By Esther Kanyi
Sustainability is a term used to identify various strategies that make it possible to utilize available resources to the best advantage. The idea is to promote usage of available resources to provide long-term benefits. In the case of a business operation, economic sustainability calls for the optimal use of resources so that the business continues to function over a number of years, while consistently returning profit and at the same time reconcile the communitys well being. Economic stability therefore, is planning and investing for the future.
In most scenarios, the measure of economic sustainability is based on the internal and external implication of sustainable management of a company. This can be determined by looking at the financial performance of a company, how the company manages intangible assets, the influence of the company on the wider economy and how it manipulates and manages social and environmental impacts. The idea is to aid in identifying areas of operation in which resources are not being utilized in the most efficient manner, and take the necessary steps to correct the situation. In addition, economic sustainability involves looking at the external economic impact an organisation has on society and seeking to understand how these external factors in turn affect the company itself. Doing so means engaging in strategy studies, which involves identifying what impact changes in one area of the operation will have on subsequent phases of management and what factors, signals and actions can help to deal with the development.
MBA: The Strategic Route in Promoting Economic Sustainability
MBA studies are the most popular in providing an understanding of major business functions. Thus, it can be linked to the tools that help economic sustainability for various reasons. Having in mind economic sustainability is how companies stay in business; MBA is a study that focuses on understanding how companies stay in business and what can be done better to improve the businesses.
An effective MBA therefore develops effective leadership capacities to individuals to advance economically focusing on key major areas of sustainable practices in business. In essence MBA should provide executives with; incisive decision making skills, leadership skills to manage multicultural teams and an entrepreneurial mindset to identify rapidly with emerging opportunities, creativity in developing solutions to exploit these opportunities, innovative thinking to develop new products and above all critical thinking skills.
To gain an understanding of how other business operate a good MBA should give an opportunity to do so though understanding the global markets practices and at the same time give the participants an opportunity to reflect on local and global business reality. This can be enhanced through partnership with other International Business School, through intensive analysis of case studies which will in return offer ideas to real life problems.
An MBA should be able to transform a person in terms of capacity, leadership, thinking, business perspectives and handling relationships – MBA should make you realize who you are as a business person, (are you a manager or an entrepreneur)?. MBA should teach you living values, innovative skills and social responsibility. These are the tools we need to transform society and to boost economic sustainability in Africa and all over the world.
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