Week #10

A hybrid business is a for-profit business that actually focuses on a social cause, for example a buy one, give one model. This model can be introduced in shoes, school supplies, etc. A hybrid that we learned about is TOMS, a company I don’t really agree with because they are apparently creating more damage than good. The thing that bugs me the most is that they don’t want to admit it. What they are doing is taking out any local shoe businesses because TOMS shoes are free and given to the people and because they believe they can benefit from that there is no need to buy shoes at the local shops. It is hurting the economy in South America and in the different countries in which they are located.

The more I think about a Buy One, Give One model I think it would be more beneficial if you were to buy TOMS, for example and the equivalent amount, let’s say, $50 is put into something that the local people really need; maybe starting their own local business. With the Buy One, Give One model you’re limiting yourself to things that the developing world may not need or want, but could benefit from the amount of money that product is in using it for something they really do need or want. I believe the Buy One, Give One model could be better and applied in such a way that can really help the economy in developing countries.

Week #9

         I continue to think what I will do for my career, something that will enable me to provide for my family but also allow me to do good in the world and hopefully solve a social problem or two. The more I think about social business I wonder how I can apply those principles and concepts that have been done before and still be innovative in my career of doing whatever I’ll chose to do.

         I believe a business can still be considered a social business if it makes profit and attempts to provide solutions to social issues. To me, that seems like the definition of what a social business is and we are seeing more and more of those types of businesses in the world today.

         The different between philanthropy and business is one is more focused on funding and putting money into social causes whereas business is more for gain and capital for the company itself. In social entrepreneurship the contrast by finding that middle ground of where to put the money and how to actually make the money. They coincide by putting to two together in a social business where the motive to make the money is geared towards social causes, but you’re still striving to make a profit.

Week #13

This week one of the TED talks really stood out to me, “Want to help someone? Shut up and listen!” by Ernesto Sirolli. What he had to say was perfect and is something I strongly believe in. I thought it was so interesting how he said there is zero infrastructure and no offices or buildings that they are located out of. They take on the challenge of reaching out to the individual and their specific needs. Now that to me is impressive and inspiring. I would love to be apart of his organization to help the people and also find more innovative ideas that we can apply to his organization.

Reflection Questions:

·      What do you think President Hinckley means when he says that we need time to meditate? How does this help us improve?

I believe this is very relevant to our day because we live in times of deadlines, rush hour, busy work schedules, and so many things we create for ourselves that make us really busy. If we follow President Hinckley’s council to stop and meditate it will enable us to see things as they really are. As I’ve applied this in my life I’ve noticed a difference with how I’m able to accomplish things and I don’t get burned out because I’m able to prioritize and see things clearly. Meditation has been huge for me in my creative ability to be innovative and think of ideas that help others and myself succeed.

·      From the talks you have read, what do you feel is the most applicable thing you have learned that applies to creating a successful business?

I believe if we can channel a lot of our energy towards helping and blessing the poor and the needy we will be blessed with success. I love how Elder Holland stressed the fact that Jesus Christ’s ministry was focused on the poor and the needy and he blessed them and made promises with them that they would receive the kingdom of God. I know that as we have empathy for those that are poor and needy it will move us with compassion to create life-changing experiences for them and a bi-product of that would be a successful life in business.

Week #12

This week I enjoyed the reading from How to Change the World and the principles it taught. Some of the key things it taught are the following: Willingness to Self-Correct, Willingness to Share Credit, Willingness to Break Free of Established Structure, Willingness to Cross Disciplinary Boundaries, Willingness to Work Quietly, and Strong Ethical Impetus. These are all important and I truly believe we should apply them as we strive to work with others, whether they be our partners, employees, clients, etc., we should be aware of these principles so we can perfect them in our dealings with the people we encounter.

Other than providing loans and money to the poor, explain other benefits that came about from Muhammad Yunus' Grameen Bank.
After that took place, there was something that is extremely important that was realized, the poor can be trusted and be reliable. The Grameen Bank's statistics were amazing when it came to the poor paying back their loans at 97%. All these people wanted and needed was an opportunity and the Grameen Bank offered that.

How did Muhammad Yunus have to "unlearn and relearn" what economics had taught him?
He was taught to have a certain mindset about lending and interests and things that had to do with the upper class citizens who had money. When he decided to start a bank for the poor he had to unlearn the mindset of working with the "wealthy" and relearn how economics really can benefit everyone. Essentially, the key was changing his mindset and the mindset of those around him.