammad Yunus is a Bangladeshi banker and economist. He was previously a professor of economics where he developed the concept of microcredit. These loans are given to entrepreneurs too poor to qualify for traditional bank loans.
Yunus is also the founder of the Grameen Bank. In 2006, Yunus and the bank were jointly awarded the Nobel Peace Prize, “for their efforts to create economic and social development from below.” Yunus himself has received several other national and international honors. He is the author of Banker to the Poor and a founding board member of Grameen America and Grameen Foundation.
He is one of the founding members of Global Elders. Yunus also serves on the board of directors of the United Nations Foundation, a public charity created in 1998 with entrepreneur and philanthropist Ted Turner’s historic $1 billion gift to support United Nations causes.
The Micro-credit Idea
Professor Muhammad Yunus was an economics teacher at that time in the 1980s when the economic circumstances where harsh and people needed money to do business. Many poor people had brilliant ideas to do business but they didn’t have the money to progress with their ideas and do business. He said that He said that all people are entrepreneurs but it’s because of the system which doesn’t favour them. He added that all People are entrepreneurs because they have the ability to do business.
Banks where lending money to people who already had money and where not lending to the poor, he said. “If you go to the bank with a brilliant idea, they’ll not give you the money. They will ask for security”, he added. This concept was not favoring the poor. Banks where not doing what he thought about the idea of giving loans to the poor people. With the aim of helping the poor people, Professor Muhammad Yunus started giving Loans to poor people without any financial security something which had appeared to be an impossible idea. So more and more people started coming to him to get money. He felt good because he felt what he was doing was useful to people.
The word “Micro-credit” didn’t exist in the dictionary. He initiated so it spread around the world. From modest beginnings three decades ago, Yunus has, first and foremost through Grameen Bank, developed micro-credit into an ever more important instrument in the struggle against poverty. So he came up with Grameen Bank. His aim was to help the poor people.
Tips on Entrepreneurship
- You need to be an entrepreneur otherwise you will not be able to use the money that has been lent to you.
- All people are entrepreneurs but it’s because of the system which doesn’t allow them. People are entrepreneurs because they have the ability to do business.
- Human beings are created to be job creators/ go getters not job seekers.
- If you have money on the table, come up with a business idea, be yourself. Now fight it up. It doesn’t matter your education.
- If you go to the bank with a brilliant idea, they’ll not give you the money. They will ask for security.
- If you have papers and don’t have a job, don’t sit back. Do something for yourself. But because of the financial system it doesn’t allow us.
- If we become entrepreneurs, we become the magnet to our self also referred to as micro-magnet. All the wealth will stay with us. We will not be the mercenaries, we will do it ourselves.
- Some people are selfish and selfless.
- The population is growing at a very high rate, the system doesn’t favor us. 99% of the wealth goes to 1%. Politicians like new elected Donald Trump will say this has brought this. Let’s build walls to avoid foreigners who are taking away our jobs but they don’t change the system.
Eric Wakanyasi – Incharge