Sustainable Entrepreneurship Essay Sample

Introduction To Challenges And Opportunities Encountered By Entrepreneurial Firms

The relationship between sustainability as well as entrepreneurship has gained prominence in today's corporate environment, necessitating a sophisticated comprehension of the potential and problems involved. With an emphasis on prestigious journals that are listed on the ABS as well as have been released between 2017- 2022, this study provides an extensive analysis of the research on entrepreneurial sustainability. This review explores the current status of study on entrepreneurial enterprises involved in sustainable operations; environmental as well as social factors continue to influence business practices. Databases from EBSCO host, JSTOR, as well as PubMed were used for careful choice. The Journal of Business Venturing (JBV) and entrepreneurship theory & practice (ETP) are major references. For current entrepreneurial sustainability literature, the period is 2017 to 2022.

The study delves into the potential and problems faced by entrepreneurial enterprises by critically analyzing two papers from these magazines. Although, the article from ETP uses a combination of methods to examine the influence of familial relationships on sustainability-oriented creativity in entrepreneurial family-owned businesses, the article from JBV uses qualitative research on cases to look into the paradoxical aspect of sustainable entrepreneurship. It attempts to provide helpful information for policymakers, practitioners and subsequent study endeavors by shedding illumination on the difficulties of sustainable entrepreneurship via a methodical approach.

Main Body

Exploring Challenges and Opportunities in Sustainable Entrepreneurship: A Literature Review (2017-2023)

For doing literature review effectually, prominent search strategy has been drafted and considered. In this regards, specific inclusion and exclusion criteria has been setting down. This essay provides an up-to-date review of the literature, with a focus on publications from esteemed ABS listed journals published. In order to learn about the potential problems facing sustainable business, inclusion criteria mainly include, articles published between the periods of 2017 to 2023 has been considered. In the light of increasing significance of ecological and social variables in business practices, the analysis examines the current status of study on entrepreneurial enterprises involved in sustainable operations. A rigorous screening procedure was used for the books and articles to guarantee that thorough and pertinent investigations were included. Academic resources including PubMed, JSTOR, and EBSCO host were mostly used for this study. In order to conduct current research of research on sustainable entrepreneurship, the investigation's selected time range of 2017-2023 was made. Search terms involved a variety of ‘Sustainable entrepreneurship,'‘opportunities,' ‘challenges' and ‘entrepreneurial firms.'

Entrepreneurship Theory and Practice (ETP) and the Journal of Business Venturing (JBV) two publications on the ABS list, were chosen for this review. These publications are well known for their stringent peer review procedures and dedication to disseminating innovative studies in the area of entrepreneurship. These publications were chosen for special attention because of their standing, significance, and applicability to the subject. The JBVis a good option for analyzing possibilities as well as challenges related to sustainable entrepreneurshipbecause it is a trailblazer in the field of entrepreneurship study. According to the exclusion criteria, articles that published before 2107 will not be considered for the current study. Further, unauthentic websites will not be considered while presenting inferences relevant to the topic. Journals which deviated from topic will not be used.

Agrawal, et al, (2022) assessed the study of sustainable entrepreneurship highlights various obstacles that for-profit businesses must overcome in order to become sustainable. One recurrent subject is the complicated terrain of legal compliance; several articles highlight the challenges entrepreneurs face when attempting to comply with ever-changing and intricate sustainability rules. One of the biggest obstacles that affect entrepreneurs' comprehension and compliance with sustainable practices is the variation in laws and regulations in various areas. Another significant obstacle to environmentally friendly business is resource limits. On the critical note, Veronica, et al, (2020) said that entrepreneur face financial obstacles when implementing environmentally conscious innovations and sourcing ethically, as these initiatives sometimes demand large investments. To conquer these resource limits and enable enterprises to connect their business activities with goals for sustainability, the literature emphasizes the need for creative financing structures and the adoption of environmentally friendly supply-chain practices. However, Wagner, et al, (2021) argued that one important issue that has been brought up in the research is customer opinion and education. It is a difficult effort to get consumers to behave differently and see environmentally friendly products as well as services. Educating customers about the societal and ecological advantages of their products is a problem for entrepreneurs. To close the disparity between client demands as well as the value proposition of items and services that are sustainable, effective marketing and communications initiatives are required. Resolving these issues is critical to the achievement of sustainable entrepreneurship, highlighting the necessity of tactical methods that include handling resources, legal navigation, and successful outreach to customers.

