Sustainability
Sustainability is “meeting the needs of the present without compromising the ability of future generations to meet their own needs” (United Nations 1987). Sustainability can be enhanced by conserving resources or finding more efficient ways to produce or discover new resources. Business decisions should consider the impacts of their results on people, planet and profit (this is termed the “triple bottom line”).
- Cultural/social sustainability (people): businesses are encouraged to be aware of their cultural and community settings. Within this mindset businesses focus not only on the local community but also consider the cultural norms and values within the external environment.
- Environmental sustainability (planet): this demands that enterprises work on minimizing their negative environmental impact through different practices such as reusing, recycling or reducing waste.
- Economic sustainability (profit): businesses/entrepreneurs are risk-takers and strive to make a profit, which is part of their economic responsibility. However, this also translates into employment opportunities and tax revenue to allow for further development of the community.
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