##ism and the non profit sector, a view that is fast gaining ground is there is profit while serving the bottom of the pyramid – and that creating access to essential services and products for under - served communities – rural or urban, below or above the poverty line, can be profitable. in fact we believe that commerce for the poor is more profitable than commerce for the rich. our young entrepreneurs should not forget this cardinal rule. 36. while the idea is both innovative and has proved effective, we here tread a difficult area. business entrepreneurship is easy to handle. its immediate results are easily quantifiable in wealth created and jobs generated. social entrepreneurship is more difficult. their efficacy can be gauged by changes in society. social change and the creation of social capital are certainly commendable activities. however, any advocacy for social change and the nature of social capital created is rooted in values and one has to exercise due care and caution in imposing the values of one society on another. the issue of ethics 37. as you graduate from the edi, what is it that you should hold fast to? first, is the issue of values and ethics. the cries for values and ethics in business stem from what is alluded to as the “ crisis of confidence ”. these concerns have exacerbated in the wake of unexpected corporate failures and high profile collapses both abroad and in india. i will not spend time on the global meltdown which is well known. 38. what then are the qualities needed to make ethical decisions? first, is the ability to recognise ethical issues ; second, the ability to reason through the ethical consequences of decisions ; third, the ability to deal with ambiguity ; fourth, the ability to distinguish between ends and means ; fifth, the courage to go by conviction rather than consequences ; sixth and most important, cultivating the integrity to face ethical dilemmas that you will face in the course of your career head on and to resolve them. here, we should remember that, as in sport, what is important is not winning, but playing a fair game. playing a fair game, may lead to failures and lost battles, but will surely win you the war in the arena of life. 39. schumpeter referred to the entrepreneur as “ mann der tat ” or a man ( person ) of action. the entrepreneur, he said, was someone who does not accept reality as it is. if there exists no demand for a good or service, the entrepreneur will create such

five year plan. this entails triggering a series of development process that ensures broad - based improvement in the quality of life of the people, especially the poor, and the underprivileged. a number of schemes seek to address issues of livelihood and seek to act as social security nets. to make these schemes and policy interventions effective, it is important that the common person in general and beneficiaries in particular have access to the banking sector to receive and make payments on their own account. as inclusive growth is not possible without financial inclusion, “ financial inclusion ” has become a major policy plank. rbi vision is that everyone in the country should have access to financial products and services but our immediate objective is that every village with a population exceeding 2000 ( and subsequently all villages ) should be covered either by a bank branch or through a business correspondent by 2012. the rationale behind this is that access to finance, along with fair and transparent products / services, is a source of empowerment and allows people to participate more effectively in the economic and social process. our dream of inclusive growth will not be complete until we create millions of microentrepreneurs across the country. 33. in this context of inclusive development, the course in social entrepreneurship offered at the edi assumes importance. while the term social entrepreneurship is new, the activity of building social capital is not. in the mid 19th century raiffeisen innovated the credit unions and set in motion the cooperative movement ; vinobha bhave led the bhoodan movement pooling and redistributing land ; closer to the present, social capital built by pioneers such as ela bhatt of sewa, kurien ’ s amul initiative or mohammed yunus ’ s gramin bank have charted new directions and have led the way. 34. india, today, is home to the largest number of ngos in the world. a recent government study estimates the number of ngos at 3. 3 million. this is many times more bis central bankers ’ speeches than the number of primary schools and primary health centres in india. while we have the comfort of numbers, we do not have the comfort of commensurate results. we trust that some in our midst, who are stepping out to pursue a career in the social sector and become agents of social change, will not only fill in this deficit but will also pioneer new areas. of profits and ideals 35. while much of social capital creation has been driven by ideal