Bocken (2019) described the literature's results indicate that sustainable entrepreneurshipoffers substantial prospects for entrepreneurial enterprises. Among the many opportunities are those for creativity and uniqueness. Numerous scholarly works highlighted the ways in which adopting a sustainable approach can stimulate innovation and help start-up businesses stand out in the marketplace. The opportunity for creativity and uniqueness in the field of sustainable entrepreneurship is demonstrated by articles. It highlights instances in which businesses that adopted sustainable practices were able to outperform their competitors by satisfying the increasing demand for environmentally friendly goods and services. Filser, et. al, (2019) examined one of the main opportunities for entrepreneurial sustainability is collaboration among stakeholders. The body of research demonstrates the way entrepreneurial businesses can work with local communities, NGOs as well as governments to meet common sustainability objectives and increase social change. Empirical evidence from effective instances highlights the efficacy and reputation-enhancing advantages of these collaborations in furthering the wider sustainability goal for entrepreneurial endeavors. Bocken (2020) defined by leveraging the benefits of sustainable practices, staff involvement and retention associated with green entrepreneurship foster a mission-driven workplace. In order to attract as well as maintain top personnel for a lifetime of achievement, entrepreneurs integrate organizational principles with workers' larger societal and sustainability priorities. The incorporation of ecological concerns into entrepreneurial approaches is contingent upon those possibilities.

Integrating Circular Economy, Digitalization, and Sustainable Development in Entrepreneurship

In the views of Agrawal and et.al, (2022) it was evaluated that circular economy is necessary for the sustainable business performance. This is particularly necessary because of the reason that the business performance is improved when the company ensures that we are working in according to the circular economy. The methodology of this article included a systematic literature review relating to the field of the circular economy and a sustainable business performance. It included the database gathered from WOS and SCOPUS it assisted in selecting the different articles relating to the research topic (Bocken, Boons and Baldassarre, 2019). The findings of the paper highlighted that effective use of digitalization is very necessary for developing the sustainable circular product. The study also highlighted that the circular product includes the use of digitalization as wealth of the digitalization is the need of modern technology and as a result of this the overall working will be improved. Within the current competitive environment use of technology is very crucial and important. As it includes the fact that all the economies and entrepreneurship needs to implement the latest technology so that the working and the improved.

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On the other hand, Anand and et.al, (2021) argued that Sustainable entrepreneurship is very necessary for the successful working of the business. This is particularly necessary because the entrepreneurship includes creating the financial value for the company and the economy as well. It focuses on the flat that on the principles are combination of Sustainable prospective and the sustainable entrepreneurship. The study included the bibliometric methodology including different authors. It included analyzing the keywords and data bases gathered with help of different methods. The current article also focused on keyword searching and it included the major keyword sustainable entrepreneur (Caldera, Desha and Dawes, 2019). The findings of the article evaluated that sustainable entrepreneurship is closely linked to the environment as well. This is particularly because of the reason that the sustainable working is done in order to ensure that environment is protected. In case these sustainable working will not be practiced then it will be impacting the overall working of the business and entrepreneur. The study also highlighted that there are different paradigm relating to the institutional entrepreneurship. All these paradigm need to be followed in order to effectively manage the entrepreneurial venture.

The current article Bocken and Geradts, (2020) focused on sustainable business model innovation. For the successful working of the business that is very necessary that sustainable business the model is used in order to make it successful. The present article included the role of organizational design in nurturing the dynamic capabilities of the company. It is very necessary for the business to comply with effective organizational designs so that the working can be managed properly. This is particularly necessary because when the organizational design will not be effective than it will be impacting the overall performance of the company. The sample of the current study included the based on two sustainability indexes that is GlobeScan sustainability survey and the Dow Jones sustainability index first of the Companies listed on these index was selected as the sample. The findings from the article stated that there are different institutional strategic and operational barriers which impact the entrepreneurial venture and their working (Ch'ng, Cheah and Amran, 2021). These barriers include some issues in functional strategy or the innovation process being used. It also includes the financial performance Matrix which impacts the working of the entrepreneurial venture.

