Question

Q2. Who are an organization’s stakeholders? How an entrepreneurial venture that sells products which are injurious to health (For example, Tobacco based product, food products containing harmful preservatives or you can take product of your own choice) meets the triple bottom line (3BL) challenge?                                                                                                       

Answer 1

Organization's Stakeholders- Stakeholders are individuals or groups of people who demonstrate an interest in the organization and they can impact on or get impacted by organizations' actions. There are two types of od stakeholder internal stakeholders and external stakeholders.

Internal Stakeholders- 1. Business owners

                                          2. Employees

                                          3. Investors

External Stakeholders- 1. Customer

                                         2. Government

                                         3. Society

                                         4. Suppliers

Triple Bottom Line achievement for companies selling harmful products                                                         

Triple Bottom line is a business framework consisting of three key elements People, Planet, and Profit; and it puts emphasis on the sustainability of these three elements. Companies that products such as Tobacco tres to achieve Triple bottom line by doing corporate social activities and participating in people's welfare activities. For example, ITC (India Tobacco Company Limited) contributes to all aspects of the triple bottom line that is environmental economic and social through its special committee for sustainability through which they take several initiatives for environment and society such as diversifying the farming system to mitigate climate change impact, providing education to poor childerns etc.