Fostering Resilience: The Symbiotic Relationship Between Entrepreneurship and Sustainability

Volume 9, Issue 8, August – 2024 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24AUG516
Fostering Resilience: The Symbiotic Relationship

Between Entrepreneurship and Sustainability
Muhammed Rizwan Ul Haque
Bharathiar University, Coimbatore, India
Abstract:- This study explores the intersection of innovation, its definition varies across academic disciplines
entrepreneurship and sustainability, focusing on how and policy frameworks. Howard Stevenson of Harvard
businesses can integrate environmental, social, and Business School defines entrepreneurship as the "pursuit of
cultural considerations into their operations to drive opportunity beyond resources controlled," highlighting the
sustainable development. By examining the role of resource-constrained environment in which entrepreneurs
sustainable entrepreneurship, the research highlights the often operate. This definition underscores the importance of
transformative potential of integrating the triple bottom- creativity, resourcefulness, and resilience in entrepreneurial
line framework, which encompasses economic prosperity, endeavours.
environmental stewardship, and social equity. The study
utilises qualitative methods, including case studies and Entrepreneurship isn't always constrained to the
theoretical analysis, to investigate how entrepreneurial introduction of recent businesses. It also encompasses the
ventures can achieve competitive advantages through rejuvenation of existing enterprises through innovative
sustainable practices. Key findings reveal that businesses practices and the establishment of social ventures aimed at
with high entrepreneurial orientation marked by addressing societal issues. Whether driven by profit motives
innovation, risk-taking, and proactiveness are more likely or social goals, entrepreneurship is a key driver of economic
to implement sustainable strategies contributing to long- dynamism, generating employment, fostering competition,
term economic growth and societal well-being. The and spurring technological advancements (Albornoz &
research underscores the importance of a holistic Shuck, 2008). In today's rapidly changing global economy,
approach that balances economic, environmental, social, the significance of entrepreneurship is more pronounced than
and cultural dimensions, emphasising the need for ever. Technological advancements, globalization, and
businesses to align their strategies with sustainable shifting consumer preferences present both opportunities and
development goals to ensure resilience and relevance in a challenges, making entrepreneurial agility and innovation
rapidly changing global landscape. crucial for sustaining competitive advantage (Amoo et al.,
2024). Entrepreneurs play a vital role in identifying and
Keywords:- Sustainable Entrepreneurship, Triple Bottom capitalizing on these trends, leading to the continuous
Line (TBL), Economic Development, Environmental evolution of industries and markets.
Stewardship, Social Equity, Cultural Considerations.
In summary, entrepreneurship is a critical element of
I. INTRODUCTION economic and social development, characterized by
innovation, risk-taking, and the pursuit of opportunities. It
Entrepreneurship is a dynamic and multifaceted process involves the creation and growth of new ventures,
that involves the identification, evaluation, and exploitation revitalization of existing businesses, and development of
of opportunities to create and manage new ventures. It is solutions to social challenges, contributing to a vibrant and
characterized by innovation, risk-taking, and proactive resilient economy.
behaviour aimed at developing novel products, services, or
processes that meet market needs and create value (Bygrave Sustainability is a concept that has gained increasing
& Hofer, 1992). At its core, entrepreneurship is about importance in recent decades as societies around the world
transforming ideas into tangible business entities, driving grapple with environmental, social, and economic challenges.
economic growth, and fostering social progress. At its core, sustainability refers back to the cap potential to
satisfy the wishes of the existing without compromising the
The term "entrepreneur" originates from the French cap potential of destiny generations to satisfy their very own
word "entreprendre," meaning "to undertake." This wishes (Albornoz & Shuck, 2008). This concept encompasses
etymology reflects the essence of entrepreneurship, which a wide range of interconnected issues, including
involves undertaking new initiatives and navigating the environmental stewardship, social equity, and economic
uncertainties and challenges inherent in starting and running prosperity.
a business (Barzi, 2020). Entrepreneurs are individuals who
seek out opportunities beyond their current resources and
capabilities, often venturing into uncharted territories with
limited financial and human capital. Despite the central role
entrepreneurship plays in economic development and
IJISRT24AUG516 www.ijisrt.com 1391

Environmental sustainability focuses on preserving A. Methodology

natural resources and ecosystems, minimizing pollution and The study employs a qualitative research methodology,
waste, and promoting renewable energy sources. It aims to focusing on case studies and theoretical analysis to explore
ensure that human activities do not deplete or degrade natural the dynamics of sustainable entrepreneurship. This approach
resources faster than they can be replenished or restored, allows for a deeper understanding of how sustainable
thereby maintaining ecological balance and biodiversity. practices are integrated into business strategies and the impact
Social sustainability addresses equity, justice, and quality of these practices have on economic, environmental, and social
life for all individuals and communities (Albornoz & Shuck, outcomes. The research involves a comprehensive review of
2008). It emphasizes fair distribution of resources, access to existing literature, along with interviews and surveys
basic services such as healthcare and education, and conducted with entrepreneurs who have successfully
protection of human rights. Socially sustainable practices aim implemented sustainable practices. Data analysis is
to create inclusive societies where everyone can thrive and conducted using thematic analysis to identify key patterns and
participate fully in economic and social activities. Economic insights related to sustainable entrepreneurship.
sustainability involves fostering economic growth that is
inclusive, environmentally responsible, and financially viable III. LET’S DEFINE ENTREPRENEURSHIP AND
over the long term (Veciana, 2007). It encourages businesses SUSTAINABILITY
and industries to operate in ways that generate prosperity
without compromising the well-being of current and future Entrepreneurs throughout modern economic
generations. This includes adopting sustainable business history…have been disproportionately responsible for truly
practices, investing in clean technologies, and promoting radical innovations – the aeroplane, the railroad, the
responsible consumption and production patterns. automobile, electric service, the telegraph and telephone, the
computer, air conditioning, and so on – that not only
Together, environmental, social, and economic fundamentally transformed consumers’ lives, but also
sustainability form the pillars of sustainable development, a became platforms for many other industries that, in
framework that seeks to balance human needs with the health combination, have fundamentally changed entire economies.
of the planet and the well-being of all people. Achieving
sustainability requires cooperation and collaboration across Sustainability is the responsibility of every individual
sectors and disciplines, innovative thinking, and a every day. It is about changing our behaviour and mindset to
commitment to long-term stewardship of resources. It is a reduce power and water consumption, thereby helping to
holistic approach that recognizes the interdependence of control emissions and pollution levels.
ecological health, social equity, and economic prosperity in
creating a resilient and thriving world for present and future A. Entrepreneurship
generations. Entrepreneurship is a pivotal national asset, driven by
entrepreneurs who propel economic growth, innovation, and
II. LITERATURE REVIEW AND societal progress. This dynamic process generates value,
METHODOLOGY enhances wealth, and fosters improved community well-
being. The significance of entrepreneurship spans various
The literature on sustainable entrepreneurship has dimensions, from catalyzing social transformation to
evolved significantly over the years, highlighting the role of spearheading groundbreaking innovations (Kazim et al.,
entrepreneurship in addressing environmental and social 2024). Remarkable entrepreneurs possess the capacity to
challenges. Initially focused on the economic aspects, the revolutionize lifestyles and economies, both locally and
literature has expanded to include the triple bottom line nationally. Successful ventures not only elevate living
(TBL) framework, which emphasizes economic prosperity, standards but also stimulate economic expansion by
environmental quality, and social justice. Researchers have generating employment opportunities. Undoubtedly, the
advocated for this holistic approach, and more recent studies impact of entrepreneurship cannot be overstated, as it plays a
suggest adding a cultural dimension to this framework fundamental role in shaping prosperous and resilient
(Beaurain et al., 2023). The cultural context is considered societies.
essential for maintaining the identity and diversity of
communities, thus enhancing the comprehensive view of The United States faces a challenge with its economic
sustainable entrepreneurship. growth trajectory. From the 1960s to the 1990s, the economy
expanded at an average annual rate of 3.5 per cent in inflation-
Key scholars such as Shepherd and Patzelt have adjusted terms, with employment growing at 2.3 per cent
expanded the definition of sustainable entrepreneurship to annually (Uwaoma et al., 2023). However, these rates have
include the preservation of nature, life support, and significantly slowed since the turn of the millennium,
community, emphasizing the need for economic and non- averaging just 1.9 per cent and 0.7 per cent per year,
economic benefits (Shepherd & Patzelt, 2011). This broader respectively, from 2000 to 2016. Furthermore, labour
perspective is necessary for fostering businesses that are not productivity growth, a critical indicator of economic
only economically viable but also culturally inclusive and efficiency and innovation, has also decelerated. Since 2010,
environmentally responsible. it has grown at an average annual rate of 0.9 per cent, down
from 2.2 per cent per year over the preceding five decades
(1960s-2000s).

This decline suggests a reduced capacity of the economy rather to productivity gains driven by innovation (Gomez et
to increase output relative to inputs, which is vital for al., 2023). As businesses and workers became more efficient
sustained economic growth and improved living standards. in their use of resources, costs decreased, profits and incomes
These trends indicate a breakdown in the economic engine, rose, demand expanded, and economic growth and job
necessitating urgent reversal to secure continued prosperity creation accelerated.
and broader inclusion in economic gains. A revitalization of
entrepreneurship is crucial to achieving national objectives Solow's seminal work on innovation-driven
for several reasons, such as: productivity growth has since been affirmed by economists
worldwide. Nobel Laureate Paul Krugman succinctly
 Entrepreneurship Drives Innovation summarized this perspective on sustained economic growth,
In driving productivity growth, innovation stands out as "While productivity isn’t everything, in the long run it’s
a pivotal force. It involves the development of new almost everything (Michaelides & Papadakis, 2023). A
technologies, processes, or improvements that enhance country's capacity to elevate its standard of living over time
economic efficiency without necessarily increasing inputs hinges almost entirely on its ability to increase output per
like capital and labour. By boosting productivity, innovation worker." If productivity growth is pivotal, what then are its
contributes significantly to societal well-being, raising living drivers? The research literature identifies two main areas.
standards, and fostering long-term economic prosperity. So, First, there's "efficiency," which pertains to how effectively
what fuels innovation? Simply put, it's the generation of new the factors of production capital, labour, and technology are
and commercially viable ideas and knowledge (Laverty et al., utilized. An efficient economy achieves higher output levels
2020). Joseph Schumpeter, in his influential work on with the same input levels compared to less efficient
economic growth, coined the term "creative destruction" to economies (Gibb et al., 2024). At the heart of efficiency lies
describe how innovation disrupts existing economic "reallocative efficiency" the ability of resources like capital
structures, making way for progress. He underscored the and labor to flow freely to their most productive uses. In
indispensable role of entrepreneurs in this process, highly reallocatively efficient economies, more productive
"Entrepreneurs function to revolutionize production patterns businesses thrive and grow, while less productive firms
by leveraging new inventions or unexplored technological decline or exit the market. This process mirrors the dynamics
opportunities to introduce novel products or produce existing of sports teams, where the best players are on the field while
ones in innovative ways. They open new markets, reorganize others remain on the bench.
industries, and pioneer new sources of materials" (Laverty et
al., 2020). In essence, economies thrive on continuous The continuous cycle of business creation, expansion,
improvement and intense competition, which are propelled by contraction, and closure is a natural and vital feature of a
innovation, especially transformative or "disruptive" dynamic economy. It ensures market competitiveness,
innovations. These advancements heavily rely on vibrancy, and constant renewal with fresh ideas and energies.
entrepreneurial contributions. New business formation, often synonymous with
"entrepreneurship," plays a crucial role in this reallocative
A robust body of research supports this view. efficiency process. Why? New enterprises enter the market to
Entrepreneurs are disproportionately responsible for challenge established firms, offering new or improved
commercializing groundbreaking products throughout products and methods of production and distribution. Their
economic history (Guzman et al., 2024). "Entrepreneurs, emergence fosters a more competitive business environment,
particularly in the United States and globally, have played a driving innovation and efficiency gains across industries.
disproportionate role in spearheading truly revolutionary Despite being less glamorous than breakthrough
innovations such as aeroplanes, railroads, automobiles, technological innovations, reallocating efficiency
electric utilities, telegraphs, telephones, computers, air significantly impacts macroeconomic performance. Leading
conditioning, and more. These innovations not only economists have identified a slowdown in reallocating
transformed consumer lifestyles but also served as efficiency over the past two decades in the U.S. economy as
foundational platforms for numerous other industries, a primary factor behind the decline in productivity growth
collectively reshaping entire economies”. Entrepreneurship is during this period. The decrease in the rate of new firm
pivotal in driving transformative innovation, which in turn startups, a proxy for entrepreneurship, has emerged as the
fuels productivity growth, enhances economic dynamism, single most significant contributor to this decline. In essence,
and shapes the trajectory of societies and economies entrepreneurship and the efficiency with which resources are
worldwide. allocated within an economy are critical drivers of
productivity growth and long-term economic prosperity.
 Entrepreneurship Increases Productivity They ensure that economies remain adaptive, competitive,
Throughout much of economic history, the prevailing and capable of sustaining growth over time.
belief held that economic growth stemmed primarily from
advancements in capital and labour. It was commonly  Entrepreneurship Creates Jobs
assumed that expanding the labour force or increasing capital During the Industrial Age, economies thrived on
intensity were the main drivers of economic expansion. economies of scale, where larger enterprises dominated,
However, in 1957, American economist challenged this employing a significant portion of the workforce. However,
notion by demonstrating that the majority of economic as manufacturing declined and knowledge-intensive sectors
growth could not be attributed to these factors alone, but gained prominence in the 1970s, smaller, more agile firms

