International Perspective on Sustainable Entrepreneurship

Abstract

The increasing social and environmental issues and challenges have become an imperative for businesses, governments and international community to be addressed, and failure to address these issues and challenges jeopardizes their ability to create prosperity and to be sustainable in the long-term for businesses and society as a whole. Sustainability has long been on the agenda at many companies, but for decades their social, environmental, and governance activities have been disconnected from core strategy. Most of companies still take a fragmented, reactive approach – launching ad hoc initiatives to enhance their “green” credentials, to comply with regulations, or to deal with emergencies – rather than treating sustainability as an issue with a direct impact on business results. The result of McKinsey’s survey on sustainability shows that only 36 % of executives say their companies have a strategic approach to it, with a defined set of initiatives (McKinsey 2011). The global stakeholders and constituents such as government, NGOs, and international community have become a major force in promoting social responsibility and environmental sustainability. They can provide integrated solutions across interconnected issues area such as economic, social, environmental, and security action. They can facilitate universal dialogue to arrive at joint solutions and mobilize new constituencies to join businesses, governments and international organizations to address global emerging issues and challenges, and they also can legitimize new norms, structures and processes for international cooperation on sustainable development. Now a global movement that aims to encourage businesses to pay closer attention to their social and environmental impact has gained momentum in recent years.