In today’s post, I will introduce you to the term social business. If you are curious to know what is a social business and learn something about it, please keep reading J.
There are many definitions of social business, some people say social business is all about technologies and others say it is connected and more human way of doing business. I will list three definitions of social business.
The term social business was defined by Nobel Peace prize winner, Muhammad Yunus. In the article in Forbes India, he explained: „Social business is a complement to traditional profit-maximizing business. Social business takes into account the multidimensional nature of human beings and uses business principles to achieve one or more social goals.“ Also, he added: „I define social business as a non-loss, non-dividend company dedicated entirely to achieve a social goal.“
Source: https://tinyurl.com/y8j9wvg4
The next definition is from the team at Socious: „Social business is the ability for an organization to use its communities to improve its performance.“ So we could understand this definition better ourselves, we can break it into three parts (pay attention to highlighted words):
Social business is the ability for an organization to use its communities to improve its performance.
Social business is the ability for and organizations to use its communities to improve its performance.
Social business is the ability for an organization to use its communities to improve its performance.
At my university, we had a lecture called: Creating „Social Company“ in which we were introduced to the term social business. We explained it as the socialization of the brand with users and communication incorporated into the brand’s business strategy.
We came to the end of this post.
I hope this post was informative and helpful J. Also, I would like to know if you heard about this term before? Please share your knowledge in the comment section.
Author: Matea Brajković
Sources:
https://www.i-scoop.eu/social-business/defining-social-business/
http://blog.higherlogic.com/2012/04/03/what-is-social-business-a-clear-definition
Lecture: Creating „Social Company“, University of Applied Sciences Vern’, 2017.