Though many traditionalists in Bangladesh objected to his focus on the economic empowerment of women, Yunus had confidence that he would be able to persuade a sufficient number of others, both in and out of Bangladesh, that he was responding to a legitimate need. It is important to pursue legitimate needs that need addressing, it saves time, resources, and one from frustrations. Thus, a promising and ultimately very successful idea was born out of researching an unmet need. While it is important to ground new venture ideas in a plausible diagnosis of social needs, there is a danger of over-emphasizing the negative. Yunus pursued a genuine and legitimate need, he pursued his conviction to solve a societal problem of economic empowerment for women. Some argue that the social sector concentrates too much on needs and that better ideas emerge out of a focus on assets. Northwestern University’s John McKnight worries that emphasizing needs can lead us to see people and communities as “deficient.” He contrasts the concept of a ‘neighbourhood needs map’ that focuses on problems such as unemployment, gangs, illiteracy, crime, child abuse, and homelessness with a ‘neighbourhood assets map,’ that replaces the above problems with local businesses, community groups, schools, police departments, health centres, available real estate, and more.
Though many traditionalists in Bangladesh objected to his focus on the economic empowerment of women, Yunus had confidence that he would be able to persuade a sufficient number of others, both in and out of Bangladesh, that he was responding to a legitimate need. It is important to pursue legitimate needs that need
The needs analysis then matches the community gaps or needs because they are tailor-made for that particular problem. Few would deny the need to address poverty in the desperately poor rural villages of Bangladesh and other impoverished communities. In his search for ideas that might respond to this need, economics professor Muhammed Yunus and his students spent significant time in these villages. They found that many women generated income for their families by operating small businesses, but these women could not get credit on affordable terms to develop and expand their operations, limiting their income potential. This is so relatable to me on so many levels, as it’s difficult to secure funding without collateral, and most women do not have collateral. I have had some projects put on standby due to a lack of funding. At the same time, I am confident that I can repay a loan if I secure one. To most funders, your word is not enough. They consider the viability of the business and collateral; hence, many projects or businesses are stagnating because of that, even though they have the potential to scale up and do better. Thus, while investigating the broad need to reduce poverty, Yunus, through the Grameen Bank, identified a more specific need for access to affordable credit, especially for women. Based on his analysis and understanding of this need, he generated the idea to create a bank that would serve this market, using an innovative approach of peer-group lending.
addressing, it saves time, resources, and one from frustrations.
Thus, a promising and ultimately very successful idea was born out of researching an unmet need. While it is important to ground new venture ideas in a plausible diagnosis of social needs, there is a danger of over-emphasizing the negative. Yunus pursued a genuine and legitimate need, he pursued his conviction to solve a societal problem of economic empowerment for women. Some argue that the social sector concentrates too much on needs and that better ideas emerge out of a focus on assets. Northwestern University’s John McKnight worries that emphasizing needs can lead us to see people and communities as “deficient.” He contrasts the concept of a ‘neighbourhood needs map’ that focuses on problems such as unemployment, gangs, illiteracy, crime, child abuse, and homelessness with a ‘neighbourhood assets map,’ that replaces the above problems with local businesses, community groups, schools, police departments, health centres, available real estate, and more.
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