began to play a more substantial role in the American  Entrepreneurs Create Social Change
economy. Entrepreneurs play a crucial role in driving social
change by introducing innovative goods and services that
By the 1980s, the prevailing belief that small businesses challenge traditional norms and reduce reliance on outdated
were the primary engines of job creation had solidified. This systems and technologies. This transformative process can
view was politically popular, aligned with American cultural lead to improved lifestyles, foster more inclusive thinking,
ideals, and supported by empirical evidence showing that boost morale, and expand economic opportunities. The
small businesses contributed significantly to overall cumulative effect of these social changes extends beyond
employment and the creation of new jobs. In the mid-1990s, local communities to impact national and global scales,
a group of economists started to challenge this conventional underscoring the significance of social entrepreneurship in
wisdom. By the mid-2000s, with improved data accessibility today's world.
from the U.S. Census Bureau, they upended this notion. Their
research revealed that it wasn't necessarily small businesses For instance, the proliferation of smartphones and
driving job creation, but rather new and young firms. When mobile apps has revolutionized both work and leisure
accounting for firm age, the apparent "small business effect" activities globally. As the smartphone market continues to
on net job creation disappeared. In reality, beyond new and grow, entrepreneurial endeavours in technology can bring
young firms, small businesses as a whole either create or about profound and enduring changes worldwide.
destroy jobs, with the latter effect often outweighing the Furthermore, the globalization of technology means that
former (Atkinson et al., 2016). entrepreneurs in developing nations now have access to the
same technological tools as their counterparts in developed
In essence, the perception that small businesses countries. Coupled with lower living costs, this creates a level
inherently create jobs is somewhat misleading because young playing field where young entrepreneurs from developing
businesses tend to be small in size. Distinguishing between countries can effectively compete with established
firm size and age has been pivotal for policymaking. multimillion-dollar products from developed nations. Thus,
Traditional small businesses differ significantly in their entrepreneurial innovation is not only levelling economic
characteristics and goals compared to growth-oriented disparities but also driving substantial social and economic
startups in their early stages of development. transformations on a global scale.
 Entrepreneurship Accelerates Economic Growth and  Entrepreneurship Promotes Research and Development
Adds to National Income Entrepreneurship not only sparks new business ideas
Entrepreneurship plays a pivotal role in driving and encourages innovative thinking but also fosters research
economic growth by acting as a catalyst within market and development (R&D). Entrepreneurs diligently cultivate
economies. Entrepreneurs introduce new products and their ideas, transforming them into viable business ventures
services that often trigger a ripple effect, stimulating related through effective R&D practices. This commitment to
industries or sectors that support and complement these innovation leads to the creation of novel products,
innovations, thereby fostering overall economic technologies, and markets that address unmet needs and
development. For instance, during the 1990s, a handful of improve societal well-being. Moreover, entrepreneurs play a
information technology companies pioneered the IT industry pivotal role in tackling challenges that existing products or
in India. This sector rapidly expanded, benefiting numerous technologies have yet to solve. By introducing new products
associated industries such as call centres, network and services or enhancing existing ones, entrepreneurship has
maintenance firms, and hardware suppliers. Educational the potential to significantly enhance people's lives and drive
institutions responded by training a new generation of IT economic progress.
professionals, who then found employment in these
burgeoning sectors, often with improved wages and career Entrepreneurs also contribute to community
prospects. development by nurturing ventures among like-minded
individuals and investing in local projects and charities. This
Moreover, entrepreneurial ventures contribute support extends beyond their enterprises, fostering broader
significantly to national income by generating new wealth. economic and social growth within their communities.
While established businesses may be limited to existing Prominent entrepreneurs such as Bill Gates exemplify this
markets, entrepreneurs innovate with new products, services, commitment by using their wealth to fund initiatives ranging
or technologies that open up untapped markets, thereby from education to public health, thereby making substantial
creating fresh avenues for economic growth and wealth contributions to societal advancement (Syed et al., 2021a).
generation. In addition to creating wealth, entrepreneurship Their philanthropic efforts underscore the broader impact that
also enhances employment opportunities and increases entrepreneurship can have on community welfare and global
earnings for individuals, which in turn boosts national income progress.
through higher tax revenues and increased government
spending capacity. This additional revenue can be allocated
by governments to invest in underdeveloped sectors and
human capital, further fueling economic advancement and
society.

 Contribution and Current Development of has markedly contributed to economic development through
Entrepreneurship job creation, the utilization of business opportunities, and
Many researchers concur that entrepreneurs have product innovation, which have collectively improved a
significantly contributed to society, the economy, and country's economic conditions (ALOULOU, 2007). For
humanity as a whole. For instance, Baron and Shane describe example, Taiwan's emergence as a major global economy has
entrepreneurs as the "engines of economic growth." Joseph been largely driven by the development of small and medium-
Schumpeter, an early pioneer in entrepreneurship studies, sized enterprises (SMEs) and entrepreneurial activity.
referred to entrepreneurs as innovators who bring about Consequently, many developing and emerging economies in
"creative destruction" (Ilonen et al., 2018). According to Asia, including Thailand, China, India, and Malaysia, have
Schumpeter, entrepreneurs introduce new products or actively promoted entrepreneurial activities due to their
processes that replace outdated ones, thereby enhancing the substantial contributions to economic growth.
quality of life. Similarly, Fayolle notes that entrepreneurship
Table 1: Sub Field of Entrepreneurship

Field Description
Regular/Economic Being economically oriented involves identifying and capitalizing on opportunities to generate
profit through the processes of venture initiation, risk-taking, product or process innovation,
and resource management.
Green/Environment Being environmentally or ecologically focused involves conserving natural resources while
fostering economic development.
Social Being socially embedded by complementing social and profit goals.
Sustainable Being future-oriented involves balancing efforts to contribute to economic prosperity, social
justice, social cohesion, and environmental protection.
Source: Author own work
However, it is important to recognize that entrepreneurship is more complex, requiring balanced

entrepreneurial activities also have negative impacts on contributions to economic, social, and environmental goals.
society, particularly in terms of environmental degradation. The scope of entrepreneurship is broadening to include a
Recent perspectives highlight that entrepreneurs can more holistic approach, integrating elements of economic,
contribute to environmental harm due to market failures. social, and environmental sustainability (Mendes et al.,
Some researchers argue that the environmental degradation 2022). This integrated approach is what we now refer to as
caused by entrepreneurial activities, such as pollution, land "sustainable entrepreneurship," reflecting the evolving nature
degradation, and climate change, should and can be addressed of the field to address a wider array of societal challenges.
by entrepreneurs themselves. Traditionally, entrepreneurship
studies focused on the view that entrepreneurs are primarily  Transition in Entrepreneurship
profit-oriented, opportunistic, and business-minded. With the Based on the preceding discussions, it is evident that
rapid evolution of entrepreneurship, this perspective is entrepreneurship is undergoing significant transformation.
shifting. Recent research indicates that entrepreneurial This evolution has introduced numerous new practices that
activities contribute to environmental degradation, a point expand beyond traditional associations with economic
supported by welfare economics literature, highlights that growth and profit generation. Entrepreneurs are increasingly
entrepreneurs are responsible for environmental broadening their scope to encompass fields previously
discontinuities like pollution and climate change (Albornoz considered unrelated to their domain. A notable shift is
& Shuck, 2008). Despite these negative impacts, some observed as entrepreneurship progresses from merely
researchers argue that entrepreneurs are uniquely positioned addressing economic needs in its initial phases to
to drive business activities toward sustainability. They incorporating sustainability practices in later stages. This
propose that "entrepreneurship may be a panacea for many transition contrasts sharply with Friedman's assertion in the
social and environmental concerns," suggesting that New York Times Magazine that "The social responsibility of
entrepreneurs are essential for promoting social and business is to increase its profits."
ecological sustainability.
Despite this contradiction, there is a gradual acceptance
This evolving understanding indicates that among entrepreneurs of this evolving trend, influenced by the
entrepreneurship encompasses multiple types, each with mid-1990s wave of environmental initiatives in Europe and
distinct characteristics. The field can be categorized into other industrialized nations, as well as growing awareness of
several sub-fields: economic entrepreneurship, sustainable development. Parrish and Foxon argue that
green/environmental entrepreneurship, social sustainable entrepreneurs can serve as catalysts in
entrepreneurship, and sustainable entrepreneurship (Majid & transitioning from the current economic model to a
Koe, 2012). Although these sub-fields overlap, they each sustainable one, filling gaps left by businesses and
have specific primary focuses. For example, while social governmental agencies in providing essential social and
entrepreneurship aims to create social value and improve environmental services (Binder & Belz, 2015).
public welfare, green or environmental entrepreneurship
focuses on addressing ecological issues. Sustainable

