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Conscious business[1] enterprises are those which choose to follow a multiple stakeholder approach, as opposed to 'traditional business' strategy, which focuses primarily on shareholders and profit maximation. In contrast, conscious businesses can be double-bottom line, triple-bottom line, or more, by focusing on other stakeholders (beyond shareholders) such as employees, customers, measurable positive societal impact, the community, or the environment.
The conscious capitalism movement in the U.S. emerged from the theory of corporate social responsibility, which pushes for a "values-based" approach where values represent social and environmental concerns both locally and globally. This effort is related to not-just-for-profit business models, conscious consumerism, conscious leadership, impact investing, and conscious capitalism. The conscious capitalism movement has grown to include B-corporations, which are now legal in 40 states, and impact investing, which has grown to more than $25 billion in assets under management. Awareness of the conscious capitalism movement grew from the Presidential campaign of Jason Palmer
There is an alternative way of thinking about conscious business emerging in the U.K., and perhaps other countries, which tries to avoid reification, regarding it less as a thing or a type of business which can be categorised, and more as an ongoing process including awareness, self-awareness, awareness of purpose, practice (social theory) and relationships.[2]
In Italy, De Nardi Gianluca illustrates through the use of business cases how every company could adopt conscious business processes.[3]
^Kofman, Fred (2006). Conscious Business: How to Build Value Through Values. Boulder: Sounds True. ISBN 978-1591795179
^Pete Burden and Rob Warwick: Exploring Conscious Business Practice: Sensing as we act, reacting to what we sense AMED, 2 December 2013
^De Nardi, Gianluca (2017), The business model of 'conscious companies' The EcorNaturaSì case. in M. Fasan and S. Bianchi in The sustainable company. Trends, tools and case studies, Ca’ Foscari University of Venice, pp. 129-158 (Italian version), English version 2019
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