Reading 8: The SET Model and Redefining Business Success

1. Do you agree that businesses should prioritize social and ecological well-being over profit maximization? Why or why not?


I believe that a business should prioritize social and ecological well being, but this can't be done if the business is not profitable. The SET model explains that a business should generate enough profit to remain sustainable while focusing on long-term well being. It is unrealistic for a company to completely ignore profit but the SET model shows that prioritizing profit over everything else leads to long-term damage. So, I think that a business that can find a healthy balance between sustainability and profit will be successful in the long run.


2. What outcomes might emerge if businesses widely adopted the SET model?

I think the SET model was widely adopted we could see significant positive changes in society as well as within these businesses. Employee well being would be a focus so they would enjoy better working conditions and gain a sense of fulfillment. Local communities could also greatly benefit. Businesses would be more inclined to adopt circular production and resource efficiency which reduces the strain the environment.

This shift would reshape and redefine business as we know it.









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