However, critics contend that some entrepreneurs Furthermore, the World Bank's 2020 report on
labelled as sustainable are primarily motivated by business entrepreneurship emphasizes that small and medium-sized
opportunities linked to sustainability rather than an intrinsic enterprises (SMEs), which are predominantly entrepreneurial
commitment to sustainable development. For these ventures, contribute significantly to GDP and employment in
entrepreneurs, sustainable practices represent unmet both developing and developed economies. The report
customer needs that offer lucrative business prospects and indicates that SMEs account for approximately 90% of
value (Atta et al., 2021; Khan et al., 2022). While businesses and more than 50% of employment worldwide,
acknowledging the existence of such entrepreneurs, the illustrating the profound impact of entrepreneurship on
overall perception within the entrepreneurial community is economic stability and growth (Bayraktar & Algan, 2019).
shifting due to heightened awareness of sustainability since The significance of entrepreneurship in promoting economic
the 1970s. Entrepreneurs, as highlighted increasingly growth and development cannot be overstated. Empirical
questioning their role in addressing social and ecological evidence consistently shows that entrepreneurial activities are
challenges. Some are driven by a genuine desire to contribute positively related to economic growth. Therefore, fostering a
directly to sustainable development through their supportive environment for entrepreneurship is crucial for
entrepreneurial endeavours. Parrish's insights have achieving sustainable economic development, particularly in
significantly reshaped the contemporary understanding of developing countries.
sustainable entrepreneurship in the business landscape today.
 Entrepreneurship and Human Development
 Entrepreneurship and Economic Growth Entrepreneurship's impact on human development has
Entrepreneurship and innovation are key drivers of long been overlooked in economic research, a gap that
economic growth and development. However, there has been represents not only a social injustice but also significant
extensive debate about whether entrepreneurship is necessary implications for future economic policies. Entrepreneurship
for economic growth or if the primary driver is the nature of creates jobs and increases incomes, particularly for the poor,
institutions. Empirical studies, however, consistently by introducing new avenues for economic growth in regions
highlight a significant and interdependent relationship where traditional employment has declined. For example,
between entrepreneurship and economic prosperity. SMEs account for over 70% of global employment,
Entrepreneurship is increasingly recognized as a critical underscoring the crucial role of entrepreneurial ventures in
factor in fostering economic growth and development (Joel & job creation. Entrepreneurs often operate in areas with unmet
Oguanobi, 2024). Numerous empirical studies have demand, expanding market size and improving access to
demonstrated a positive correlation between entrepreneurial goods and services, particularly for disadvantaged
activities and economic growth. For instance, a study communities (Dhahri & Omri, 2018). In less-developed
examining 14 developing countries found that entrepreneurial economies, entrepreneurship drives innovation and growth,
activities significantly contribute to economic growth. leading to significant export revenues. A study by UNCTAD
Similarly, research on European Union countries revealed a found that SMEs in developing countries contribute about
strong correlation between entrepreneurship and economic 45% of total employment and 33% of GDP. Additionally,
performance (Mendes et al., 2022). Another study highlighted entrepreneurship offers opportunities for social mobility,
the critical role of entrepreneurial activities in promoting allowing individuals to pursue ambitions outside traditional
investment and increasing income levels. fields, and fostering improvements in education, healthcare,
and other social services. The Global Entrepreneurship
Given the substantial impact of entrepreneurship on Monitor (GEM) reports that high entrepreneurial activity
economic growth and development, promoting correlates with better human development metrics, such as
entrepreneurial activities is essential for boosting economic health outcomes and educational attainment (Hill et al.,
development, especially in developing countries. Modern 2023). Empirical data shows that regions with higher
economics and development theories still largely revolve entrepreneurship rates also have lower poverty and greater
around the concept of perfect competition, although such a income equality. Thus, recognizing and nurturing
system is rarely observable in practice. Nonetheless, many entrepreneurship is essential for designing policies that foster
models, including those focused on multinational firms, inclusive and sustainable development.
international trade, and political economy, underscore the
role of entrepreneurship in development. Studies have shown  Entrepreneurship and Environment
that entrepreneurs drive economic value and growth by Over the past two decades, a diverse set of theorists has
creating demand while simultaneously maintaining social begun to examine the role of entrepreneurship in addressing
welfare. For example, the Global Entrepreneurship Monitor environmental issues such as climate change, environmental
(GEM) 2021/2022 report highlights that countries with higher degradation, deforestation, urban growth, and waste
levels of entrepreneurial activity tend to exhibit higher levels accumulation. Entrepreneurship plays a crucial role in
of economic growth. According to the GEM report, environmental protection, with research consistently showing
economies with a robust entrepreneurial ecosystem not only that entrepreneurial activity is positively associated with
generate new jobs but also foster innovation and productivity, environmental benefits. Studies have found a general positive
leading to sustained economic development. connection between firm size and air pollution emissions,
revealing that large firms tend to have higher carbon
emissions than small firms (Almhamad, 2022). However,
some research argues that increased entrepreneurial activities

can lead to higher economic growth, which in turn causes his book *Cannibals with Forks: The Triple Bottom Line of
more pollution and waste generation. Economies that rely 21st Century Business*(Jeurissen, 2000). Elkington's
heavily on traditional activities and economies of scale tend framework expanded beyond traditional financial metrics
to produce greater environmental externalities. In contrast, such as profit, return on investment (ROI), and shareholder
more innovative entrepreneurial activities can mitigate these value by incorporating broader environmental and social
impacts. Entrepreneurs are increasingly seen as key players dimensions (Mark-Herbert et al., 2010). The TBL posits that
in addressing environmental challenges. For example, green long-term business success and growth are contingent upon
and social entrepreneurship has been pivotal in developing fulfilling conditions related to environmental integrity,
sustainable technologies and practices that reduce carbon economic prosperity, and social equity.
footprints. According to the Global Entrepreneurship
Monitor, countries with high levels of entrepreneurial activity The TBL framework emphasizes three key dimensions,
also report better environmental practices and innovations often referred to as the 3Ps: People, Planet, and Profit.
(Hill et al., 2023). Entrepreneurs worldwide are acting to
solve global problems, driven by the pressing threats of  People: This dimension assesses how businesses address
climate change, global warming, pollution, and resource social and ethical concerns, such as fair treatment of
depletion. The rise of green startups and eco-friendly business employees and promotion of social harmony, constituting
models highlights the significant potential for the social measure.
entrepreneurship to contribute to sustainable development  Planet: This The Triple Bottom Line framework
and environmental conservation. integrates economic, social, and environmental measures,
encouraging businesses to address a wide range of
B. Sustainability stakeholder needs and concerns. TBL serves as a
In the 1980s, sustainability began to intersect with comprehensive performance measurement tool,
strategic management as organizations sought to achieve a evaluating the economic, financial, and environmental
"sustainable competitive advantage" by utilizing resources impacts of business operations. It encompasses all values,
that were valuable, rare, inimitable, and non-substitutable. issues, and processes necessary for companies to create
This approach aimed to enhance economic sustainability by economic, social, and environmental value while
leveraging unique assets. The concept of sustainable minimizing negative impacts (Mark-Herbert et al., 2010).
development gained further prominence with the Brundtland
Report, which defined it as a process of change where Dimension evaluates the environmental impact of
resource exploitation, investment direction, technological business activities, including air and water quality, energy
development, and institutional change are harmonized to usage, and waste management, forming the environmental
meet both current and future human needs and aspirations measure.
(Hajian & Kashani, 2021).
 Profit: This dimension acknowledges that long-term
Sustainability emphasizes the equitable distribution and sustainability for the planet and people can only be
utilization of resources, but operationalizing fairness across achieved if businesses remain financially viable,
generations remains challenging. In 1995, John Elkington representing the economic measure.
introduced the concept of the Triple Bottom Line (TBL) in
Fig 1: The Interconnection of the Elements of the Triple Bottom Line Concept
Source: Dalibozhko & Krakovetskaya (2022)

The Triple Bottom Line provides a practical framework  Impact on Employment and Economy: Embracing
for balancing the three dimensions of sustainability: sustainable business practices promotes the adoption of
economic, human, and environmental systems. According to greener technologies and fosters an environment where
a recent survey, 60% of Fortune 500 companies plan to smaller enterprises can flourish. Sustainable businesses
expand their strategic goals to reflect TBL principles in the typically prioritize ethical employment practices, creating
coming years. This framework acts as a catalyst for eco- opportunities for job growth and economic stability. For
innovation, eco-efficiency, and social equity, driving instance, sustainable industries like renewable energy
businesses towards more sustainable and responsible have shown significant job creation potential,
practices (Mendes et al., 2022). contributing to a more resilient economy.
 Promotion of Public Health: Sustainable practices by
The evolution of the Triple Bottom Line has businesses contribute to lower energy consumption and
fundamentally reshaped how businesses view their role in reduced emissions, which in turn improves overall
society, encouraging them to consider not just their financial environmental quality. Cleaner air and water and reduced
performance but also their social and environmental impacts. exposure to pollutants lead to healthier living conditions
By integrating TBL principles, businesses are better equipped for communities. Studies have shown that reducing air
to contribute to sustainable development and ensure the well- pollution alone can have substantial health benefits,
being of future generations. lowering incidences of respiratory illnesses and
improving quality of life.
 Benefits of Sustainability  Enhancing Resilience and Future Readiness:
Why is sustainability important, and can our actions Sustainability initiatives build resilience against
make a difference in preserving resources? Let's explore some environmental and economic challenges. By reducing
key benefits: dependence on finite resources and integrating renewable
energy solutions, businesses and societies become more
 Energy Conservation: Implementing sustainable practices adaptable to changing environmental and market
in daily business operations and strategic planning helps conditions. This resilience is crucial for ensuring long-
reduce energy costs and conserve energy. These practices term prosperity and well-being.
include cutting down on excess energy usage,  Global Relevance and Responsibility: As global concerns
transitioning to sustainable energy sources, and over climate change and resource depletion intensify,
improving manufacturing and supply chain efficiencies sustainability emerges as a universal responsibility.
(UddinSyed, 2023). Many governments worldwide offer Businesses that embrace sustainable practices not only
substantial tax incentives for adopting sustainable options fulfil their corporate social responsibilities but also
such as electric vehicles (EVs). enhance their reputation and appeal to environmentally
 A Healthier Environment: The significance of a healthy conscious consumers and investors worldwide.
environment becomes apparent when pollution levels rise
to alarming levels. By reducing energy usage and In essence, sustainability is not merely a trend but a
switching to more sustainable energy sources, we can fundamental approach to securing a viable future for
decrease pollution of natural resources such as air, water, generations to come. By integrating sustainable principles
and land, making the environment more livable. When into everyday practices, businesses and individuals alike
more companies and individuals become conscious of contribute positively to environmental preservation,
their carbon footprints and environmental impact, it leads economic vitality, and public health improvement on a global
to a healthier ecosystem for everyone. scale.
 A Better Future for Everyone: Life on Earth is
interconnected. For instance, global biodiversity levels  Why Sustainability Important for the Future
have dropped to 75% of preindustrial levels, whereas a Sustainability holds immense importance for future
90% level is necessary to maintain essential ecological generations, as articulated by the United Nations Brundtland
processes crucial for human survival. By adopting Commission, which defined it as "meeting the needs of the
sustainable practices, we contribute to building a better present without compromising the ability of future
future for everyone. generations to meet their own needs." Despite this principle,
many of us fail to incorporate sustainable practices into our
 Importance of Sustainability daily lives. We often consume energy as if natural resources
Sustainability holds profound significance across are infinite and contribute to environmental pollution without
various facets of our lives, contributing positively in several considering the long-term consequences. However, every
critical areas action we take affects the availability of resources and the
quality of the natural environment that sustains life on Earth.
 Preservation of Our Planet: Sustainable practices play a
pivotal role in reducing pollution and conserving natural For instance, global temperatures have already risen by
resources such as water and energy. Businesses and approximately 1.1°C above pre-industrial levels. If
individuals committed to sustainability also help in temperatures continue to rise to 1.7°C-1.8°C, it is projected
safeguarding the natural habitats of wildlife, thereby that nearly 50% of the world's population will face life-
supporting biodiversity conservation efforts globally. threatening levels of heat and humidity. This stark reality
underscores the critical need for sustainability to ensure a