On the other hand Filser and et.al, (2019) stated that sustainable development is very necessary in the current competitive environment. This is particularly necessary because the competition is very intense and in case the sustainability will not be managed then it will be impacting the overall working of the business. The article relates to the fact that entrepreneurship is very necessary and it is crucial that sustainable development is also implemented. In case the sustainable development will not be implemented by the entrepreneurial ventures then it will be impacting the overall performance (Hasan and et. al, 2019). Hence, it is very necessary for the businesses and the entrepreneurial ventures to effectively comply with the sustainable working. In the present study the sample of 3 empirical studies was included out of which one was qualitative and two were quantitative. All the studies concluded the finding atom sustainable development place a crucial role in shaping the entrepreneurial motivation and intention. This is particularly necessary because when the effect of sustainable development is Focus then automatically the entrepreneurial venture get successful. For the study highlighted that having a sustainable orientation is very necessary for the success of the business. This is particularly necessary because it includes the persons Pro social and Pro environmental values which are necessary to be followed while managing the entrepreneurial venture. Moreover it is very necessary for the businesses to focus on the effective sustainability so that the working can be managed effectively.

Mitigating Risks and Driving Innovation: The Role of Sustainable and Green Entrepreneurship in Business Success

In against of this the article Hoogendoorn, Van der Zwan and Thurik, (2019) stated that is sustainable entrepreneurship is very necessary for managing the perceived barriers and risk. This is particularly necessary because entrepreneur so for both the self interest and the collective interest of the venture. This it is the responsibility of the entrepreneur to work sustainable e so that the profits can be earned and future generation can also work effectively. The present study included the case of evaluation of the different factors which impact the working of the entrepreneurial venture (Hummels and Argyrou, 2021). These variables included sustainable entrepreneurship the perceived barriers and the perceived risk with the venture can faced up these risk were divided into different financial and non financial factors. Further the findings of the study highlighted that there are different kind of risk and barriers with the entrepreneur venture will definitely face while working. It included different various like financial technical and mini other different kind of barriers which the business may face. In addition to this different risk are also faced by the entrepreneurial venture by operating. Hence it is necessary for the entrepreneurs to effectively perceive these barriers and risk and try to mitigate them in advance. This it is very necessary for the success of the entrepreneurial venture that the effectively manage the working efficiently.

In support of this the Lüdeke?Freund, (2020) stated that sustainable entrepreneurship is very necessary for the successful business. This is particularly necessary because when the innovation will be promoted then automatically it will result in development of the business. Hence it is very necessary 30 affective innovation has been practiced into the business first of this is particularly necessary because when the innovation will be promoted them automatically it will result in development of the business. Further the finding stated that the success cannot be defined by the profit only (Nosratabadi and et.al, 2019). For the business to be successful it is also necessary that green innovation take place. The green innovation particularly focuses on protecting the environment and the surrounding. Thus, for the sustainable and profitable business it is very necessary that the environment is also protected. This it is very necessary for the entrepreneurial ventures that the effectively comply with all the innovation so that the overall working of the business can be improved.

In support of this the Tien and et.al, (2020) stated that green entrepreneurship is very helpful in improving the overall working of the companies. The green entrepreneurship particularly focuses on the corporate social responsibility. This is particularly necessary because when the CSR will be followed then automatically the overall development of the company and the environment will take place. Green entrepreneurship specifically has a mission for promoting the sustainable development and to improve the local community as well. The findings of the articles stated that in Vietnam largest cities are having the green sectors and the companies small forms are operating within it. This is particularly necessary because these green companies help the environment and the protection of the overall economy. This is particularly necessary because when he affective working is implemented then automatically improve the working efficiency of the companies. The small entrepreneurial ventures majorly focus on improving the overall working efficiency of the company along with the environment as well.

Conclusion

In the end, it is concluded that sustainable entrepreneurship includes different challenges and opportunities which needs to be faced by the companies. The entrepreneurship includes the different types of challenges which can imperative working of the company. In addition to this these sustainability is also necessary to be placed within the entrepreneurship and entrepreneurial ventures. This is particularly necessary because when the effective sustainability will be focus then automatically it will improve the entrepreneur venture and the successful. The above literature review highlighted the different literatures relating to the research topic. The different articles focused on the importance of sustainable working for the effective management of the entrepreneurial venture. This is very necessary because the different strategies will help the entrepreneurs to improve the working effectively and ensure that the environment is also safe and secure.

