Intl Conference on Economics, Finance & Business, Vienna

THE ROLE OF BUSINESS IN ACHIEVING SUSTAINABLE DEVELOPMENT AND NEED OF CHANGES IN MANAGERIAL ATTITUDE (THE CASE OF GEORGIA)

GIULI KESHELASHVILI

Abstract:

In an era of rapid global environmental change, the role of business in fostering sustainable development has become critical. This research investigates the influence of business practices on the sustainable development trajectory of Georgia, emphasizing the urgent need for a transformation in managerial attitudes to align with sustainability objectives. The study analyzes the challenges and opportunities that Georgian businesses face in integrating sustainability into their core strategies, a crucial aspect for achieving the Sustainable Development Goals (SDGs) set by the United Nations. Georgia's approach to sustainable development has been hindered by inadequate regulatory frameworks and a lack of institutional support, which has resulted in slow adoption rates of sustainable practices among local businesses. This paper explores the cultural and economic factors influencing this adoption and discusses the potential of governmental and non-governmental interventions to accelerate the process. The research method combines analytical, synthetic, and comparative approaches to assess the impact of business and consumer behaviors on sustainable development, utilizing a mixture of quantitative data from online surveys and qualitative insights from interviews and focus groups. Key findings suggest that while there is a growing awareness of sustainability among Georgian businesses, significant gaps in implementation persist. These gaps stem from a lack of detailed knowledge about the SDGs, coupled with cultural tendencies that favor short-term gains over long-term sustainability. The study recommends a multi-faceted approach to fostering sustainable business practices, including more robust government policies, increased educational efforts, and stronger incentives for businesses adopting sustainable practices. The paper concludes that for Georgia, adopting a more integrated and proactive approach to sustainability can not only enhance its environmental and social outcomes but also provide a strategic advantage in the global economy. By redefining managerial attitudes and business practices, Georgian enterprises can lead the region in sustainable development, contributing to both their economic success and the well-being of society.

Keywords: Managerial Attitude, Sustainable Development, Business Opportunities, Customers