Business Ethics Natural Capitalism

Question: Discuss about theBusiness Ethicsfor Natural Capitalism. Answer: Learning from the Topic The topic of sustainability is important not only in terms of business but also in terms of business perspective. Sustainability is the aspect that is maintained by both organizations and individual for the long-term growth in the competitive business world. In terms of business, the traditional approach of sustainability deals with the benefit of the shareholders regarding the profitability of the business. It also focuses on the perspectives of the stakeholders. Social sustainability concept is for the people both for within and outside the organization. It is used for identification the potential vulnerable social risks related to human rights within the organization. Sustainability is the approach that mainly includes activities of utilising natural resources for reducing the rate of pollution and moving the business model of the organization into a solution based business model (Lovins et al. 1999). Importance of the Topic The topic of sustainability is important for the long-term growth of the organization. Organizations following sustainable practice of business growth are responsible for identification of many potential sustainability challenges that can be categorised as social challenges and environmental challenges. Social challenges include human rights, inequity, and child labour. On the other hand, environmental challenges include global warming, climate change, tragedy of the commons, and loss of ecosystem services. These businesses are a going concern and are considered as continuous profitable business. Sustainability of business include three aspects i.e. people, profit and planet for maintaining the long-term commitment of the business. Triple Bottom line is the approach that is used in terms of investing, consulting and managing different types of management. It will lead to ultimate success of the company in terms of ethical and social performance (Norman and MacDonald 2004). Application of Sustainability in Career Life In career life, sustainability is also important for developing a concrete plan in the growth of career of a person. Sustainable plans for career will help the individual not only to develop his skills and attributes in his current field of work but also in developing plans for the future growth. Apart from that, the individual while working in an organization is also following sustainable business practices that will help him in learning attributes of ethical concerns and social justice. These practices will help in maintaining possibility in different aspects of career development and obtaining essential skills for personal development. Innovation is the aspect that companies are utilising in the field of sustainability while addressing environmental regulations resulting in lower costs of the products and increasing productivity of the employees. For instance, 3M used resource productivity (Porter and Van der Linde 1995). References Lovins, A.B., Lovins, L.H. and Hawken, P., 1999. A road map for natural capitalism.Harvard business review,77, pp.145-161. Norman, W. and MacDonald, C., 2004. Getting to the bottom of triple bottom line.Business Ethics Quarterly,14(02), pp.243-262. Porter, M.E. and Van der Linde, C., 1995. Green and competitive: ending the stalemate.Harvard business review,73(5), pp.120-134.