Accounting and Program Audit Team
Log # 5
By John Kenny
A class remains just a class when in your time outside the
classroom you avoid any connection to the material. More and more,
I find GLOBE and microfinance in general surfacing in discussion
and conversation outside of school. These instances solidify
GLOBE’s relevance in my life as more than just a typical
educational experience. Just last weekend at a family gathering, I
saw two of my uncles disobeying a rule they should have a learned a
long time ago: don’t mix partying and politics. When two people
from seemingly opposite ends of the political spectrum begin
jovially discussing the role of government in the lives of
Americans, the fun can often turn into a heated a debate.
Therefore, I walked away before their tensions escalated, but not
without asking myself this question: W.W.M.Y.D?
What would Muhammad Yunus do? Or in this case what would he say,
regarding the welfare state in the United States that my uncles
were debating. I don’t think anyone could ever doubt Yunus’s
heartfelt consideration of the needs of the poor and hence his
life-long work in microfinance. Nonetheless, the manner in which he
believes most effectively assists the poor does not consist of
“handouts.” Yunus writes, “In general, I am opposed to giveaways
and handouts. They take away initiative and responsibility from
people…Handouts encourage dependence rather than self-help and
self-confidence.” He makes an assumption about human nature, in
that people demonstrate more interest in attaining things for free
than in “accomplish[ing] things on their own.” Taken in this
context, Yunus could be perceived as opposing any expansion to a
welfare state.
To be fair, Yunus does espouse the belief that some people start
at a major disadvantage. One of the factors adding to such a
disadvantage is the lack of access to credit and other
institutionalized financial support. The people who most need these
cannot receive them because of a lack of collateral, credit
history, etc. We’ve learned much about the Grameen Bank, but to
reflect back on my uncles’ discussion, where else in the United
States can people access much needed credit? I learned a little bit
more about this today when stepping into the offices of Project
Enterprise.
My interview with Project Enterprise, a microfinance institution
in each of the boroughs of New York City with the exception of
Staten Island, proved the value of GLOBE in this stage in my life.
The education offered by GLOBE proved applicable in the questioning
involved in the interview process, and the student-managed aspect
of the program proved to foster further discussion. The interview
process made me realize how my interest in the field of
microfinance originally sparked by GLOBE has evolved from curiosity
to outright passion.
The increase in cohesion between the teams impresses me. There
now exist open waves of communication, and GLOBE as a unit needs
this responsiveness to operate effectively. I can personally attest
to the benefits of this by commenting on the past week’s
proceeding. Representatives from the marketing team and I met to
work on clarifying the purchase of the promotional items. Without
such communication, the accounting team could not keep an accurate,
up-to-date record of the cash position of GLOBE’s funds.
My sentiments this week could not be more different than those I
felt last week. Instead of worrying about several deadlines, an air
of excitement fills me considering the up-and-coming events we
have. The bake sale approaches at a quicker and quicker rate, and
after attending the Bottoms Up event at Morgan Stanley two weeks
ago, I’m keen to learn about more entrepreneurial ideas. The solar
paneled backpack discussion should be a good one Tuesday night.
Finance and Risk Assessment Team
Log # 5
By Raias Anthony Khan
In a way, it worked out for the best that I would submit my Log
after meeting today. The presentation of Voltaic was truly
inspirational. So much in fact that it took me to a desirable frame
of mind that focused on creativity in the direction of social good.
I began to realize the impact that one would have if he or she
would donate their creativity to a social cause in fullness. This
would reflect the ultimate definition of Muhammad Yunus’ concept of
a social business in today’s world.
I was so influenced by the presentation that I approached my team
with a suggestion to change the direction of our social business
plan proposal. I suggested a solar hat model or something of that
nature. We laughed because it was almost a rip off of Voltaic’s
potential product line.
I began to believe that when you are truly passionate about a
certain field or product in an industry, it is the way that you
portray and influence critics and potential buyers that truly
builds your brand. I could feel the reassurance of the success of
Votaic’s brand increase as questions being asked were paired with
accurate and precise responses. It led me to think that if I could
take the key ideas I would gain from GLOBE, MFCNY events and the
presentation on Voltaic, it can truly give me the frame of mind and
courage necessary to voice my creativity and passion for helping
others. If I extract even a tiny ideal from GLOBE’s mission into my
personal and professional life, I believe that I can succeed at
anything I pursue. This is because of the secured and sustainable
impact that GLOBE makes to the applicants, people and businesses we
come into contact with. I am proud and honored to be in such a
prestigious program and University that truly has a philanthropic
mission to benefit the world and alleviate poverty.
Marketing and Fundraising Team
Log # 5
By Kemi Bamishe
Last week’s assigned reading was the seventh chapter of Joanna
Ledgerwood’s Microfinance Handbook: An Institutional and Financial
Perspective. This chapter concerned management information systems
in a microfinance environment. Ledgerwood began the chapter by
stressing the importance of management information systems.
Management information systems help entities collect, organize, and
distribute data throughout their organizations. Managers have to
utilize data to make key decisions for the company or organization;
and therefore it is crucial that the data, which is shared in the
information system, is not only accurate, but also current.
Microfinance institutions can operate more effectively with
management information systems. GLOBE managers, for example, do not
disburse loans and collect repayment directly. Those tasks are
carried out by our field partners, The Daughters of Charity, who
have a presence in the countries in which the borrowers that we
provide loans to live. Our borrowers are located in parts of the
world where technology is scarce, which makes communication very
difficult. So, there is some knowledge asymmetry. I think it is
important for all parties, especially management, to be aware of
the status of the institution’s loan portfolio at any given time. I
believe the implementation of a management information system,
which the field representatives have access to, can help alleviate
some of this information asymmetry. A management information system
can help organizations run more effectively by improving the
frequency of communication (information is updated on a consistent
basis by those given access). Managers can have a better idea of
the status of loans in the institution’s portfolio and make better
decisions for the present and going forward.
Technology and Communications Team
Log # 5
By Ruth Santana
Evolving
To think that we started this class over a month ago with a very
similar thought as the beginning of Martin Luther King’s famous
speech “I have a dream”. I think we very much have matured our
structures as teams and our efforts week by week, and in just 6
weeks, we are starting to see the managerial skills pull through
and we are showing the University what we can do. We have dreams,
but we are making them a reality.
This past week, my team has been working on ways to develop a new
twist on our idea for making a GLOBE trailer. Visiting the YouTube
website that GLOBE currently has, we have seen that previous
classes have done great work with these and definitely will be hard
to top, but I do confide in my teams’ creativity and talent. We
have decided to use this trailer as promotional tool, and add to it
as the semester continues to create a longer, more complete video
that will be the movie. Now, creating a promotional tool means we
need to promote it! I found the contact person for this task and we
will be working to get the word out there about what we do, to get
people to react and support our cause, and to reach those students
that would like to be a part of this program next semester or in
the future. We need to let people know and expand our reach for
everyone to see.
I hope that these types of courses continue to exist and expand
into other realms of classes such as theology, ethics, a specific
country’s history classes, and many more business classes, for more
and more students to have the opportunity to grow in many ways;
with hands on experience like we do in GLOBE.
Discovery #5: “This little light of mine, I’m gonna let
it shine”