livable environment for future generations. By embracing A. Entrepreneurship and the Orientation Toward
sustainability, we can mitigate the impact of climate change, Entrepreneurship
conserve vital resources such as water and energy, and Entrepreneurship, widely acknowledged as a key
preserve biodiversity. These efforts are essential for economic factor driving growth, remains outside the
safeguarding the planet's ecosystems and ensuring that future mainstream of economics. As a result, a unified and
generations inherit a world that can support their needs and comprehensive theory or even a consistent definition of
aspirations. Adopting sustainable practices today is not just a entrepreneurship is lacking (Iakovleva, 2011). In the context
choice but a responsibility toward creating a sustainable and of neoclassical general equilibrium theory, entrepreneurs are
resilient future for all. seen primarily as rational managers optimizing decisions. It
is only by rejecting several assumptions of this theory that the
IV. ENTREPRENEURSHIP AND concept of entrepreneurship can be explained, as it is the state
SUSTAINABILITY: EXPLORING THEIR of market disequilibrium that spurs the creation of new
COMMON GROUND businesses. Therefore, entrepreneurship is essentially viewed
as a state of disequilibrium.
This section explores the potential relationship between
entrepreneurship particularly the entrepreneurial orientation Contemporary research on entrepreneurship stems from
of companies and sustainability. Entrepreneurship, three main traditions: the views of F. Knight, J. Schumpeter,
characterized by innovativeness, risk-taking, proactiveness, and the Austrian school. Knight’s approach emphasizes the
and the pursuit of maximum profit, is often perceived as entrepreneur’s ability to bear risk, identifying entrepreneurs
contrary to the principles of sustainability (Astrini et al., as individuals who accept the risk of failure. Schumpeter's
2020). Sustainability emphasizes efficiency, equality, and perspective highlights the entrepreneur's role in innovation,
intergenerational equity, focusing on economic, social, and portraying entrepreneurs as innovators who introduce new
environmental dimensions. Both concepts are heavily business solutions (Śledzik, 2013). The Austrian school
endorsed by policymakers, and the literature even defines views entrepreneurs as outsiders who recognize and exploit
sustainable entrepreneurship as prioritizing the preservation market opportunities for profit. These varied interpretations
of nature and community support. The goal here is not to necessitate analyzing entrepreneurship at multiple levels:
merge these concepts but to examine their relationship as macro (society or economy), company (organizational
distinct entities. culture), and personal (individual traits). Within the study of
entrepreneurship, the concept of entrepreneurial orientation
Entrepreneurship is typically viewed as a profit-driven (EO) has been extensively explored. EO pertains to the
concept that leads to the creation of new companies, rapid company's predisposition towards entrepreneurial processes,
growth of existing ones, and competitive advantage (Okpara, practices, and decision-making, influencing its growth
2009). In contrast, sustainability is seen as socially oriented, through the identification and exploitation of market
emphasizing the needs of both current and future generations. opportunities (Gibcus & Ivanova, 2003). Originating from
Entrepreneurship reflects a mindset and actions driven by Miller's work in 1983 and further developed by subsequent
personal interest, while sustainability aligns with the broader scholars, EO is a strategic construct in strategic management
interests of society and future generations. This dichotomy aimed at achieving company growth. Companies with strong
raises the question: are these concepts truly opposite, or do EO are better equipped to innovate, enter new markets, and
they share common ground? Is it feasible for a company to undergo strategic transformation.
simultaneously pursue profit and social objectives? If so,
under what conditions? Entrepreneurial orientation is embedded in a company’s
organizational culture and represents a method of operation.
Both entrepreneurship and sustainability can be EO comprises five dimensions: autonomy, innovativeness,
analyzed at various levels macro, company, and personal, and proactiveness, competitive aggressiveness, and risk-taking,
understood in diverse contexts. The multi-level and multi- though some studies focus on just three: innovativeness,
dimensional nature of these concepts presents theoretical and proactiveness, and risk-taking. These dimensions make EO
methodological challenges (Dalibozhko & Krakovetskaya, an operational concept. Innovativeness reflects a company's
2018). To address any research question about the openness to new ideas, novelty, and experimentation aimed
simultaneous pursuit of profit and social goals, a clear at developing new products, services, or technologies. Risk-
conceptualization of these ideas is necessary. This section is taking involves making decisions and taking actions without
divided into two parts. The first part explains the concept of certainty about the outcomes, indicating a willingness to
entrepreneurship and entrepreneurial orientation to clarify the commit resources despite the potential for failure (Iakovleva,
foundational ideas. The second part presents an overview of 2011). Proactiveness denotes a forward-looking perspective,
sustainability and examines the relationship between seeking to introduce new products or services ahead of
entrepreneurial orientation and sustainability. This section competitors and anticipating future demand. Autonomy
concludes with a summary of the findings. involves independent actions by individuals to realize
business visions and pursue market opportunities, fostering
competitive advantage (Davis & Kreiser, 2010). Competitive
aggressiveness measures the effort needed to outperform
industry rivals, characterized by aggressive strategies to
improve market position. Research on entrepreneurial

orientation typically focuses on its impact on company Economically, sustainable development ensures that the
performance, the relationship between EO and sales growth, income per capita of future generations will not be lower than
or the flexibility of new products. that of the current generation. Sociologically, it fosters close
social ties within society. Ecologically, it promotes the
The intensity of each EO dimension can vary within a diversification of the biosphere, ecosystems, and ecological
company, ranging from low to high. For instance, a processes. In a business context, sustainable development is
company's approach to innovativeness can span from seen as achieving sustainable profit through well-planned
imitative to radical innovation. Risk-taking attitudes can business practices that are sensitive to social and
range from risk aversion to a propensity for risk. environmental needs. Large companies are evolving their
Proactiveness can vary from relying on current trends to a business models to integrate social and environmental
strong future orientation. Autonomy can range from actions considerations, particularly in Scandinavian countries,
dictated by external factors to independent strategic thereby operationalizing the concept of sustainable
decisions, and competitive aggressiveness can range from development (Shepherd & Patzelt, 2011). Economic growth,
acceptance of existing competitors to a strong competitive measured by GDP per capita, is distinct from sustainable
drive (Rauch et al., 2009). The variability in EO dimensions development, which is assessed through quality-of-life
suggests that a company can exhibit different intensities indicators. However, adopting sustainable development in an
across these dimensions. For example, a company might organization can enhance economic efficiency, for instance,
display high autonomy, low competitive aggressiveness, and by promoting the balanced use of energy and materials,
average innovativeness. Consequently, there can be leading to more efficient resource use and improved
numerous variations in the intensity of EO dimensions. While economic performance.
existing literature often focuses on the relationship between
EO and company performance, this chapter explores the A review of existing definitions of sustainable
potential relationship between EO and sustainable growth. development reveals diverse understandings, with two
The research questions posed are: Can the growth resulting dominant views: sustainable development is defined as
from entrepreneurial orientation be considered sustainable? development that meets the needs of the present generation
Does a pro-growth entrepreneurial orientation inherently without compromising the ability of future generations to
support or hinder sustainable development? How do the meet their own needs, and as processes that improve living
dimensions of entrepreneurial orientation affect conditions without harming the natural environment (Cohen
sustainability? These questions are addressed by analyzing & Winn, 2007). Sustainable development can be analyzed at
the relationships between entrepreneurial orientation and different levels, such as the macro level (as a societal
sustainability in the subsequent section. characteristic) or the company level (as a business practice).
To answer the research questions in this paper, sustainable
To enrich the discussion, recent studies have indicated development is examined at the company level, similar to
that companies with strong EO can indeed integrate how entrepreneurial orientation is considered a feature of
sustainability into their business models. For instance, company strategy. Additionally, the specific dimensions of
research suggests that entrepreneurial firms with a strategic entrepreneurial orientation are assessed for their positive and
focus on sustainability can achieve long-term competitive negative impacts on sustainable development.
advantages (Wang et al., 2022). Additionally, a study
emphasizes that entrepreneurial orientation, when aligned Proactiveness, which involves forward-looking and
with sustainable practices, can lead to innovation that not only actively seeking market opportunities, appears to positively
drives economic performance but also promotes social and influence the enactment of sustainable development, whether
environmental well-being. from the demand or supply side of the market. On the demand
side, maintaining or increasing future consumers' purchasing
B. Conceptual Approach to Entrepreneurial Orientation and power and reducing social exclusion are essential for ensuring
Sustainable Development that future generations' income per capita is not lower than
To address the questions posed in the above section, a the present generation's. On the supply side, ensuring
clear definition of sustainability is necessary. Sustainable continuous access to natural resources benefits companies'
development has become an extensive concept, production factors (Porter & Kramer, 2011). A proactive
encompassing all facets of human life. This multifaceted and approach to a company's operations can lower production
complex notion integrates efficiency, equality, and costs through efficient resource use. Furthermore, proactive
intergenerational equity, focusing on economic, social, and companies, adept at identifying and exploiting market
environmental dimensions. Sustainability is founded on three opportunities, can leverage the opportunities created by
pillars: a sustainable society, a sustainable environment, and sustainable development. Implementing sustainable
a sustainable economy. The three core principles of development necessitates shifts in thinking and operations,
sustainable development are environmental integration, generating new market and social needs supported by
social responsibility, and economic prosperity achieved government policies, thus potentially driving changes in
through creating new value. company strategies and encouraging proactive firms to
explore new opportunities.

