Define sustainability in your own words.
Sustainability is where the current or present operation , in which ever sector meets its needs without putting the future generations at a position where they cannot meet theirs.
What is meant by the term “sustainable business”? Provide at least one example to support your answer.
Sustainable business is a term used to describe a green business, a business which, through its operations has negligible effects and impacts on global, local environment, community or society at large. I also tries to optimize three realms; economic,social, and environment (Hitchcock & Willard, 2012). A good example is this big tech companies doing all it can to reduce carbon footprints, in their data warehouse, such as Microsoft where they have Green IT policy. Another business case is in US,Burgerville in Vancouver Washington, where they use hormone-free milk andpractice fully recycling and composting in all its 39 restaurants (Landrum & Edwards, 2009).
Defend the concept of economic development. What does it mean and why is it important? Discuss why the pillars of the sustainable business paradigm are important.
The term economic development is multidimensional concept which involves economic growth and structural transformation. Economic growth is increase in a country’s GDP and income over a certain period of time. The structural transformation providesan enabling environment for economic development (Ezeala-Harrison, 1996). Economic development is important because it helps build health economies which inturn lead to health community; better jobs, increased tax base, self-sufficiency, improved quality of life among others. The pillars of sustainable business are economic, social and environment..All these are crucial in sustainable business the social pillar is focused on attaining balance of needs between those of an individual and those of a group. The environment pillar helps a business focus on systems and activities that reduces environmental impact as a result of organizational facilities, products and operations. Economic pillar helps define strategies that promote utilization of socio-economic resources to the best of their advantage. The focus helps business makes profit and at the same time ensure that the operations do not create social or environmental issues.
How do consumers participate in the sustainable business model? Provide at least one example to support your answer.
Consumer participation in sustainable development comes in through the social pillar where the business raises awareness and engages the consumer plan and act in response to their needs. Their role in sustainable business comes in through actively participating in activities that extends sustainability for instance recycling.
Discuss the participation of government agencies in sustainable businesses. What are its deficiencies and what does this mean relative to the responsibilities of managers? Provide at least one example to support your answer.
Government agencies continue to explore the meaning of sustainability in business and is actively engaging itself in the process through formulation of policies and launching initiatives towards sustainability. An example is government agencies consortium in UK in 2010. Government agencies are also collaborating with other key stakeholders which include nongovernmental organizations on facilitating sustainable development. An example is through the Expo 2000 that took place in Germany which helped show how technology can create a balance with nature(Lorey, 2003). Some of the regulations the government agencies promulgate have significant impact on time and investment needed to get products to the market(Rainey, 2006). This therefore implies that managers ,in businesses where operations are affected by these regulations have to consider alternatives .