John Elkington

Definition

John Elkington is a British author, entrepreneur, and sustainability expert known for coining the term 'triple bottom line.' This concept emphasizes the importance of balancing social, environmental, and economic factors in business decision-making. Elkington's work has significantly influenced how new ventures approach corporate social responsibility (CSR) by encouraging them to consider their impact on people and the planet alongside profit.

5 Must Know Facts For Your Next Test

1. John Elkington published 'Cannibals with Forks: The Triple Bottom Line of 21st Century Business' in 1997, which brought widespread attention to the concept of balancing profit with social and environmental responsibilities.
2. Elkington's idea of the triple bottom line has become a foundational principle for many startups that seek to integrate sustainable practices into their business models from the outset.
3. He has advised numerous corporations and organizations on sustainability strategies and practices, emphasizing the need for innovation in addressing social and environmental challenges.
4. Elkington co-founded SustainAbility, a think tank and consultancy focused on sustainability issues, further demonstrating his commitment to corporate responsibility.
5. His influence extends globally, as his concepts have been adopted by companies looking to improve their CSR initiatives and appeal to socially conscious consumers.

Review Questions

• How did John Elkington's concept of the triple bottom line transform the way new ventures approach their business models?
  • John Elkington's triple bottom line concept fundamentally shifted how new ventures evaluate their success. Rather than focusing solely on financial profit, startups are encouraged to consider their social and environmental impact. This holistic approach fosters innovation and responsibility, enabling entrepreneurs to create value not just for shareholders but also for society and the environment.
• Discuss the role of John Elkington in shaping contemporary corporate social responsibility strategies among new ventures.
  • John Elkington has played a pivotal role in shaping modern corporate social responsibility strategies by introducing frameworks that emphasize the integration of social, environmental, and economic concerns. His ideas encourage new ventures to adopt sustainability as a core value from inception, influencing how they interact with stakeholders and manage resources. This shift promotes accountability and transparency in business practices.
• Evaluate the long-term implications of John Elkington's triple bottom line framework for future entrepreneurial initiatives.
  • The long-term implications of John Elkington's triple bottom line framework for future entrepreneurial initiatives are profound. By embedding sustainability into the core of business operations, startups can create resilient models that adapt to changing consumer expectations and regulatory landscapes. This proactive approach not only positions businesses favorably in a competitive market but also contributes positively to societal goals, paving the way for a more sustainable future in entrepreneurship.

Related terms

Triple Bottom Line: A framework that encourages businesses to focus on three performance areas: social, environmental, and financial, promoting a more sustainable approach to entrepreneurship.

Corporate Social Responsibility (CSR):

A business model in which companies integrate social and environmental concerns into their operations and interactions with stakeholders.

Sustainability: The ability to meet present needs without compromising the ability of future generations to meet their own needs, often encompassing ecological, social, and economic dimensions.