15 Terms in Sustainable Entrepreneurship
Welcome to the world of sustainable entrepreneurship!
In today’s fast-paced and ever-changing business landscape, it’s important for entrepreneurs to not only focus on profit, but also on creating a positive impact for society and the environment. This is where sustainable entrepreneurship comes in – it combines business principles with sustainability practices to create a better future for all.
- Sustainable development: The practice of meeting the needs of the present without compromising the ability of future generations to meet their own needs.
- Entrepreneurship: The process of designing, launching and running a new business venture.
- Triple bottom line (TBL): A framework that evaluates a company’s performance based on its economic, social and environmental impacts.
- Greenwashing: The use of marketing tactics to portray a company or product as environmentally friendly, when in reality it is not.
- Circular economy: An economic system that aims to reduce waste and maximize resource efficiency by keeping materials in use for as long as possible.
- Social entrepreneurship: The pursuit of innovative solutions to social problems through the creation of sustainable business models.
- Corporate social responsibility (CSR): The practice of companies taking responsibility for their impact on society and the environment.
- Impact investing: Investing in businesses or projects with the intention of creating positive social or environmental impact, alongside financial returns.
- Carbon footprint: The total amount of greenhouse gases emitted by an individual, organization, event or product.
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- Life cycle assessment (LCA): A tool used to evaluate the environmental impacts of a product or service throughout its entire life cycle.
- Environmental, social and governance (ESG) criteria: A set of standards used by investors to evaluate a company’s sustainability performance.
- Socially responsible investing (SRI): Investing in companies that are considered socially responsible based on certain criteria such as environmental and social impact.
- Ethical sourcing: The practice of ensuring that products are sourced in a way that is socially and environmentally responsible.
- B Corporation (B Corp): A type of for-profit business certified by the non-profit organization B Lab to meet certain standards of social and environmental performance, accountability, and transparency.
- Renewable energy: Energy generated from natural sources that are constantly replenished, such as solar, wind, and hydro power.
Congratulations on completing this article! By now, you should have a solid understanding of 15 key terms in sustainable entrepreneurship. These concepts are crucial for any entrepreneur looking to make a positive impact on the environment and society while building a successful business.
