Page 14 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.73, # 2, 2016, pp. 4-20

entrepreneurial ability of the educated young? All they need is a supportive financial
system.
We have created social business funds, as the supportive financial institution.
We are asking young people to come up with business ideas. When they come we
invest in their businesses. We become their partner, like an angel investor with one
exception, we don't take any profit from them because we are social business. Once
they are successful they buy back our shares without giving us any profit. They pay
a share transfer fee, a fixed fee to help us cover our management and advisory
services.
Now thousands of young people, boys and girls, are running their businesses
with partnership with us. We encourage young people to believe and practice that
"we are not job seekers, we are job creators".
I am very happy to see that Indian Prime Minister Mr. Narendra Modi has
been repeating again and again in his speeches to the young people of India that "we
are not job seekers, we are job creators". He has established a refinancing bank,
called Mudra Bank, to support the actual implementation of the programme. I hope
he succeeds in building up a support system to make it real. Once we get our
education system transformed to produce creative entrepreneurs, the global picture
of wealth gap will start changing. If we leave the talented young people with the
destiny of making other people rich, wealth-concentration will continue to soar. We
cannot let our young people become mercenaries for wealth concentration.
To counter the concentration of wealth we need a two-way flow of wealth,
instead of a one way flow. Present flow takes wealth upwards to the wealthy. We
need a flow which will bring wealth from the wealthy to the wealth-less. I see social
business as this new force. Whether it will be as strong as the existing upward
moving force will depend on how strongly people rally around it.

Resources for Social Business
As I go about promoting social business concept, I feel happy to receive warm
response from all countries. Now social businesses are growing up in many
countries. While discussing social business a question always comes up: where can
we find the investment funds to enable social businesses to spread around the world?

Charity
Existing investment funds are available only to personal profit making
enterprises. The more personal profit you can promise or deliver the more
investments you get. These investors have no reason to pay attention to social
business. Where should social business look for investment funds? Of course, it has
to come from the selfless part of human beings. Selflessness has the best expression

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