The three currencies:
In The Personal MBA by Josh Kaufman, there are 3 universal currencies he talks about:
- Resources – tangible goods: money, traceable items, commodities
- Flexibility – allowing you to make another option and utilise or gain opportunity cost.
- Time – capacity to generate more revenue, embark on another venture….this is limitless.
Image from : thekidonomicsseries
There is another concept in business sustainability that I think is related to this philosophy. This is Triple Bottom Line (3BL), which takes responsibilities beyond the economical aspects – People, Planet, Profit.
I learned about this during an interview with 2 executive level engineers at a steel company!
A sustainable business decision should have the following considerations:
- Financial /Economic : What quantifiable value will an activity generate?
- Environmental: What is the impact on the planet? Is it reversible? What can be done to offset it?
- Social: How does an activity benefit the community and the country?
Image from : Tools4Management
For more information, The Personal MBA provides an easy to understand holistic overview of markets, business and general value creation.
Do you make sustainable business decisions? Do you value all three of the universal currencies?