After covering the basic concepts of the business-society relationship and better understanding the significant stakeholders businesses have to manage, it is important to consider more inclusive approaches to stakeholder engagement. These include alternatives like social enterprise and collaborative alliances.
a) Explain, in detail, the concept of micro-financing. Discuss the challenges and opportunities presented by this form of social enterprise and identify the stakeholder priorities and potential tensions that may exist. Provide a real life example where this approach has been successful.
b) Explain, with specifics, the concept of public-private partnerships (PPPs). How would private businesses benefit from this collaboration? Discuss the challenges and opportunities presented by such an alliance. Provide a real life example of such an existing partnership.