Muhammad Yunus is a Bangladeshi Nobel Peace Prize winner for his success in developing wealth in Bangladesh. He realized that there were issues with the banking system in the country; only people with money could actually borrow money from the bank. This was an issue because the people who actually needed the money were the ones who did not have any money at all. Muhammad Yunus started to lend out money personally to the people to help out with their businesses. His first loan was $27 so the people could disconnect with the bank and make deals with him instead. People started to come to Dr. Yunus and lend money from him and he realized how only a small amount could make a huge difference for the people. This is what is called Microcredits.
Dr. Yunus gave us an example of what he had been able to create by lending out money that was remarkable. He told us he had met a woman who had never had money to get an education when growing up. While her daughter, who was able to lend money, was able to educate herself so she would later get a good job. I think that really proves to us how that system does work- how Dr. Yunis was able to involve all people in a country and create an economic growth with Microcredits.
Not only was Dr. Yunus talking about how he created his own bank in Bangladesh- the Grameen Bank- but he also talked about how a business can solve a problem. As a business minor I am normally taught in my business classes the importance of a company to make profit and importance to please customers. But when I walked out from Burt Khan, where Muhammed Yunus presentation was held, I had realized that business can be more than just making money. What Dr. Yunus said was very inspiring to me- to find a problem in society, and simply solve it by creating a business.
I think his speech was very inspiring for our QU301 class, as well considering we are going to South Africa to do community service. And even if it will be an experience for us, and even if our class will learn something from the experience, our main reason is still to make a difference for someone else other than us. Maybe we will come across issues that we may be able to change in the future.