These relationships can be analyzed through the lens of the term "sustainable competitiveness." Research shows that
sustainable developmental opportunities, which sustain companies are primarily oriented toward sustainable
natural and communal resources and benefit others' development when it is linked to business profitability rather
development. Research indicates that entrepreneurs' openness than social and ecological stability. Therefore,
to discovering sustainable development opportunities entrepreneurial orientation can positively impact sustainable
depends on their understanding of natural and communal development if pro-ecological and pro-social initiatives yield
environments. Innovativeness, introducing new products, measurable business benefits.
services, and technologies, is crucial for achieving
sustainability, as sustainable development requires changes in Thus, a company aiming to adopt sustainable
production and consumption that lead to a more rational use development principles can benefit from a specific
of resources while maintaining intergenerational equity combination of entrepreneurial orientation dimensions: high
(Croitoru, 2012). Innovativeness in production and proactiveness and innovativeness, moderate risk-taking and
consumption is essential for sustainable development, and competitive aggressiveness, and low autonomy. These
companies with an innovative attitude are vital for this findings are summarized in Table. High innovativeness and
process. Introducing innovations while using resources proactiveness can drive radical innovation aligned with future
efficiently can lower production costs, enhancing trends in sustainable development. Neutral risk-taking and
profitability. However, for innovativeness to positively competitive aggressiveness, combined with low employee
impact sustainability, it must align with sustainable autonomy, support a sustainable strategy for the future.
development goals. Innovativeness involves introducing
market novelties, but their nature must align with These insights suggest that the most effective
sustainability principles. entrepreneurial orientation for sustainable development
includes high innovativeness and proactiveness, balanced
Risk-taking, which involves undertaking actions with risk-taking and competitive aggressiveness, and low
unknown future outcomes, is another dimension of employee autonomy. This approach fosters radical innovation
entrepreneurial orientation that can affect sustainable aligned with sustainable economic, social, and environmental
development. While sustainability and risk-taking may seem trends while maintaining a strategic focus on sustainability.
contradictory, both involve making decisions with uncertain
future results (Chick, 2009). Implementing sustainability also V. SUSTAINABLE ENTREPRENEURSHIP AND
involves actions with unknown outcomes that will become ITS IMPORTANCE
apparent in the future, with no guaranteed success. Risk-
taking involves predicting the future, and profit results from Social entrepreneurship (SE) is a concept that connects
accurate predictions. Sustainable development also relies on sustainable development with entrepreneurship. It serves as
forecasts about future societal and environmental an overarching term encompassing environmental
phenomena, which may or may not materialize. These entrepreneurship, green entrepreneurship, ecopreneurship,
similarities suggest a potential positive relationship between and social entrepreneurship. However, these terms often
risk-taking and sustainable development, provided they share overlap and can be ambiguous, making it challenging to
the same social and ecological goals. However, the time clearly distinguish them. Many studies of SE have primarily
horizon for risk-taking is typically shorter than that for focused on "environmental entrepreneurship," which, while
sustainable development. valid, may lead to confusion (Mark-Herbert et al., 2010). It's
important to note that these terms carry distinct meanings and
Autonomy, the independence of individual employees priorities.
and teams in their professional activities, appears unrelated to
sustainability since implementing sustainable development Scholars have proposed various definitions to clarify
results from long-term company or societal strategies rather SE. Crals define it as "the ongoing commitment of businesses
than individual decisions. However, if sustainable to act ethically, contribute to economic development, and
development becomes part of a company's strategy, employee enhance the quality of life for their workforce, families, local
independence can facilitate its efficient implementation. and global communities, and future generations." This
Competitive aggressiveness, characterized by efforts to definition emphasizes not only the economic domain but also
outperform industry rivals, can align with a pro-ecological the social domain, focusing on social impact (Moon et al.,
and pro-social attitude, as postulated by sustainable 2012). Dean and McMullen define SE as "the process of
development, as a basis for competitive advantage (Lee, identifying, evaluating, and exploiting economic
2007). Examples from Scandinavian companies, which opportunities that arise from market failures detracting from
emphasize social equality and environmental respect, support sustainability, including those of environmental relevance."
this claim. However, the long-term perspective of sustainable Their definition adds an environmental focus to the economic
development contrasts with the shorter time frame for dimension, underscoring the importance of addressing
creating a competitive advantage. This discrepancy suggests environmental challenges through entrepreneurial action.
that companies may prioritize immediate circumstances over While these definitions highlight either social or
long-term trends. Only by establishing a lasting competitive environmental aspects, researchers like Tilley and Young
advantage can companies effectively support sustainable argue that sustainability entrepreneurship extends beyond
development. Some authors propose that sustainable eco- or social entrepreneurship. They contend that these
development and competitiveness are intertwined, coining approaches may prioritize specific aspects of sustainable

development without integrating all dimensions equally or Social entrepreneurship (SE) is increasingly defined by
holistically (Majid & Koe, 2012). Advocate for a broader its ability to harness economic opportunities that disrupt
view of SE, suggesting that it should encompass not only market norms, catalyzing sectors towards greater
environmental protection but also social and economic environmental and social sustainability, as articulated by
dimensions. Similarly, Cohen and Winn, along with Hockerts and Wüstenhagen. Similarly, Shepherd and Patzelt
Woodfield, emphasize that SE should transcend mere underscore SE as centred on fostering nature preservation,
corporate environmental initiatives. community support, and sustainable life systems, aiming to
introduce novel products, processes, and services that
A. Abrahamsson Introduces the Term generate broad gains encompassing economic and non-
"sustainopreneurship," Which Emphasizes Three economic benefits for individuals, economies, and societies.
Dimensions: These definitions mark a departure from earlier, more
singularly focused definitions by incorporating economic,
 Developing innovations to solve sustainability challenges, environmental, and social dimensions (Spence &
 Bringing these solutions to market through creative Benboubaker, 2011). They align with calls from Cohen Winn,
organization, and and Woodfield to transcend narrow conceptions limited to
 Enhancing sustainability without compromising life environmental or social aspects. Emphasizing sustained
support systems. contexts crucial for entrepreneurs, these definitions elucidate
the comprehensive scope SE should encompass. Contrasting
This concept broadens the scope of SE beyond these views, O’Neill introduces a distinctive perspective,
traditional definitions, though it does not explicitly define characterizing sustainability entrepreneurship as a venture
what constitutes "sustainability problems." In summary, creation process linking entrepreneurial activities to the
defining SE requires moving beyond narrow definitions emergence of enterprises that contribute to sustainable
focused solely on environmental or social domains. Instead, development within social-ecological systems. Notably,
it should encompass a holistic approach that addresses O’Neill underscores the role of cultural characteristics in
economic, social, and environmental dimensions of shaping the values that sustainable enterprises seek to uphold,
sustainability, promoting ethical business practices and long- advocating for cultural preservation alongside environmental
term societal benefits. responsibility, social equity, and economic viability.
Fig 2: Characteristics of Sustainability Entrepreneurship

Source: Sharma & Kushwaha (2022)
Drawing from these insights, SE can be defined as a A. Triple-Bottom-Line (TBL) and Sustainable
dynamic process where entrepreneurs creatively exploit Entrepreneurship
opportunities for economic gain, societal equity, The concept of Triple-Bottom-Line (TBL or 3BL) was
environmental stewardship, and cultural preservation on introduced in 1994 to articulate the broadening of sustainable
equitable terms. Central to this definition is the equal values within business practices. It elaborated on this concept
emphasis on sustaining economic, social, environmental, and in his 1997 book "Cannibals with Forks: The Triple Bottom
cultural domains through entrepreneurial commitment Line of 21st Century Business," identifying three essential
(Venkataraman, 1997). Entrepreneurs in this context are dimensions of sustainable conduct: economic prosperity,
catalysts for change, leveraging innovation to transform their environmental quality, and social justice (Hamidi &
businesses, processes, or products in pursuit of sustainability, Worthington, 2021). Later, it refined this into the "3P
driven either by opportunity or a dedicated commitment to formulation" encompassing "people, planet, and profit".
sustainability principles. Despite not providing a diagram the framework inspired
various researchers to develop graphical representations of
TBL.

The TBL concept has become widely adopted by inherently involves preserving its culture, thereby
scholars not only for conceptual explanations of sustainable contributing to its uniqueness. Introduction culture as a
development but also as a practical tool for businesses to significant variable, they do not delve deeply into this aspect,
demonstrate commitment to society, the environment, and the indicating that SE research on culture is still emerging.
economy. It is increasingly used for sustainable reporting,
allowing organizations to monitor and communicate their Nurse points out those developing countries often rely
impacts across environmental quality, social justice, and heavily on Western scientific knowledge to address
economic prosperity. The flexibility of TBL makes it sustainability issues, which can lead to social problems.
adaptable for use by businesses, non-profits, and government Traditional or indigenous knowledge, which could offer
agencies to assess sustainability performance tailored to their solutions for sustainable development, is often neglected.
specific contexts. Over-reliance on Western concepts can result in the erosion
of traditional knowledge and cultural preservation efforts.
However, Moon, as well as Cho, critique TBL for its Nurses advocate for integrating cultural aspects into
deficiency in providing concrete metrics to evaluate firms' sustainability models, proposing that culture should not only
sustainability across economic, environmental, and social be a fourth pillar of sustainable development but should also
dimensions (Cho & Moon, 2023). Over the years, TBL has be central to it. This approach suggests that understanding and
served as a foundational concept for developing models of addressing sustainability through a cultural lens can empower
social entrepreneurship (SE). Researchers like Dixon and people to tackle these issues in ways that are meaningful to
Clifford have applied TBL principles in their studies of them, as "culture shapes What we suggest through
ecopreneurship, focusing on how entrepreneurs can maintain improvement and determines how human beings act inside
economic viability while upholding environmental and social the world" (Hawkes & Jon, 2001).
values. Similarly, Tilley and Young's value-based model
aligns closely with TBL, emphasizing twelve core values that However, placing culture at the centre of sustainability
drive sustainable entrepreneurship (Young & Tilley, 2006). raises questions about the balance between cultural and other
Hall emphasizes the importance of placing social, sustainability domains. This concern mirrors challenges faced
environmental, and economic objectives on equal footing for in ecopreneurship and social entrepreneurship, where
sustainable entrepreneurs, though achieving balance among excessive focus on one aspect can undermine a holistic
these domains remains a persistent challenge. Along with approach to sustainable entrepreneurship. O’Neill's work,
McDonald, have utilized a 3Ps formulation (people, profit, influenced by the sustainability model of Navajo FlexCrete,
planet) to describe SE, underscoring the interconnectedness argues for the inclusion of the "cultural domain" alongside
of these dimensions in entrepreneurial endeavours. economic, social, and environmental domains in explaining
SE. This proposal extends TBL by incorporating culture but
Tripple Bottom Line continues to serve as a vital also highlights some limitations. For instance, the model does
framework for understanding and promoting sustainable not specify the extent to which each domain should be
business practices, guiding both theoretical research and emphasized, and it lacks empirical validation.
practical applications in various organizational settings.
The existing SE research either omits the cultural
B. A Revised Model of Sustainable Entrepreneurship domain or lacks further investigation into culture's influence
The Triple Bottom Line (TBL) has gained widespread on the SE process. Therefore, a modified sustainable
acceptance as a framework for explaining social entrepreneurship model based on TBL is proposed,
entrepreneurship (SE) among researchers. However, it is not incorporating economic, social, environmental, and cultural
without its limitations. Cohen and Winn suggest that linking dimensions with an emphasis on "equal footing" or balanced
TBL to SE research warrants further exploration. Researchers consideration of all four domains(Häßler, 2020). The
such as Majid & Koe, (2012) have also identified gaps in following sections will further discuss this model:
TBL, noting that some critical domains are not sufficiently
emphasized (Majid & Koe, 2012). For example, Austin calls C. Economic Dimension
for future studies to examine the impacts of contextual factors The economic dimension, or "economic viability,"
such as country and community influences on social pertains to the flow of money and financial stability.
entrepreneurship. Although Austin does not explicitly Entrepreneurs, including sustainable entrepreneurs, require
mention "culture," it is arguable that country and community financial resources to survive and thrive. This necessity sets
dynamics are deeply intertwined with cultural forces. Culture them apart from charitable organizations. Within the
distinctly shapes and defines communities, making it entrepreneurial landscape, there exists a subset of
essential to investigate its impact on social entrepreneurship entrepreneurs who prioritize profit or economic gains above
and SE. all else (Gutterman, 2024). These people are frequently cited
as "business entrepreneurs" or "monetary entrepreneurs."
Shepherd and Patzelt highlight the importance for They focus primarily on the economic functions of
sustainable entrepreneurs to understand the "constructs" that entrepreneurship, such as exploiting opportunities and
need to be sustained and developed. They identify utilizing resources for profit. Consequently, this group should
"community" alongside "nature" and "life support" as crucial not be classified as sustainable entrepreneurs since their
elements. While they underscore the importance of primary aim is economic gain.
community, they also suggest that sustaining a community

