Abstract
According to the International Institute for Sustainable Development (IISD), sustainable development has been defined in many ways, and it states that: “Sustainable development is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs.” We have seen a lot of focus on sustainable development starting from the initiative of the United Nations which has made all nations focus on Sustainable Goals to be achieved by 2030, to large conglomerates and small business enterprises likewise focussing on sustainable business practices, which if well planned would yield success and growth. In light of the global challenges faced in relation to environmental, economic and social resources sustainable development leading to sustainable success and growth calls for a significant rethinking in the management of resources within the, and external to the organization. In this paper, we propound the furthering of a circular economy concept to management as ‘circular model of management’. Borrowed from the concept of circular economy, a circular economy (as against a linear economy) is an economic system aimed at minimizing waste and making the most of resources. Moving towards a circular economy delivers benefits such as reducing pressure on resources, increases competitiveness, stimulates innovation and boosts growth. This study is developed through extensive work in subsistence communities (base of the pyramid customers) in emerging markets. A circular economy promotes social, environmental, economic and overall restorative and regenerative capabilities, similarly, a circular model of management will as envisaged promote regenerative and restorative capability in the organization which will ensure sustainable growth and success by means of ensuring the reduction of leakage of resources to the minimum and applicability to the maximum.
Highlights
A circular economy is a term that has assumed considerable importance over the last few years
Circular economy business models can be categorized in two groups: those which promote reuse and extend service life through repair, remanufacture, upgrades and retrofits; and those models that promote turning old goods into as new resources by recycling the materials [1]
After thoroughly evaluating the current contributions to Circular Economy through the lens of business model literature, the authors suggest a taxonomy of Circular Economy Business Models that is primarily focussing on the degree to which circularity is adopted in two major dimensions: (i) how the application of the principle of circularity can be used in proposing value to customers; (ii) creation of a value network, the ways and means in which suppliers interact and reorganize their own internal activities
Summary
We have identified that the linking of the circular economy concept to the concept of management is not available to date and this case study approach and critical analysis and synthesis have been developed after a thorough understanding of the existing body of knowledge on the circular economy
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