Meeting challenges for sustainable business - Essay Example

………………………………………………………………………….xxxxxx …………………………………………………………………….xxxxxx …………………………………………………………………………xxxxx ………………………………………………………………………..xxxxx @2013 Meeting challenges for sustainable business Introduction The success of any business requires a vast wealth of resources such as labor, capital and land. The environment on which the business is founded critically dictates on the course the business is likely to take when it comes to success. The political atmosphere in any country has a direct influence on the sustainability and flourishment of any business. A politically conducive environment is likely to attract investors from other countries and continents thus bringing a fresh perspective in the face of the country’s development. These investors play a very important role in adding something to the current resource pool of the country they are investing in. Before starting a business venture, one should critically study and scrutinize the economic status of the country. Some countries might be experiencing resource constraints and also harsh environmental conditions. Consequently, innovative solutions to these shortcomings should be put in place in order to deal with these challenges for the business to thrive. Sustainable strategies There are several sustainable strategies that have adopted in order to improve the economic development in Nigeria and further enhance the development in 2053 and also future generations. There should be new legislations in 2053 put in place to boost the economic sustainability of the oil industry in Nigeria (Hawken, Amory, Lovins and Hunter 2010). The business targets to obtain oil booms from other nations which give impetus to the business in its efforts to become sustainable in 2053. Technological advancement in reducing the emission of gases should be put in place in order to create an eco-friendly ecosystem. Sustainable development shows a link of environmental protection with economic development. The business aims to use its innovative technology in 2053 to produce less polluting fuel alternatives thus avoiding stiff competition from other businesses therefore salvaging the market for future prospects. Production of eco-friendly oil products gives a competitive advantage thus contributing to the sustainability of the business (Roome 1998). The business plans to embark on the use of computers to immediately detect leakages of oil pipes in 2053. This avoids losses through leakages while protecting the environment. Development in infrastructure is among the business’s strategies in 2053 to ensure adequate delivery of the products (Bouyssou, Dubois, Rade and Pirlot 2010). Protection and preservation of oil reserves is encouraged for the sustainability of the business in 2053.The oil reserves in Nigeria can meet the fuel demands for Nigeria and her export market. This assures that the business venture can be feasible. Impacts of environmental limitation Oil spillage can pose serious effects to the environment and therefore hamper the business from becoming sustainable in 2053. This spillage has an effect on the ecosystem. For instance, the Nigerian mangrove trees have been destroyed by oil spillage (Carlin 1994). Aquatic life is at greater risk due to oil spillage causing death of fish leading to a reduction in their population. This affects the food chain for future generations in 2053 and loss of biodiversity. The human life is endangered when man consumes water that has been contaminated with oil. This causes death thus reducing human labor which directly impacts business sustainability in 2053. Natural gases flared during oil extraction in Nigeria release a lot of methane gas which causes climate change. Carbon dioxide produced causes global warming leading to adverse climatic patterns. Any business that threatens the quality of life or has negative impacts to the environment that we are living in should be changed for its sustainability in 2053. Viability of the oil business and adaptation to a resource constraint economy The viability of the oil business is extremely very high. Oil remains to be one of the most used natural resources in the production of other forms of energy in 2053. Oil has been used to move the turbines for the production of electricity (Millward 2013). The automobile industry has made a tremendous growth with manufacture of high power engines. The cars that are being manufactured today are powered by diesel. Trains, airplanes also use oil products for their operation. Oil is also used in lubricating machine parts to prevent friction which might cause wear and tear. Bitumen, a product from the extraction of oil has been used in the construction of roads and improving infrastructure. The makes the business to sustainable in 2053. The oil business can adapt to a resource constraint economy by developing long term strategies to deal with resources that are scarce. The use of by-products that are considered as waste products from the industry can help deal or adapt in the resource constraint economy in 2053. The oil producers can also turn to other alternatives such as natural gas liquids (Jerome 2006). The use of renewable energy sources such as solar energy, bio fuels can also be used as a means of adapting the business in 2053. Decision making and designing of a business The process of making decisions should involve all stakeholders in the business for it to prosper in 2053. Before starting a business, one has to consider what kind of business he/she wants to start. There are many alternatives usually at one’s disposal but finally one settles for a single idea (Jerome 2010). Managers and executive officers should lead the way in making decisions. It is important to design a business before starting it. One has to write a business plan that guides him/her in establishing the business. The business is designed by first identifying what kind of business one wants to put up. Designing helps identify the sources of capital for the business in 2053 (McKeever 2011). This also helps convince money lenders and investors to fund the business. Environmental limitations The emission of carbon dioxide from the flaring of gases during oil extraction has been on the rise due to the large number of oil exploits that have been established across the globe. The emission of these gases particularly carbon dioxide cause global warming, death to the aquatic animals and destruction of vegetation and will continue doing so even in 2053. Despite a small decline of carbon dioxide emission in 2009 and an unnoticeable surge in 2010, these emissions have been on the rise (Pertsova 2007). The environment limitation has an impact on the industry as legislations to penalize companies emitting these gases are implemented. The society has succumbed to disease as a result of these emissions. The industry and the governments can respond by planting more trees as they will absorb the excess carbon dioxide in the atmosphere and reduce global warming by 2053. The government should educate people on the effects of global warming and how to avert it. I have prioritized the impacts because they are serious and if something is not done to contain them, life on this planet will be doomed by the time we get to 2053. This approach is the best to both my company and my country as it gives insights on how to mitigate climate change caused by global warming. Similarly, it gives other avenues of energy production that the company can switch to when resources become scarce and continue it sustainability even in 2053. References Carlin A, 1994. Environmental Investments: The Cost of a Clean Environment, DIANE Publishing. Hawken P, Amory B, Lovins, L and Hunter L, 2010. Natural capitalism. Little, Brown. Millward R, 2013. The State and Business in the Major Powers: An Economic History. Taylor & Francis. Jerome D. D, 2006. The Changing World of Oil: An Analysis of Corporate Change andAdaptation. Ash gate Publishing, Ltd. Bouyssou D, Dubois DD, Rade H and Pirlot M, 2010. Decision Making Process: Concepts and Methods. John Wiley & Sons. McKeever M, 2011. How to Write a Business Plan. Nolo. Pertsova C.C, 2007. Ecological Economics Research Trends. Nova Publishers. Roome N, 1998. Sustainability Strategies for Industry: The Future of Corporate Practice. Island Press. Read More