However, the challenge of maintaining economic within business, non-profit, or governmental sectors. This
viability is significant for sustainable entrepreneurs. While crossover into non-profit or governmental sectors can
profit should not be the sole focus, economic stability is sometimes dilute the entrepreneurial essence of these
crucial. Researchers emphasize the importance of economic activities.
viability for the survival of all businesses, including
sustainable ones. Some also highlighted "economic gains" as In contrast, sustainable entrepreneurship should not
a necessary component of sustainable entrepreneurship. focus solely on social aspects. According to the proposed
Similarly, De Freyman argue that sustainable entrepreneurs model, sustainable entrepreneurs must equally emphasize
must create value that fosters economic prosperity alongside economic, environmental, and cultural dimensions. For
social justice and environmental protection (García-Moreno example, a sustainable business might engage in fair trade
& López-Ruiz, 2023). This perspective suggests that there practices to ensure ethical labour conditions (social
should not be a trade-off between profit and non-profit dimension), invest in renewable energy to minimize its
aspects such as environmental sustainability or social welfare. carbon footprint (environmental dimension), support local
cultural events to preserve community traditions (cultural
Thus, in the revised model of sustainable dimension) and maintain profitability to ensure long-term
entrepreneurship, the economic dimension should be given viability (economic dimension). These examples underscore
equal importance alongside social, ecological, and cultural the necessity for sustainable entrepreneurs to balance these
dimensions. This balanced approach ensures that sustainable four critical domains, ensuring that no single aspect is
entrepreneurs can achieve economic viability while also prioritized at the expense of the others (Abdul Kadir &
addressing broader sustainability goals. For example, a Ahmad, 2023). This holistic approach is essential for
sustainable business might invest in renewable energy achievingtrue sustainability in entrepreneurship.
sources to reduce long-term operational costs and
environmental impact, thereby achieving both economic and E. Ecological Dimension
ecological benefits. Another instance could be the The environmental dimension is a major focus in many
development of community-based enterprises that not only studies on sustainable entrepreneurship (SE). Some
generate local employment and economic growth but also researchers argue that the ecosystem forms the foundation of
preserve cultural heritage and promote social equity. These the environmental system, encompassing essential natural
examples illustrate how integrating economic viability with resources such as air, water, and energy. These resources are
other sustainability dimensions can lead to a holistic and scarce and non-renewable, making their preservation crucial.
balanced approach to sustainable entrepreneurship. In recent years, businesses have increasingly prioritized the
maintenance of the environmental, ecological, or natural
D. Social Dimension dimension.
Milton Friedman famously argued that "the social
responsibility of business is to increase its profits," a Researchers have often used the terms "sustainable,"
perspective that significantly influenced business practices in "ecological," "environmental," and "green" interchangeably.
the past. Historically, businesses believed they contributed to However, it is essential to distinguish between "sustainable"
social development through job creation, product and these other terms, as they carry different meanings. A
development, and tax payment. However, contemporary common confusion arises between "sustainable
views on the social responsibility of businesses have evolved, development" and the "entrepreneurial" aspect of SE.
largely due to the rise of corporate social responsibility Emphasizing sustainable development goals, like improving
(CSR). the quality of life or preserving nature for future generations,
can sometimes overshadow the entrepreneurial component of
Crals for instance, have emphasized that "people" are a SE.
critical domain in sustainable entrepreneurship, asserting that
businesses must address societal issues such as human rights, As Shepherd and Patzelt have noted, nature and the
gender equality, and child labour. Similarly, Spence has environment are just one of several aspects that need to be
highlighted that sustainable entrepreneurship closely aligns sustained within sustainable entrepreneurship. Similarly,
with CSR and environmental development, indicating that Richomme-Huet and De Freyman have included
entrepreneurs should actively contribute to social and "environmental protection" as a value produced by
environmental well-being. sustainable entrepreneurs (Richomme-Huet & de freyman,
2014). This indicates that SE is not solely focused on
Moreover, Richomme-Huet and De Freyman have sustainable development or nature preservation; it
argued that to be recognized as a sustainable entrepreneur, encompasses a broader range of considerations. According to
one must foster "social cohesion," which involves meeting the the proposed model, the term "sustainable" should not be
needs of individuals and communities (Richomme-Huet & de limited to "ecological," "environmental," or "green." For any
freyman, 2014). It is important to clarify that "social entrepreneurial enterprise to be genuinely sustainable, it must
entrepreneurship" and "sustainable entrepreneurship" are balance attention across multiple dimensions: economic,
distinct concepts with different agendas. Social entrepreneurs social, and cultural, in addition to environmental.
prioritize social objectives, welfare, and cohesion. As
explained, social entrepreneurship refers to entrepreneurial
activities with an embedded social purpose, which can occur

For example, a company that adopts eco-friendly For example, incorporating cultural sustainability might
practices, such as using renewable energy sources and involve businesses supporting local traditions, arts, and
reducing waste, is addressing the environmental dimension. languages, ensuring these are preserved alongside achieving
However, to be truly sustainable, the company should also economic goals, promoting social justice, and protecting the
ensure fair wages and safe working conditions (social environment. This balanced approach ensures that sustainable
dimension) (Jabeen et al., 2021), maintain profitability for entrepreneurship encompasses a holistic view, respecting and
long-term viability (economic dimension), and support local integrating economic, environmental, social, and cultural
cultural initiatives (cultural dimension). dimensions equally. This comprehensive perspective is
crucial for fostering businesses that are not only economically
This balanced approach ensures that the business does viable but also environmentally responsible, socially
not prioritize one aspect at the expense of others, embodying equitable, and culturally inclusive.
the holistic principles of sustainable entrepreneurship. Thus,
true sustainable entrepreneurship requires a comprehensive G. The Distinctive Importance
approach that equally emphasizes environmental, economic, Given the inherent "E" in SE, there are natural roots in
social, and cultural dimensions. This holistic perspective is entrepreneurship research. However, existing
essential for creating businesses that are not only entrepreneurship literature has yet to fully capture or explain,
environmentally responsible but also economically viable, both conceptually and empirically, the logic of creating
socially equitable, and culturally inclusive. present value for the economy, society, and the environment
while ensuring the well-being of future generations.
F. Cultural Dimension Traditional definitions of entrepreneurship do consider the
Over the years, researchers have argued that sustainable impact of entrepreneurial activities, but sustainable
entrepreneurship (SE) should focus on economic viability, entrepreneurship introduces a new logic in opportunity
environmental preservation, and social development. This development, aiming to achieve social, environmental, and
perspective has been significantly influenced by the triple- economic sustainability simultaneously.
bottom-line (TBL) concept coined by Elkington, which
describes sustainability in business through the lenses of Dean and McMullen define sustainable
"economic prosperity," "environmental quality," and "social entrepreneurship as “the process of discovering, evaluating,
justice." and exploiting economic opportunities present in market
failures that detract from sustainability, including those that
Recently, some researchers have proposed the addition are environmentally relevant” (McMullen, 2024) Similarly,
of a fourth domain to the sustainable entrepreneurship Hendriks describe it as “the discovery and exploitation of
framework. For instance, Nurse emphasizes the importance economic opportunities through the generation of market
of sustaining traditional or indigenous knowledge to prevent disequilibria that initiate the transformation of a sector
cultural loss and over-reliance on Western culture. Syed et al., towards an environmentally and socially more sustainable
(2021b) also emphasized on the importance of knowledge on state” (Ahlgrimm & Hendriks, 2023) More recently,
planning. The nurse suggests that culture should be Researchers defined sustainable entrepreneurship as “focused
considered the fourth pillar of sustainable development to on the preservation of nature, life support, and community in
achieve harmony among cultural diversity, social equity, the pursuit of perceived opportunities to bring into existence
environmental responsibility, and economic viability. future products, processes, and services for gain, where the
Similarly, Advocates for extending the sustainable gain includes economic and non-economic benefits to
entrepreneurship model to include the cultural context, individuals, the economy, and society.”
arguing that culture influences all aspects of the sustainable
entrepreneurship process. Additionally contend that Sustainability-driven enterprises are not solely about
sustainability extends beyond the natural environment, social and environmental entrepreneurship, which focuses
asserting that maintaining the cultural identity of a only on social and environmental objectives, nor are they only
community is crucial to preventing the erosion of personal about economic entrepreneurship, which aims at an economic
and communal identities. profit. This approach combines all components of sustainable
development equally and integrally, aiming to achieve the
In summary, alongside the existing three domains three objectives while committing to securing economic
economic, environmental, and social the cultural context welfare, social well-being, and long-term environmental
should also be integrated into the SE framework. Although sustainability for future generations. Shepherd and Patzelt
Nurse mentions the existence of "cultural entrepreneurs," support this approach by emphasizing that sustainable
these individuals are typically from the arts sector or cultural entrepreneurship involves sustaining and developing six
industries, which may not be profit-driven or entrepreneurial. elements: three informed by sustainable development
Thus, while the cultural dimension is essential, it should not literature (nature, life support systems, and communities) and
overshadow the other dimensions. Instead, it should be given three by entrepreneurship literature (economic gains, non-
equal importance within the sustainable entrepreneurship economic gains to individuals, and non-economic gains to
framework. society) (Joel & Oguanobi, 2024).

