The Entrepreneurs

Students and society urged to “unlearn” the purpose of business

  • Written by TREVOR WATSON | Director of Media The University of Sydney Business School

Universities must help students and the community more generally, to “unlearn” the traditional profit oriented purpose of business if the world is to have a sustainable future, according to a leading researcher at the University of Sydney Business School.

 

Associate Professor Dr Ranjit Voola, who has developed a postgraduate course called Poverty Alleviation and Profitability, says that the popular view that the role of business is to maximise shareholder value must change.

 

“In the future businesses will also have to consider social issues along with profit if we are to survive,” said Dr Voola. “Through their teaching, research and engagement, universities have a huge role to play when it comes to changing business and community perceptions.”

 

Dr Voola’s comments follow the publication of guidelines for tertiary institutions wishing to help implement the United Nations Sustainable Development Goals.

 

The guidelines have been published by the United Nations linked Sustainable Development Solutions Network which describes the UN goals, backed by member nations two years ago, as “one of the most ambitious and important global agreements in recent history”.

 

The 17 Sustainable Development Goals (SDGs) aim to end poverty, encourage economic prosperity and ensure social inclusion, environmental sustainability, peace and good governance for all countries and all people by 2030.

 

“The SDGs cover a wide range of complex social, economic, and environmental challenges and addressing them will require transformations in how societies and economies function and how we interact with our planet,” the guidelines say. “Education, research, innovation and leadership will be essential in helping society address these challenges.”

 

Specifically, the document says that “universities, with their broad remit around the creation and dissemination of knowledge and their unique position within society, have a critical role to play in the achievement of the SDGs”.

 

The guidelines single out Dr Voola’s poverty alleviation and profitability course as an example of the kind of program that universities worldwide ought to consider.

 

The Guidelines describe the course as an exploration of poverty and the role of business in its alleviation.

 

“There are 4 billion people who live on less than $5 a day but only companies that rethink their business models from the traditional ‘low volume and high margins’ to ‘low margins and high volume’, will be able to address social issues ethically, as well as make profits,” says Dr Voola.

 

“The future belongs to the companies that rethink their single-minded drive for profit, and instead look to developing countries for opportunities to make money, while improving peoples’ lives,” he said.

 

The new guidelines also highlight the University of Sydney’s Business School’s involvement in Sydney’s annual Social Good Summit, which focuses on the efforts of business, not-for-profit organisations, government and civic society to implement the SDGs.

 

The Dean of the Business School, Professor Greg Whitwell, has welcomed the publication of the new university guidelines saying that a focus on the UN’s SDGs was in keeping with the School’s “business not as usual” approach.

 

“Business not as usual means challenging the status quo, challenging established norms, the things that people take for granted,” Professor Whitwell concluded. “It’s also about the School being an influential voice in the public policy debate and loudly proclaiming the importance of giving as much weight to people and planet as to profits.”

 

More Info        http://ap-unsdsn.org/wp-content/uploads/2017/08/University-SDG-Guide_web.pdf


.

Planning on expanding your SME internati…

When expanding a business internationally there are 101 things to think about. Organising finances can often be the most confusing and stressful of these. With countless big banks and transfer...

Hertz Australia introduces hybrid vehicl…

Hertz Australia has exclusively launched the Mitsubishi Outlander PHEV (Plug-In Hybrid Electric Vehicle) into its Green Collection, enhancing its car rental offering for environmentally conscious drivers.   The Mitsubishi Outlander PHEVs will...

Business Models Inc wins Good Design Aus…

Maureen Thurston, Chair of Good Design Australia, presenting Ben Hamley, Partner at Business Models Inc, with the Design Pioneer Award During its annual Design as Strategy Forum, one of the most respected design...

Aqualove alkaline water launches

Introducing Aqualove, a brand new alkaline and eco-friendly water product to meet the growing demand for products that assist with neutralising the body’s PH balance.   Home-grown in the iconic Blue Mountains...

