Sustainability in Business
The topic of sustainability in business focuses on the matter of what effect business has on society and the environment. It is the goal of a sustainable business to make a positive influence on these subjects. It is important for businesses to assume responsibility in order to help ease social injustice, inequality, and environmental degradation (Spiliakos, 2018).
Companies, industries, governments and consumers should be concern about this issue, or rather the initiative of a sustainable business. Organizations such as The World Business Council for Sustainable Development (WBCSD) and the World Resources Institute work together to “accelerate the transition to a sustainable world”. According to WBCSD, they help make their member companies to be “more successful and sustainable by focusing on the maximum positive impact for shareholders, the environment and societies, as well as targeting the realization of the Sustainable Development Goals or the SDG’s.
Being in the Digital Business Management program, this issue relates to my potential career because I want to ensure to be part of a company that values sustainability and understands its overall impact on the environment and society. On a personal level, it is important that I am aware of my responsibilities as a consumer and what I can do to encourage businesses to focus on sustainability.
For businesses, it is a good encouragement to know that investors today use Environmental, Social, and Governance (ESG) metrics to analyze the company’s sustainability practices and ethical impact as well as factors such as board diversity, community development efforts, water usage, and carbon footprint (Spiliakos, 2018). Overlooking the importance of sustainability in business harms the environment and society, but also looks unfavourable for a company who ignores it.
The role I can play regarding this topic of sustainability in business is to use my studies to research and learn about ways a business and companies can positively impact society and the environment. As an aspiring entrepreneur, it is important to consider not only the success of a business but also the process of achieving it.
Reference: Spiliakos, A. (2018, October 10). What Does “Sustainability” Mean in Business? Retrieved from Harvard Business School Online website: https://online.hbs.edu/blog/post/what-is-sustainability-in-business