What is missing in the current definitions is an and environmental entrepreneurship has evolved as separate
overarching goal that unifies economic, social, and streams, sustainable entrepreneurship, as the conceptual
environmental sustainability under one guiding principle. category encompassing triple-bottom-line ventures, focuses
Therefore, I propose defining sustainable entrepreneurship as specifically on sustainable development. As Shepherd and
pursuing business opportunities to create future products, Hockerts suggest, ecopreneurship and social
processes, and services while contributing to the sustainable entrepreneurship are parts of, not synonymous with,
development of society, the economy, and the environment, sustainable entrepreneurship. Ultimately, sustainable
thereby enhancing the well-being of future generations. This entrepreneurship combines economic, social, and
definition establishes not only the different dimensions along environmental value creation with a concern for future
which development is directed but also an overarching generations well-being (Hockerts & Searcy, 2023).
concern for the fate of future generations. It integrates two
central elements of sustainability: the mutual need for Given SE's complexity and practical relevance in
environmental protection and development and the necessity improving societal, economic, and environmental
of equity within and between generations. development, it deserves attention within entrepreneurship
research. Sustainable entrepreneurship research is necessary
To argue that SE should be considered a distinct and to explore how entrepreneurial action can sustain nature and
important field within entrepreneurship research, it is ecosystems while providing economic and non-economic
necessary to refute the counterfactual argument that SE is gains for investors, entrepreneurs, and societies.
merely a subset of entrepreneurship. If SE activities could be
considered entrepreneurial activities based solely on VI. RESEARCH AND FINDINGS
economic merits, then SE would be just a subset of
entrepreneurship. However, if SE activities would not The findings of this study indicate that sustainable
necessarily qualify as entrepreneurial activities judged on entrepreneurship can significantly contribute to economic
economic merits alone, then SE deserves special scholarly development while promoting environmental and social
attention. sustainability. Companies with a high degree of
entrepreneurial orientation, characterized by innovativeness
Consider the illustrative case of British entrepreneur and and proactiveness, are more likely to engage in sustainable
eco-chef, in March 2009, Arthur and his business partners practices. These companies often achieve competitive
developed the idea for The People’s Supermarket. Facing the advantages by aligning their business strategies with
unsustainable practices of the British retail sector, they aimed sustainable development goals. The study also finds that risk-
to create a food buying and retail network connecting an taking, when aligned with social and ecological goals, can
urban community in central London with local farmers, positively influence sustainable development. However,
promoting ecological and fair values. The People’s autonomy in decision-making does not directly contribute to
Supermarket is a hybrid sustainable venture, a cooperative sustainability unless it is part of a broader strategic objective
convenience store that achieves growth and profitability .
targets while promoting equity, cohesion, community
development, and healthy living. Overall, the integration of sustainable practices into
entrepreneurial ventures creates opportunities for long-term
Members pay £25 a year for a share in the supermarket competitive advantages and contributes to the overall well-
and commit to working four hours each month, receiving a 10 being of society and the environment. The research suggests
per cent discount on purchases, a share of ownership, and a that businesses should adopt a holistic approach, balancing
vote in the enterprise’s management. This model of hybridity, economic, environmental, social, and cultural dimensions to
collective ownership, and sustainability deconstructs achieve true sustainability.
traditional mass food retail business practices, reshaping them
along more ethical and environmentally sustainable lines. VII. CONCLUSION
Arthur integrated environmental best practices into all
business activities, reducing the venture’s environmental In conclusion, this chapter has explored the intricate
impact and creating units like The People’s Kitchen, which relationship between entrepreneurship and sustainability,
cooks ready meals from out-of-date produce, reducing revealing their converging roles in addressing contemporary
monthly food waste by 500 kilograms, increasing ready meal global challenges. Entrepreneurship, characterized by
sales, and providing full-time employment to previously innovation and risk-taking, serves as a vital catalyst for
unemployed community members. The People’s Florist and economic growth and human development. Its impact extends
The People’s Delivery further illustrate how the supermarket beyond profit-making to encompass broader societal benefits,
boosts the local economy and creates job opportunities. fostering job creation, wealth distribution, and technological
advancement.
The People’s Supermarket exemplifies how
entrepreneurial action can create economic gains, preserve The integration of sustainability into entrepreneurial
ecosystems, and improve community well-being. It shows endeavours marks a paradigm shift towards more responsible
that SE expands the traditional entrepreneurial logic, business practices. Sustainable entrepreneurship, defined by
integrating the pursuit of profit with opportunities to protect its commitment to environmental stewardship, social equity,
and improve natural and social environments. While social and economic resilience, emerges as a transformative force in

shaping a sustainable future. By adopting sustainable [5]. ALOULOU, W. J. (2007). ALOULOU W.,
business models and practices, entrepreneurs can mitigate FAYOLLE A., (2007), « L’enseignement de
environmental degradation, promote inclusive growth, and l’entrepreneuriat à l’université: Enjeux, légitimité et
enhance the well-being of communities. pédagogies », in ZGHAL, R., L’entrepreneuriat,
Théories, acteurs, pratiques, Editions SANABIL
Throughout this chapter, we have examined the MED. (Chapitre 7, p. 197-234) (pp. 197–234).
evolving landscape where entrepreneurship and sustainability [6]. Amoo, O., Ochuba, U., Okafor, & Akinrinola, P.
intersect. We have highlighted the synergies between these (2024). INNOVATIONS IN BUSINESS MODELS
concepts, emphasizing how entrepreneurial initiatives can THROUGH STRATEGIC ANALYTICS AND
contribute to sustainable development goals. From promoting MANAGEMENT: CONCEPTUAL EXPLORATION
eco-innovation to enhancing corporate social responsibility, FOR SUSTAINABLE GROWTH. International
entrepreneurs play a pivotal role in driving positive change. Journal of Management & Entrepreneurship Research,
6, 554–566. https://doi.org/10.51594/ijmer.v6i3.844
Looking ahead, the importance of sustainable [7]. Astrini, N., Rakhmawati, T., Sumaedi, S., Bakti, G.,
entrepreneurship will only grow as societies seek solutions to Yarmen, M., & Damayanti, S. (2020). Innovativeness,
pressing global issues such as climate change, resource Proactiveness, and Risk-taking: Corporate
depletion, and social inequality. Governments, businesses, Entrepreneurship of Indonesian SMEs. IOP
and civil society must collaborate to create enabling Conference Series: Materials Science and
environments that support and incentivize sustainable Engineering, 722, 012037.
entrepreneurial ventures. This requires policies that https://doi.org/10.1088/1757-899X/722/1/012037
encourage innovation, foster partnerships, and reward [8]. Atkinson, C., Mallett, O., & Wapshott, R. (2016).
sustainable practices. “You try to be a fair employer”: Regulation and
employment relationships in medium-sized firms.
In summary, the insights presented in this chapter International Small Business Journal, 34, 16–33.
underscore the transformative potential of sustainable https://doi.org/10.1177/0266242614541992
entrepreneurship. By embracing sustainability as a core [9]. Atta, H. S., Abbas, B., & Syed, F. U. (2021). Study of
principle, entrepreneurs can not only create economic value Consumer Values for Organic Personal Care Products
but also contribute meaningfully to environmental in the Fields of Health and Cosmetics. 6(8).
conservation and social well-being. As we navigate the [10]. Barzi, R. (2020). Entrepreneurship and Small
complexities of the 21st century, sustainable entrepreneurship Business Agility. In E. G. Carayannis (Ed.),
stands as a beacon of hope for a more equitable, prosperous, Encyclopedia of Creativity, Invention, Innovation and
and sustainable future. Entrepreneurship (pp. 863–867). Springer
International Publishing. https://doi.org/10.1007/978-
REFERENCES 3-319-15347-6_211
[11]. Bayraktar, M., & Algan, N. (2019). The Importance
[1]. Abdul Kadir, M. A. B., & Ahmad, E. (2023). Of SMEs On World Economies (p. 61).
Sustainable Entrepreneurship: A Review and https://doi.org/10.36880/C11.02265
Proposed Model Sustainable Entrepreneurship: A [12]. Beaurain, C., Chembessi, C., & Rajaonson, J. (2023).
Review and Proposed Model. 7, 1–17. Investigating the cultural dimension of circular
[2]. Ahlgrimm, E., & Hendriks, K. (2023). The Next economy: A pragmatist perspective. Journal of
Frontier: Enabling Sustainable Entrepreneurs in Sub- Cleaner Production, 417, 138012.
Saharan Africa. : An empirical investigation on the https://doi.org/10.1016/j.jclepro.2023.138012
drivers of sustainable entrepreneurship in Sub- [13]. Binder, J., & Belz, F.-M. (2015). Sustainable
Saharan ecosystems, and the enablement of solutions entrepreneurship: What it is.
for Grand Challenges. https://doi.org/10.4337/9781849808248.00010
https://urn.kb.se/resolve?urn=urn:nbn:se:hj:diva- [14]. Bygrave, W. D., & Hofer, C. W. (1992). Theorizing
60687 about Entrepreneurship. Entrepreneurship Theory and
[3]. Albornoz, C., & Shuck, B. (2008). Book Review: Alan Practice, 16(2), 13–22.
L. Carsrud and Malin E. Brannback Entrepreneurship. https://doi.org/10.1177/104225879201600203
Westport, CT: Greenwood Press,Greenwood Guides [15]. Chick, A. (2009). Green entrepreneurship: A
to Business and Economics Series, 2007. 208 pp. sustainable development challenge.
ISBN 978--0--31333--689--8,US$55, 31.95 (hbk). [16]. Cho, D., & Moon, H. (2023). Competitiveness Of
International Small Business Journal, 26(2), 245–247. Nations 2, The: Government Policies And Business
[4]. Almhamad, G. (2022). THE ROLE OF Strategies For Environmental, Social, And
ENTREPRENEURSHIP IN ACHIEVING Governance (Esg). World Scientific.
SUSTAINABLE DEVELOPMENT GOALS (AN [17]. Cohen, B., & Winn, M. (2007). Market Imperfections,
EXAMPLE FROM EASTERN EUROPEAN Opportunity and Sustainable Entrepreneurship.
COUNTRIES). The Annals of the University of Journal of Business Venturing, 22, 29–49.
Oradea. Economic Sciences, 31, 291–300. https://doi.org/10.1016/j.jbusvent.2004.12.001
https://doi.org/10.47535/1991AUOES31(1)028

[18]. Croitoru, A. (2012). Schumpeter, J.A., 1934 (2008), [29]. Hamidi, M. L., & Worthington, A. C. (2021). Beyond
The Theory of Economic Development: An Inquiry the triple bottom line: Prosperity, People, Planet, and
into Profits, Capital, Credit, Interest and the Business Prophet in Islamic banking. Journal of Islamic
Cycle, New Brunswick (U.S.A) and London (U.K.): Marketing, 14(2), 394–409.
Transaction Publishers. JOURNAL OF https://doi.org/10.1108/JIMA-02-2021-0036
COMPARATIVE RESEARCH IN [30]. Häßler, P. (2020). Strategic Decisions between Short-
ANTHROPOLOGY AND SOCIOLOGY, 3, 137– Term Profit and Sustainability. Administrative
148. Sciences, 10.
[19]. Dalibozhko, A., & Krakovetskaya, I. (2018). Youth https://doi.org/10.3390/admsci10030063
entrepreneurial projects for the sustainable [31]. Hawkes, J. & Jon. (2001). The Fourth Pillar of
development of global community: Evidence from Sustainability: Culture’s essential role in public
Enactus program. SHS Web of Conferences, 57, planning.
01009. https://doi.org/10.1051/shsconf/20185701009 [32]. Hill, S., Ionescu-Somers, A., Coduras, A., Guerrero,
[20]. Davis, J., & Kreiser, P. (2010). Entrepreneurial M., Menipaz, E., Boutaleb, F., Zbierowski, P., Schøtt,
Orientation and Firm Performance: The Unique T., Sahasranamam, S., Shay, J., & Monitor, G. (2023).
Impact of Innovativeness, Proactiveness, and Risk- Global Entrepreneurship Monitor 2022/2023 Global
Taking. Journal of Small Business & Report: Adapting to a “New Normal.”
Entrepreneurship, 23, 39–51. [33]. Hockerts, K., & Searcy, C. (2023). How to Sharpen
https://doi.org/10.1080/08276331.2010.10593472 Our Discourse on Corporate Sustainability and
[21]. Dhahri, S., & Omri, A. (2018). Entrepreneurship Business Ethics—A View from the Section Editors.
contribution to the three pillars of sustainable Journal of Business Ethics, 187(2), 225–235.
development: What does the evidence really say? https://doi.org/10.1007/s10551-023-05386-0
World Development, 106, 64–77. [34]. Iakovleva, T. (2011). THEORIZING ON
https://doi.org/10.1016/j.worlddev.2018.01.008 ENTREPRENEURIAL PERFORMANCE.
[22]. García-Moreno, S., & López-Ruiz, V.-R. (2023). A [35]. Ilonen, S., Heinonen, J., & Stenholm, P. (2018).
Review of the Energy Sector as a Key Factor in Identifying and understanding entrepreneurial
Industry 4.0: The Case of Spain. Energies, 16(11), decision-making logics in entrepreneurship education.
Article 11. https://doi.org/10.3390/en16114446 International Journal of Entrepreneurial Behavior &
[23]. Gibb, C. J., Hobbs, J., Nikolova, D. I., Raistrick, T., Research, 24, 59–80. https://doi.org/10.1108/IJEBR-
Berrow, S. R., Mertelj, A., Osterman, N., Sebastián, 05-2017-0163
N., Gleeson, H. F., & Mandle, R. J. (2024). [36]. Jabeen, A., Abbas, B., Syed, F. U., & Khalil, M.
Spontaneous symmetry breaking in polar fluids. (2021). An Investigation of the Consequences of
Nature Communications, 15(1), 5845. Workplace Bullying, Including Defensive Silence and
https://doi.org/10.1038/s41467-024-50230-2 Psychological Well-Being. The Role of Negative
[24]. Gibcus, P., & Ivanova, E. (2003). The decision- Work Rumination in Mediating the Effects of
making entrepreneur; Literature review. EIM Workplace Bullying. 6, 1004–1010.
Business and Policy Research, Scales Research [37]. Jeurissen, R. (2000). John Elkington, Cannibals With
Reports. Forks: The Triple Bottom Line of 21st Century
[25]. Gomez, D., Aparicio, S., & Urbano, D. (2023). A Business. Journal of Business Ethics, 23, 229–231.
Review of Economic Development Thinking and the https://doi.org/10.1023/A:1006129603978
Role of Innovative Entrepreneurship: Past, Present, [38]. Joel, S. and P. have also highlighted "economic gains"
and Future. In D. Gomez, S. Aparicio, & D. Urbano as a necessary component of sustainable
(Eds.), Driving Complexity in Economic entrepreneurship, & Oguanobi, V. U. (2024).
Development: The Role of Institutions, Entrepreneurial leadership in startups and SMEs:
Entrepreneurship, and Innovation (pp. 41–99). Critical lessons from building and sustaining growth.
Springer International Publishing. International Journal of Management &
https://doi.org/10.1007/978-3-031-34386-5_3 Entrepreneurship Research, 6(5), Article 5.
[26]. Gutterman, A. (2024). Sustainable Entrepreneurship. https://doi.org/10.51594/ijmer.v6i5.1093
[27]. Guzman, J., Murray, F., Stern, S., & Williams, H. [39]. Kazim, S. M., AlGhamdi, S. A., Lytras, M. D., &
(2024). Accelerating Innovation Ecosystems: The Alsaywid, B. S. (2024). Nurturing Future Leaders:
Promise and Challenges of Regional Innovation Cultivating Research and Innovation Skills in Saudi
Engines. Entrepreneurship and Innovation Policy and Scientific Community. In S. Baroudi & M. D. Lytras
the Economy, 3, 9–75. https://doi.org/10.1086/727744 (Eds.), Transformative Leadership and Sustainable
[28]. Hajian, M., & Kashani, S. (2021). Evolution of the Innovation in Education: Interdisciplinary
concept of sustainability. From Brundtland Report to Perspectives (pp. 231–265). Emerald Publishing
sustainable development goals (pp. 1–24). Limited. https://doi.org/10.1108/978-1-83753-536-
https://doi.org/10.1016/B978-0-12-824342-8.00018-3 120241015

