Explanation:
In the industrial age, a business organization was termed successful based on the rate of turnover, level of industrialization, and profit recorded in a financial year. These success indicators were used regardless of its negative social and environmental impact on the environment that the business is located in. In recent years, the menace of global warming and other factors which led to climate change has made the United Nations, action groups and other environmental activists to clamour for business organizations to change their design and methods of operation by adopting sustainable environmental practices and being socially responsible. These days, for a business to termed "successful", it has to be economically, environmentally and socially sustainable or acceptable to people and governments of different countries.
Economic sustainability refers to the long-term economic growth of a business in such a way that it does not affect the environment, people and society. In a broader view, it measures consistent provision of resources and products to customers, increase in employment, new market development and increasing profits or capitals.
Ethical sustainability of a business mainly has to do with the "Corporate Social Responsibility" (CSR) of the organization or firm. It makes a business have a philanthropic outlook because it entails businesses embarking on social projects that will benefit the society in which it is located. Examples of ethical sustainability includes annual contribution to education in a community or state through provision of scholarship awards, provision of funds to Non-Governmental Organizations which impact the masses, funding of social events in a community and funding of medical researchers.
Environmental sustainability is conducting business in such a way that it does not deplete natural resources, affects soil, air and water of its environment, and encourages reduction of waste, re-use of materials and recycling of materials. Examples of environmental sustainability includes reducing the use of paper, promoting the use of electronic and technological means of communication in the office, reduction in use of plastic bags, e.t.c.