References

Books and Journals

• Agrawal, R., Wankhede, V.A., Kumar, A., Upadhyay, A. and Garza-Reyes, J.A., 2022. Nexus of circular economy and sustainable business performance in the era of digitalization. International Journal of Productivity and Performance Management, 71(3), pp.748-774.
• Anand, A., Argade, P., Barkemeyer, R. and Salignac, F., 2021. Trends and patterns in sustainable entrepreneurship research: A bibliometric review and research agenda. Journal of Business Venturing, 36(3), p.106092.
• Bocken, N., Boons, F. and Baldassarre, B., 2019. Sustainable business model experimentation by understanding ecologies of business models. Journal of Cleaner Production, 208, pp.1498-1512.
• Bocken, N.M. and Geradts, T.H., 2020. Barriers and drivers to sustainable business model innovation: Organization design and dynamic capabilities. Long range planning, 53(4), p.101950.
• Caldera, H.T.S., Desha, C. and Dawes, L., 2019. Evaluating the enablers and barriers for successful implementation of sustainable business practice in ‘lean'SMEs. Journal of cleaner production, 218, pp.575-590.
• Ch'ng, P.C., Cheah, J. and Amran, A., 2021. Eco-innovation practices and sustainable business performance: The moderating effect of market turbulence in the Malaysian technology industry. Journal of Cleaner Production, 283, p.124556.
• Filser, M., Kraus, S., Roig-Tierno, N., Kailer, N. and Fischer, U., 2019. Entrepreneurship as catalyst for sustainable development: Opening the black box. Sustainability, 11(16), p.4503.
• Hasan, M.M., Nekmahmud, M., Yajuan, L. and Patwary, M.A., 2019. Green business value chain: A systematic review. Sustainable Production and Consumption, 20, pp.326-339.
• Hinderer, S. and Kuckertz, A., 2022. The bioeconomy transformation as an external enabler of sustainable entrepreneurship. Business Strategy and the Environment, 31(7), pp.2947-2963.
• Hoogendoorn, B., Van der Zwan, P. and Thurik, R., 2019. Sustainable entrepreneurship: The role of perceived barriers and risk. Journal of business ethics, 157, pp.1133-1154.
• Hummels, H. and Argyrou, A., 2021. Planetary demands: Redefining sustainable development and sustainable entrepreneurship. Journal of Cleaner Production, 278, p.123804.
• Lüdeke?Freund, F., 2020. Sustainable entrepreneurship, innovation, and business models: Integrative framework and propositions for future research. Business Strategy and the Environment, 29(2), pp.665-681
• Nosratabadi, S., Mosavi, A., Shamshirband, S., Zavadskas, E.K., Rakotonirainy, A. and Chau, K.W., 2019. Sustainable business models: A review. Sustainability, 11(6), p.1663.
• Pizzi, S., Corbo, L. and Caputo, A., 2021. Fintech and SMEs sustainable business models: Reflections and considerations for a circular economy. Journal of Cleaner Production, 281, p.125217.
• Tien, N.H., Hiep, P.M., Dai, N.Q., Duc, N.M. and Hong, T.T.K., 2020. Green entrepreneurship understanding in Vietnam. International Journal of Entrepreneurship, 24(2), pp.1-14.
• Veronica, S., Alexeis, G.P., Valentina, C. and Elisa, G., 2020. Do stakeholder capabilities promote sustainable business innovation in small and medium-sized enterprises? Evidence from Italy. Journal of Business Research, 119, pp.131-141.
• Wagner, M., Schaltegger, S., Hansen, E.G. and Fichter, K., 2021. University-linked programmes for sustainable entrepreneurship and regional development: how and with what impact?. Small Business Economics, 56, pp.1141-1158.
• Yi, G., 2021. From green entrepreneurial intentions to green entrepreneurial behaviors: The role of university entrepreneurial support and external institutional support. International Entrepreneurship and Management Journal, 17(2), pp.963-979.