[40]. Khan, A. A., Abbas, B., Jabeen, A., Syed, F. U., Ali, [53]. Shepherd, D. A., & Patzelt, H. (2011). The New Field of
G., Faisal, M., & Saleem, A. (2022). Hedonism and Sustainable Entrepreneurship: Studying Entrepreneurial
Repurchase: Determining Value for Money and Action Linking “What is to be Sustained” with “What is to
Repurchase Intentions in Shopping Malls. be Developed.” Entrepreneurship Theory and Practice,
35(1), 137–163. https://doi.org/10.1111/j.1540-
International Journal of Innovations in Science and 6520.2010.00426.x
Technology, 4(3), 943–964. [54]. Śledzik, K. (2013). Schumpeter’s View on Innovation
https://doi.org/10.33411/IJIST/2022040314 and Entrepreneurship. SSRN Electronic Journal.
[41]. Laverty, M., Littel, C., Laverty, M., & Littel, C. (2020, https://doi.org/10.2139/ssrn.2257783
January 16). 5.1 Entrepreneurial Opportunity— [55]. Spence, M., & Benboubaker, J. (2011). Sustainable
Entrepreneurship | OpenStax. OpenStax. Entrepreneurship: Is Entrepreneurial will Enough? A
https://openstax.org/books/entrepreneurship/pages/5- North–South Comparison. Journal of Business Ethics.
1-entrepreneurial-opportunity https://www.academia.edu/21636749/Sustainable_En
[42]. Lee, K. (2007). So What is the “Triple Bottom Line”? trepreneurship_Is_Entrepreneurial_will_Enough_A_
The International Journal of Diversity in North_South_Comparison
Organisations, Communities and Nations, 6, 67–72. [56]. Syed, F. U., Abbass, B., Rizwan, M., Baloch, M., &
https://doi.org/10.18848/1447- Mehmood, D. K. (2021a). Subjective Knowledge and
9532/CGP/v06i06/39283 The Antecedent-Mediator Relationship of TPB In
[43]. Majid, I., & Koe, W.-L. (2012). Sustainable Female Adolescence: Healthy Eating Intentions
Entrepreneurship (SE): A Revised Model Based on Prediction. Reviews of Management Sciences, 3(2),
Triple Bottom Line (TBL). International Journal of Article 2. https://doi.org/10.53909/rms.03.02.0101
Academic Research in Business and Social Sciences, [57]. Syed, F. U., Baloch, M., & Awan, M. (2021b). Covid-
02. 19 and Rural Education, a perspective on Global
[44]. Mark-Herbert, C., Rotter, J., & Pakseresht, A. (2010). Education System: AMSTAR Tool as Systematic
A Triple Bottom Line to Ensure Corporate literature Review. IOSR Journal of Business and
Responsibility (pp. 1–7). Management, 23, 30–48.
[45]. McMullen, J. S. (2024). Real Growth Through https://doi.org/10.9790/487X-2308063048
Entrepreneurial Resourcefulness: Insights on the [58]. UddinSyed, F. (2023). Supply Chain Management and
Entropy Problem from Andy Weir’s The Martian. Modelling in the Era of Industry 4.0: Insights and
Academy of Management Review, amr.2021.0341. Strategies for Resilience and Sustainability. Industrial
https://doi.org/10.5465/amr.2021.0341 Management Advances, 1(1), Article 1.
[46]. Mendes, A. C. S., Ferreira, F. A. F., Kannan, D., https://doi.org/10.59429/ima.v1i1.121
Ferreira, N. C. M. Q. F., & Correia, R. J. C. (2022). A [59]. Uwaoma, P. U., Eboigbe, E. O., Eyo-Udo, N. L.,
BWM approach to determinants of sustainable Daraojimba, D. O., Kaggwa, S., Uwaoma, P. U.,
entrepreneurship in small and medium-sized Eboigbe, E. O., Eyo-Udo, N. L., Daraojimba, D. O., &
enterprises. Journal of Cleaner Production, 371, Kaggwa, S. (2023). Space commerce and its economic
133300. implications for the U.S.: A review: Delving into the
https://doi.org/10.1016/j.jclepro.2022.133300 commercialization of space, its prospects, challenges,
[47]. Michaelides, P. G., & Papadakis, T. E. (2023). History and potential impact on the U.S. economy. World
of Economic Ideas: From Adam Smith to Paul Journal of Advanced Research and Reviews, 20(3),
Krugman. Springer Nature. Article 3.
[48]. Moon, J., Grubnic, S., Herzig, C., Gond, J.-P., & https://doi.org/10.30574/wjarr.2023.20.3.2494
Montréal, H. (2012). Management control for [60]. Veciana, J. (2007). Entrepreneurship as a Scientific
sustainability strategy. CIMA Research Executive Research Programme*. Entrepreneurship: Concepts,
Summary Series, 7. Theory and Perspective, 8, 23–71.
[49]. Okpara, J. (2009). Strategic choices, export https://doi.org/10.1007/978-3-540-48543-8_2
orientation and export performance of SMEs in [61]. Venkataraman, S. (1997). The Distinctive Domain of
Nigeria. Management Decision, 47, 1281–1299. Entrepreneurship Research. Advances in
https://doi.org/10.1108/00251740910984541 Entrepreneurship, Firm Emergence and Growth, 3.
[50]. Porter, M., & Kramer, M. (2011). The Big Idea: [62]. Wang, W., Zhang, D., Wang, H., Zhu, Q., & Morabbi
Creating Shared Value. How to Reinvent Heravi, H. (2022). How do businesses achieve sustainable
Capitalism—and Unleash a Wave of Innovation and success and gain a competitive advantage in the green era?
Growth. Harvard Business Review, 89, 62–77. Kybernetes, 52(9), 3241–3260. https://doi.org/10.1108/K-
[51]. Rauch, A., Wiklund, J., Lumpkin, G., & Frese, M. (2009). 07-2021-0614
Entrepreneurial Orientation and Business Performance: An [63]. Young, C., & Tilley, F. (2006). Can Businesses move
Assessment of Past Research and Suggestions for the Future. Beyond Efficiency? The Shift towards Effectiveness
Entrepreneurship Theory and Practice, 33, 761–787. and Equity in the Corporate Sustainability Debate.
https://doi.org/10.1111/j.1540-6520.2009.00308.x Business Strategy and the Environment, 15, 402–415.
[52]. Richomme-Huet, K., & de freyman, J. (2014). What
Sustainable Entrepreneurship Looks Like: An Exploratory
https://doi.org/10.1002/bse.510
Study from a Student Perspective (pp. 155–178).
https://doi.org/10.1007/978-3-319-01396-1_7

Fostering Resilience: The Symbiotic Relationship Between Entrepreneurship and Sustainability

Uploaded by

Copyright:

Available Formats

Fostering Resilience: The Symbiotic Relationship Between Entrepreneurship and Sustainability

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Fostering Resilience: The Symbiotic Relationship Between Entrepreneurship and Sustainability

Uploaded by

Copyright:

Available Formats

Volume 9, Issue 8, August – 2024 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165 https://doi.org/10.38124/ijisrt/IJISRT24AUG516

Fostering Resilience: The Symbiotic Relationship

IJISRT24AUG516 www.ijisrt.com 1391

Environmental sustainability focuses on preserving A. Methodology

IJISRT24AUG516 www.ijisrt.com 1392

IJISRT24AUG516 www.ijisrt.com 1393

IJISRT24AUG516 www.ijisrt.com 1394

Table 1: Sub Field of Entrepreneurship

However, it is important to recognize that entrepreneurship is more complex, requiring balanced

IJISRT24AUG516 www.ijisrt.com 1395

IJISRT24AUG516 www.ijisrt.com 1396

IJISRT24AUG516 www.ijisrt.com 1397

IJISRT24AUG516 www.ijisrt.com 1398

IJISRT24AUG516 www.ijisrt.com 1399

IJISRT24AUG516 www.ijisrt.com 1400

IJISRT24AUG516 www.ijisrt.com 1401

Fig 2: Characteristics of Sustainability Entrepreneurship

IJISRT24AUG516 www.ijisrt.com 1402

IJISRT24AUG516 www.ijisrt.com 1403

IJISRT24AUG516 www.ijisrt.com 1404

IJISRT24AUG516 www.ijisrt.com 1405

IJISRT24AUG516 www.ijisrt.com 1406

IJISRT24AUG516 www.ijisrt.com 1407

IJISRT24AUG516 www.ijisrt.com 1408

IJISRT24AUG516 www.ijisrt.com 1409

You might also like