1.5 Key Terms
- Sustainable Entrepreneurship: The combination of traditional business goals with a concern for the environment and society.
- Sustainable Business Model: A business strategy that prioritizes creating value for the planet and its people, not just for financial gain
- Eco-Friendly Practices: Business actions aimed at reducing environmental harm, such as waste reduction, sustainable sourcing, and energy efficiency.
- Social Impact: A business’s effect on society, including fair labor practices, community engagement, and solving social problems.
- Circular Economy: An economic system aimed at eliminating waste and the continuous use of resources. This is exemplified by the zero-waste store, The Hive.
- Upcycling: The process of transforming discarded materials into new products of higher value or quality, as demonstrated by the Biji-Biji Initiative.
- Sustainable Palm Oil Production: An example of a large corporation (IOI Group) adopting environmentally and socially responsible practices within a major industry.
The combination of traditional business goals with a concern for the environment and society.
A strategic framework or business strategy that prioritizes creating value for the planet and its people, not just for financial gain. It is designed to ensure a company's long-term success by adapting to future challenges and changes.
Business actions aimed at reducing environmental harm, such as waste reduction, sustainable sourcing, and energy efficiency.
A core practice in sustainable supply chains that focuses on cutting down on waste at every stage, from production to delivery.
A business's effect on society, including fair labor practices, community engagement, and solving social problems.
A company’s role as a “good citizen” that contributes positively to the well-being of its local community.
An economic system aimed at eliminating waste and the continuous use of resources, where products and materials are kept in use for as long as possible.
The process of transforming discarded materials into new products of higher value or quality.
An example of a large corporation adopting environmentally and socially responsible practices within a major industry.