Health tech Startups invited to join cor…

Australia’s largest not-for-profit health fund – launches round three of its Startup accelerator program, HCF Catalyst, designed to help entrepreneurs turn their health tech ideas into high impact businesses, that...

cievents today announced the launch of i…

World-first, revolutionary meeting planners’ platform launches in Australia cievents today announced the launch of its world-first online platform, cimeetings, a new product set to revolutionise the corporate events planning industry. Flight Centre...

M-dot, maybe not: Big brands with mobile…

Leading digital marketer and SEO innovator StewArt Media has advised businesses with cut-down, mobile versions of their full website to move to mobile responsive sites ahead of Google’s switch to...

A Google AdWords Guide for Complete Begi…

In this article, Adzooma, the online advertising platform for small business, offers information and advice on navigating the world of Google AdWords.   No matter what type of business you run...

Turtle Experiment: What can we learn fro…

Forex market is marvel wonder of the investment world. When the stock markets are trying to make money and grow big, this market has grown to be the largest investment...

Patrick Schmidt, The Iconic and Michael …

  The Future of Next Gen Commerce Patrick Schmidt, The Iconic and Michael Pearson, Expedia to discuss data and the future of business at Millennial 20/20 Sydney With the volume...

Amadeus encourages industry to make acce…

A new study outlines how greater personalisation, universal standards in the provision of services, more effective communication and increased collaboration between public and private sectors can drive a more...

Major retailers partner with GroupTogeth…

Major retailers partner with GroupTogether to make group gifting easy.   74.4% of Australian Teachers prefer a group gift voucher and group card   Sydney, Australia, 17th October 2017, Australian...

SLINGSHOT ANNOUNCES FIRST EVER REGIONAL …

Slingshot, alongside Amadeus and Brisbane Airport Corporation, are pleased to announce the cohort for the Horizons accelerator program.   A boost for regional entrepreneurship, Horizons is the first accelerator program of a...

Leading Australian franchisor launches e…

Franchise Cloud Solutions is a proven and best practice franchising solution, developed by leading Australian franchisor Hire A HubbyRecognising a gap in the franchising industry for a cost effective, all-in-one...

How to Eliminate Bureaucracy in a Busine…

Too much bureaucracy or red tape in a business kills competitiveness and can also lead to frustrated, unhappy employees and an overall lack of innovation. Large corporations in particular struggle...

How Australian businesses can embrace de…

Pre-eminent experts in design thinking come together for Good Design Australia’s annual Design as Strategy Forum Leaders from Nike, Aurecon, Deloitte, and more will explore how design thinking is essential for...

Revolutionary new service and app allows…

 Revolutionary new service uses digital technology to provide home care that is simple, consistent, transparent and affordable. ·       97% of Australians over 50 want to stay in their homes...

Deals app Clipp unveils all-new app and …

Australia’s leading deals app for bars, pubs and restaurants, Clipp (clipp.co), has just unveiled its all-new app and website, and announces its partnership with Dimmi, to provide booking functionality through...

Students and society urged to “unlearn” …

Universities must help students and the community more generally, to “unlearn” the traditional profit oriented purpose of business if the world is to have a sustainable future, according to a...

eBay and Airtasker team up to help Aussi…

Australia's largest local services marketplace, Airtasker, has today announced a partnership with eBay, which will allow Australians to streamline the buying and selling of goods online.  The partnership, which...

Could this be the world’s healthiest dri…

Young Australian inventor Bodie Lazar is taking his unique, health drinks global after Chemist Warehouse has ranged BODIE’z Protein Water nationally this week and ALDI Victoria is now stocking the...

Future of work is finding local services…

Whilst being able to order dinner (or almost any service) from an app is certainly convenient, this ‘on-demand’ technology is directly impacting our workers’ rights to fair pay. In a...

Turnbull Government supporting jobs in Q…

Regional businesses in Australia are successfully trialling and hiring young people through Youth Jobs PaTH, with Queensland leading the way with more than 2,800 young people hired under the program. Minister...

A thousand new full-time jobs by next ye…

An innovative approach to corporate collaboration and talent sharing is showing the way for businesses to create jobs, according to one Australian company.   By “loaning out” or sub-contracting under-utilised staff to...