Circular economy and sustainable business development

Abstract

There are a lot of challenges that characterized modern economy such as COVID 19 pandemic, climate change, severe degradation of natural resources and a general negative impact on the global ecosystem is observed. Thus the old business models based on treatment nature as unlimited resource or that it can recover autonomously is no longer possible. So a lot of attention is according to sustainable development and different models to define better transition to circular economy. The concept of sustainable business development have to be examined more complexly and can be defined several alternative perspectives of development. In this order is important to take different decisions that must be analyzed and adapted to the dynamic environment in which companies operate. It was defined different definitions of the term sustainable development and some important features related to it was presented. Endeed terminology that characterized the sustainable development has become overwhelming important in order to avoid confusion, ambiguity and misconception. Describing sustainable business development, it is important to underline three fundamental concepts, namely: economic growth, social equity and the specific abilities of natural systems to maintain dynamic balance. These three ideas are interconnected, but for the entrepreneurial mind their integration is still at an early stage. Undoubtedly, the implementation of the principles of sustainable development involves some obvious changes with an impact not only on enterprises, but also on management and entrepreneurial strategies as general concept. Currently, the business, for various reasons, is beginning to assume some responsibilities both for society and for the environment, and is trying to implement different new principles. But at the same time, business needs help and guidance in integrating the sustainable business development process.