The link to Yuwei Wei’s post: https://blogs.ubc.ca/yuweiwei/

Businesses tend not to care about the environmental impact of their actions. Some businesses go so far as to dump their waste materials into rivers or lakes, thus contaminating and degrading the surrounding environment. The Earth’s resources are limited. If businesses do not consider the external costs of production and take steps to reduce their ecological footprint now, we will have to bear the dire consequences of their actions in the future. Not only will we face a shortage of resources for the production of goods and services, but also changing weather patterns due to increased pollution from industrial exhaust fumes.

I agree with Yuwei that businesses should be required to calculate their environmental footprints annually. It will provide businesses with information about the extent of the damage they are causing to the environment and give them reason to improve in this sector. Consumers will also be provided with a useful indicator of the environmental impacts of their purchases. Businesses should learn to be sustainable, that is, develop the goal of managing and conserving the Earth’s resources in ways that meet the needs of the people today without compromising the ability of future generations to meet their needs. They must come up with innovative ways of doing this, creating products that are environmentally friendly as well as finding ways to get rid of industrial waste without harming the environment.

Dr Muhammad Yunus

The fundamental concept underlying a conventional business enterprise is that of maximizing revenues and profits. However, a social business or enterprise is designed to solve social problems. “Social Business”, the term now commonly used, was first defined by Nobel Peace Prize Laureate Professor Muhammad Yunus of Bangladesh in his books “Building Social Business” and “Creating a World without Poverty”. Like the social organization formed by him, called Grameen, the idea is gaining wide acceptability around the world.

In recent months, Dr. Yunus has been very active promoting his concept all over the world.  In November 2012, at the Global Business Summit in Vienna, Dr. Yunus called on the European Governments to involve the new generation in coming up with new ideas and incorporate them into the social business concept. Yunus has also invited President Holland of France to champion the cause of social business and become the global social business ambassador.

Although radically different in concept, a social business and a conventional enterprise are not mutually exclusive. A social business is distinct from a non-profit because the business should seek to generate a modest profit but this will be used to expand the company’s reach, improve the product or service or in other ways to subsidize the social mission.

The central theme of the social business concept of subsidizing the poor instead of adopting the profit motive is still in infancy. We all have a responsibility, as the business leaders of the future, to model our ideas and activities in the framework of the concept and make social business the engine for growth.

Sources:

‘The Daily Star, Bangladesh. ‘Yunus Spurs students on social business’ June 13, 2012;

‘Professor Yunus, Grameen and social business’ July 13, 2012;

‘Yunus urges French president to promote social business’ November 1, 2012;

‘Yunus spurs Europe on social business’ November 11, 2012

The increasing use of information technology in today’s modern, globalized world is changing the way we perceive business and communicate with one another. Typically, Information Technology relates to the hardware and software that businesses use to manage and operate a range of business processes. (businesscasestudies.co.uk)

IT has dramatically changed traditional businesses, enabling them to provide faster, more efficient and better services than ever before. Consumers demand efficient services and rapid communication. In order to meet the demands of the consumers and survive in this highly competitive world, businesses must make use of IT. Technological innovation will not only get businesses ahead of competitors but also help to bring about cost-effectiveness by computerizing businesses processes, leading to more profits for businesses. Businesses are able to communicate more effectively with their customers through not only their websites but also use of social media. These can act as promotional and informational tools and they enable businesses to receive instant feedback about their products from customers. Managers are also benefited in that they are able to track significant trends in business and make better planning decisions with the help of IT tools.

Without IT, business today would not exist. According to Michael Dell, CEO and founder of Dell Computers ‘technology is no longer the tool that enables business, but rather it’s actually embedded inside the business function itself.’

Sources:

http://www.ehow.com/list_6364393_business-benefits-information-technology.html