THE DEVELOPMENT OF SUSTAINABLE SOCIAL BUSINESS MODEL

Abstract

Objectives of this research article were to develop a sustainable business model. It was a qualitative study with an emphasis on interviews, studies of information from documents, articles, journals, and related research. Additionally, the data were obtained from in-depth interviews with a sample group of key informants, including business entrepreneurs, leaders and community members, along with social business academicians. The researcher concentrated on integrating concepts of Corporate Social Responsibility (CSR), Creating Shared Value (CSV) and Social Enterprise (SE).

The results revealed that four main components for sustainable business model development were: 1. Business Assets refers to efficient fund management process, holistic strategic management, allocation of necessary tools or equipment, personnel development to keep pace with changes in business and society. 2. Social Needs, to raise the level of community and society participation, enabling a community to participate and engage from the beginning for planning, setting goals, as well as making decisions. 3. Business Values, a crucial process that helped drive the organization towards sustainable social business, namely Environment, Social, and Governance (ESG). 4. Social Sustainability, considering the promotion of sustainability of business operation in four dimensions particularly, economic, social, cultural, and political dimensions which were in line with the Sustainable Development Goals (SDGs) framework.