Why sustainable business Lastupdate:- Mon, 10 Jun 2013 18:30:00 ...

Sustainable business development encompasses environmental, social and economic sustainability. Business education helps one to appreciate and analyse environmental, social and ethical impact of business decisions; and through a rigorous process chisels out and fine tunes human resource for the purpose.
?A framework is in operation under triple bottom-line (Planet-People-Profit) to prevail not only as a curriculum but a philosophy as well. Business organisations today are becoming innovative and adaptive. Inclusive innovation is a buzzword across industries and geographies.
?Business education and sustainable business development go together. Students are trained to serve the corporate sector which is motivated by profit objective. However, earning of profit must not jeopardize the socio-environ interests of the society. Accordingly, business education grooms students in such a fashion so as to ensure safeguard of socio-environmental interests together with commercial objectives.
?Why sustainable business? Business is sustainable if it doesnt damage or cause harm to: 1) environment, 2) biodiversity, and 3) natural resources. Factors that can empower people to contribute to and benefit from growth include effective use of scarce physical-financial-human resources, economic infrastructure, implementation of core labour standards and beneficial participation in international trade. The other set of factors are socio-political stability, good governance, respect of human rights, effective regulatory and business environment, and well-educated, healthy and creative population.
?Business is responsible to use various resources in the best possible way to avoid wastage. Wastage is anti-social especially in a developing country confronted with scarcity. Effective utilization of capacity installed increases productivity. The visible outcome is reduction in cost per unit, stability in price level, increase in purchasing power of money, upward trend in demand for goods and services and speedy economic growth.
?Growth has to be inclusive. However, for this growth has to be broad-based and sustainable in the long run. Access to finance for poor and vulnerable groups is key to poverty alleviation. Micro-finance has a role.
?The question is not how do we become the best in the world but how do we become the best for the world? Business education trains zero tolerance for wastage, appreciates and imbibes ethical and reasonable business practices. Education is both training of mind and training of soul. A culture a business education student operates in is of self-confidence, self-respect and self-defense. These values and virtues develop students into citizens for good life to build a strong viable society.
?They learn differently through debating contests, brain storming, case studies, doing assignments and projects. Neither negativism nor passivism, they are exposed to possibility thinking. In and outside the campus they acquire a variety of habits of highly effective people. They dont study to sit for examinations alone.
?Unethical business practices and corruption in public life stall growth and sustainable development process. The unfair practices have an adverse socio-economic impact. Simply because such practices discourage merit, distort competition, create an uncertain environment for investment domestic and foreign and increase the cost of goods and services. There can be either vested interest behaviour or rule based behaviour as says Prof. Amartyasen. There is a conflict between public purpose and private interest.
?Accordingly, the following courses of study find a due place in the business curriculum: Business Ethics, Corporate Social Responsibility, Best Practices in Corporate Governance, Entrepreneurship Competitiveness. Thus in business education we have an integrated curriculum, Evaluation Score Card, Spiritual Lab, academic industry interface duly supported by strong faculty: a blending of academics practitioners-professionals.
?Faculty and students all go global. A job can land an aspirant in alien nation. Hence emerges a need to familiarize with the unfamiliar. An elaborate understanding of at least one region: geographic, demographic, socio-cultural, economic and political set up is a requirement. A course on International Business finds a due place in the Business curriculum.
?Further, foreign languages like Germany, French, and Chinese, etc. are also incorporated in the Business curriculum. The other set of subjects taught include: Strategic Decision Accounting, Strategic Finance, Strategic Marketing, and Strategic HRM. Education in general and business education in particular is a valuable property and insurance against unemployment. It is possible only when knowledge supported by values and relevant skill set is converted into education. The end of education is character, ethics, integrity, humility, etc.
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Source: http://www.greaterkashmir.com/news/2013/Jun/10/why-sustainable-business--7.asp

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