Independent University Bangladesh

MBA 515 - Legal & Ethical Issues in Business

Section – 1
Home Work

Submitted by:
Sheikh Shafayet Ahmed
ID: 2120156

Submitted to:
Dr. Md. Anowar Hossain Bhuiyan
Adjunct Faculty
Independent University Bangladesh
 Prospects of Sustainable Business Practices in Bangladesh

Business sustainability has come a long way since the 1970s. Today, most CEOs state that
sustainability is important to their company's success. Companies develop sustainability strategies,
market sustainable products and services, and create sustainability positions such as chief
sustainability officer. The sustainable business perspective takes into account not only profits and
returns on investment but also how business operations affect the environment. Several studies
indicated that Bangladesh's manufacturing SMEs are primarily profit-driven, their prime focus is
on maximizing profits. This reduces the prospect of future sustainability. The role of government
become vital for taking a bottom-up approach for promoting sustainability and develop awareness
of sustainability in a better prospects.

Now a days all of the companies want to sustain their business. Business sustainability, or
corporate responsibility, is the process of operating a business without negatively impacting the
environment or community. The goal of any sustainable business strategy should also involve
having a positive impact on the community or society as a whole while minimizing inequality,
environmental degradation and social injustice. While most companies have altruistic motives for
operating more sustainably, there are also several ways that firms can benefit from the adoption of
a corporate responsibility. Here are just six of the key advantages of becoming a more sustainable
as a business:

1. Improved brand image and competitive advantage.

2. Increase productivity and reduce costs.
3. Increase business ability to comply with regulation.
4. Attract employees and investors
5. Reduce waste.
6. Make shareholders happy.

In our Bangladesh there are some prospects in business sector that could be sustain in the long run.
For example, Green marketing, Social Business and so on.

Green marketing: Green marketing is a way to use the environmental benefits of a product or
service to promote sales. Many consumers will choose products that do not damage the
environment over less environmentally friendly pro[ducts, even if they cost more. With green
marketing, advertisers focus on environmental benefits to sell products such as biodegradable
diapers, energy-efficient light bulbs, and environmentally safe detergents. As a Bangladeshi
citizens are very much unaware about green marketing which portrait their unconsciousness of
environment. Here authors have tried to sketch the problems and prospects of green marketing
along with to draw attention of readers' to make them consciousness about the pollution of
environment.

By location Bangladesh falls in the coastal region. She is going to be worst sufferers due to
The impact of fast climate change throughout the globe. The coastal areas of Bangladesh are
different from rest of the country because of their unique geo-physical characteristics and different
socio-political consequences that often limit people's access to endowed resources and perpetuate
risk and vulnerabilities. Bangladesh's coast is the biggest victim to natural disasters and highly
affected by climate change with problems including salinity and water logging, soil erosion,
flooding and cyclones. The hazards of natural disasters cannot completely be prevented, but the
risks and vulnerability can be reduced through increasing Capacity. It has been emphasized by the
experts that capacity building also depends on the Economic condition as well as political
commitment of a country, which is why the Concept Green Marketing has become a dire need for
this country. The other deep rooted Problems like unplanned urbanization, industrialization,
motorization etc. have been added to the devastating effect of effect of climate change and echo
diversity. The people of Bangladesh have been living with natural hazards and catastrophe and the
Infrastructure of Bangladesh is not developed. This country is polluted by many ways like air,
water, noise etc. Green Marketing concept will help to protect our country. Our industry will go
for customer driven policy and to create demand for green products. Bangladeshi consumers must
adopt environmentally sound behaviors to sustain the clean environment. Through such conscious
choices (green product), consumers can take steps to protect the earth's natural resources and to
prevent further environmental damage of Bangladesh.

Social Business: Social business is an emerging business concept within the category of social
entrepreneurship to solve social problems through innovative products relating to health,
education, energy, water, agriculture, and information technology sectors. The aim of the paper is
to determine the role of social business in the path of sustainable development in Bangladesh. The
only concern is to gain operational capabilities for some firms under social business to have a
profit margin to cover marginal costs. And to conclude, it is a matter of time to prove that social
business is an effective way to eliminate social problems and it could be replicated all over the
world for similar problem-solving purposes.

Business can change a society substantially by developing the standard of living of the people of
a country. However, there are some areas which are merely addressed by the business houses.
Social business can address those areas. As such, social business entrepreneurship is very
important now a day in the developing world where people have sufferings in the society. It refers
to a non-loss and non-dividend business that is created to address the problems of the people of
the society. It is financially self-sustainable as the profits realized by the businesses are reinvested
in the business again and again to create more and more values for the society. The prime objective
of this business is not only to generate profits but to solve the social problems by creating values
for the people. It creates the solutions of social problems through creating innovative ideas to
increase social value and consistently pursuing new opportunities for social benefits rather than
private wealth creation. Social entrepreneurs hold themselves accountable to themselves and the
society for achieving the social mission and use of resources wisely. They draw upon the best
thinking in both the business and nonprofit organizations and operate in all kinds of organizations
such as, large and small, new and old, religious and secular, 3 non-profit and for-profit, etc.
Business entrepreneurs generally measure their performances in terms of profit and return on
investment but the social entrepreneurs take into account a positive return to society. Social
entrepreneurship is commonly associated with the voluntary and not for-profit sectors of the
economy of a country. Profit can at times be a consideration for certain companies as they need to
grow in future for providing more services to the society. Social entrepreneurs especially focus on
transforming systems and practices that are the root causes of the poverty, marginalization,
environmental deterioration and accompanying loss of human dignity. In so doing, they set up for-
profit or not-for-profit organizations. It is commonly perceived that the factors influence the
development of social business entrepreneurship in Bangladesh are concerned with government
tax exemption policy, problems created by local agencies to grab illegal money for approving the
business site, political instability and the political preferences, lack of governmental financial
support, complex government bureaucracy, people’s perception towards social business initiative,
lack of knowledge and experience of the entrepreneurs, lack of support of incubator organizations,
etc. The initiatives are also related to social welfare and social value, non-profit motives,
innovative ideas, ethics, social network, social leadership, etc.

So we can say that in Bangladesh, it is high chance to make a sustainable business environment.
And run a business for the long time.