Re-examining Economic Responsibility

This chapter explores how redefining the purpose and value of businesses to balance economic, social, and environmental goals can lead to success. It presents a spectrum of approaches, ranging from those prioritising economic value with societal impact to those emphasising societal value while achieving economic success. Key concepts discussed include Bottom of the Pyramid strategies, Frugal Innovation, Coopetition, Disruptive Innovation, and Social Enterprise, providing new perspectives on business operations. By prioritising social and environmental responsibility and fostering stakeholder relationships, businesses can shift from competition-focused strategies to creating sustainable value, achieving both economic and societal impact.