Much has been said concerning how the technology works. Now, let us see how it made a once small business into a globally-influential institution. Muhammad Yunus, a banker and a Novel Peace Prize recipient experienced this.
A combination of a desire to help, an organized system, and a growing technology made Muhammad Yunus known and appraised throughout the century due to his success in business industry. He is the father of microfinance in Bangladesh that brought much prosperity not only to the poorest class of the people but to the nation itself as well.
His desire to help his poor people started when he observed the devastating effect of the famine and flood to some parts of the Bangladesh in 1974. That happened just three years after the Bangladesh Liberation War, which also resulted to the unstable government and nation. During this time, he observed that the poor, the laborers, and the non-landowners were the ones who were greatly affected. Even though there were many among them who had work, much of them were still had to take usurious loans to finance their small businesses. The traditional banks were also unwilling to lend these poor Bangladeshis due to fear of default.
These concerns led Muhammad Yunus to create the microfinance in Bangladesh. At first, he lent US $27 of his money to 42 women in the village, who in return made a profit of US $ 0.02 each on the loan. From that single beginning in 1976, microfinance grew into having 28,000 members in 1982. A full-fledged bank for the poor Bangladeshis, the Grameen Bank, was created. By July 2007, it supplied US $6.38 billion to 7.4 million borrowers.
Handling a growing company was not easy, especially for Muhammad Yunus. As what was really in demand at that time, he also used the technology to address the needs of his members in the microfinance and to reach out to those who are living farther.
Contrary to big banks which help only the rich and the people who are credit worthy, his banks helped the poor predominantly. This was a new revolution in the banking sector as this was one of the first of its kind to be implemented. If you take a closer look at the people who borrow from these banks, most of them are predominantly woman in contrast to the larger banks. This enables woman empowerment by enabling them to become self stable.
One of the biggest achievements of his was that he made the big brands in the industry like Adidas rethink about their strategy and come with low cost shoe models for the poor children. With the help of several other companies he helped the children, females and other malnourished people by giving them nutritious yogurts, micronutrient sachet, cheap mosquito nets etc
The art of Alternative Organisational Management:-
1)
Treat each one of your fellow human beings as equal
2)
Helping the needy is the duty of each and every citizen
The basis of this alternative type of management is trust, community and
meaning. The managerial orientation is caring and compassion while the employee
orientation is psychological ownership which leads to the passion and
commitment to organization goals in more effective manner. This model reflects
the values underlying positive organisational behaviour, where managers focus
their attention on helping employees develop feelings of hope, optimism,
self-confidence and courage. A link to one of his wonderful speeches at Amory university is
Link: https://www.youtube.com/watch?v=O_6nHYSgHxs
The whole lecture was very inspirational and motivating in understanding the basic necessities around us and how to create and deliver value to our society through some business model whose main priority should be to help the needy and eliminate poverty
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