Sustainable business in the 21st century - Essay Example

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Introduction Tourism is among the world’s fastest growing sectors and contributes to economic, environmental and socio-cultural benefits in many countries. Tourism brings economic value in the form of revenue generation, constant foreign exchange; moreover, tourism remains a means of diversifying the economy…
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Sustainable business in the 21st century
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Download file to see previous pages Tourism remains a panacea of sustainable development in many nations; hence, different nations promote various forms of tourism. Sustainable tourism development relies on the premise of sustainability because it takes into consideration the resource base that currently exist and utilization of those resources in a way that the resource base for future generations are not damaged. Moreover, sustainable tourism encourages fairness and equity in order to create a win-win situation in stakeholders involved in the sector. Sustainability develops from the premise of three pillars that need to be satisfied and they include the natural environment, the economy and socio-economic benefits. For sustainability in tourism, the environment is paramount to any form of business and development and is the responsibility of everyone including developers who design and engage in supporting the infrastructure. Tourism follow established guidelines and regulatory framework in order to conform to social and economic as well as environmental standards in an attempt to embrace environmentally friendly practices. ...
By engaging in environmental good practices, businesses influence tourists by their efforts and follow the practices of locals in maintaining the environment. Through continuous foreign exchange brought about by the sustainable tourism, emerge positive spill-off effects that contribute in job creation, entrepreneurial ventures and links sectors. In the 21st century, businesses in the sector face the challenge of coming up with different ways of doing things in the business because there is no need of having healthy businesses without healthy society and environment; hence, the tour and accommodation business steps up to the challenge by integrating cooperate social responsibility and environmental sustainability (Benady, 2013). Given the nature of tourism and its fragility, the industry focuses on sustainability as well as sustainable tourism development by addressing the challenges of traffic congestion and engaging in strategic marketing and reforming legislation so that players in the industry comply. The paper presents a framework concerning sustainable development that takes into consideration the satisfaction of all stakeholders (Ramgulam, Raghunandan-Mohammed and Raghunandan, 2013). The significance of sustainability models witnessed increased recognition in areas of science and politics as the world faces several economic, environmental and social challenges. Tour and accommodation like other sectors that have witnessed the increase of experienced economy and skilled consumption, has undergone main transformation. The rapid development of cultural tourism has caused problems and there are signs that cultural tourism is falling prey to its own ...Download file to see next pagesRead More
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