Entrepreneurial Empowerment: Dr. Yunus Urges Youth to Forge Their Own Path
Dr. Muhammad Yunus Calls on Youth to Solve Problems Through Entrepreneurship
Emphasizing that human civilization was not created to chase jobs, Bangladesh's Chief Adviser, Dr. Muhammad Yunus, has urged young people to become entrepreneurs instead of job seekers. He encouraged them to find their own financial solutions, stating that solving real-world problems is the key to success. He highlighted healthcare and medical sectors as areas with significant opportunities.
Dr. Yunus made these remarks while responding to questions from young participants at the "BIMSTEC Young Generation Forum: Where the Future Meets" event, held on the sidelines of the BIMSTEC summit in Bangkok on April 3.
A Call for a New Civilization
Encouraging the youth to break away from traditional employment and work towards a new civilization, Dr. Yunus remarked, "The world cannot be changed overnight; it begins with changing oneself. I believe civilization was not created to chase jobs. People can create their own work opportunities. This new generation is completely different; their beliefs and perspectives have changed significantly. If they want, they can build a new civilization. That’s why they should not run after jobs but become entrepreneurs. I also believe that the conventional system cannot bring change to global civilization."
The Vision Behind Grameen Bank
In his keynote speech, the Nobel Laureate recounted his journey in microfinance. He explained, "Poor people need employment, not money. But others insisted that money is more important than jobs. I began advocating that credit is a human right. Critics questioned the link between bank loans and human rights. I argued that access to loans is essential for shelter and livelihood, making it a fundamental right. When banks refused to lend to the poor, I asked myself, 'Why don't I create my own bank for them?' I started with just a one-dollar loan, and over time, I was able to establish a bank for rural people—Grameen Bank."
Engaging with the Youth at BIMSTEC
Dr. Yunus expressed his enthusiasm for interacting with young minds at the BIMSTEC Summit, stating, "This is my first meeting at BIMSTEC, and I am delighted to start my journey here by meeting young people. I try to draw inspiration from them, and it helps me walk the path they envision."
Concerns Over Natural Disasters and Climate Resilience
At the beginning of his speech, Dr. Yunus extended condolences to the victims of the earthquakes in Myanmar and Thailand, emphasizing the limitations of human capability in disaster preparedness. "These tragedies highlight our inability to predict and mitigate nature’s unpredictable behavior. We still have a long way to go in understanding nature and protecting lives. Bangladesh is also at risk of earthquakes, though, fortunately, we have not yet faced such a catastrophe," he said.
Reflections on Bangladesh’s Early Years
Recalling his return to Bangladesh in June 1972 after its independence, Dr. Yunus said, "I came back with the enthusiasm to help build a new nation in my own way. But soon, the excitement faded as Bangladesh plunged into economic turmoil. By 1974, the country was hit by a devastating famine. We had read about famines in books, but witnessing it in reality was horrifying. Dead bodies were found on the streets—not due to disease or a pandemic like COVID-19—but due to sheer hunger."
Determined to take action, he said, "As a young teacher, I wanted to help but didn’t know where to start. I realized that I alone couldn’t work for all of Bangladesh. But I could focus on a single village near my university campus. I decided to treat that village as my Bangladesh, providing everything necessary to free them from hunger."
The Birth of Microfinance
Dr. Yunus elaborated on how small loans can transform lives. He recounted his experience with a rural woman trapped in a cycle of debt. "She was a brilliant worker, but her earnings were swallowed by loan repayments. Loan sharks dictated the price of her products. I asked if she could sell in the open market with a small loan. She had never considered it, but she agreed to try. That was my first loan, and it opened up new possibilities for her," he said.
Challenging the traditional banking system, he recounted, "I went to a local bank and asked why they wouldn’t lend to the poor. They were shocked by my question and replied that banks don't give loans to the poor. I told them, 'Your banking system is entirely flawed. It is designed to give more money to those who already have money. It should be the opposite—the bank should first serve those who have nothing.' But the old system still dominates global finance today, hindering social progress."
The Impact of Microfinance
Explaining the advantages of microfinance over donations, Dr. Yunus stated, "Small loans, when repaid, can be used repeatedly. The same money can be circulated multiple times. Donations, on the other hand, are a one-time act. If I lend money instead of giving it away, it comes back with a small operational cost and can be used again and again. This way, millions of people can benefit."
With this approach, Grameen Bank and microfinance have transformed millions of lives, proving that empowering individuals with access to credit can create sustainable economic change.
