Sustainable Entrepreneurship
Definition: Sustainable Entreprenurship
“Sustainable entrepreneurship is focused on the preservation of nature, life support, and community in the pursuit of perceived opportunities to bring into existence future products, processes, and services for gain, where gain is broadly construed to include economic and non-economic gains to individuals, the economy, and society.”
Source: Shepherd, D. A., Patzelt, H. (2011). The New Field of Sustainable Entrepreneurship: Studying Entrepreneurial Action Linking “What Is to Be Sustained” With “What Is to Be Developed.” Entrepreneurship: Theory and Practice, 35(1), 137–163. https://doi.org/10.1111/J.1540-6520.2010.00426.x
Sustainable entrepreneurship is a powerful approach that combines the principles of entrepreneurship with a deep commitment to social and environmental sustainability. It’s about creating businesses and ventures that not only generate economic value but also prioritize positive impact on people and the planet. In this transformative field, entrepreneurs embrace a holistic mindset, recognizing the interconnectedness of economic, social, and environmental systems.
At its core, sustainable entrepreneurship seeks to address pressing global challenges by developing innovative solutions. These challenges may range from climate change and resource depletion to social inequality and poverty. Instead of viewing these challenges as obstacles, sustainable entrepreneurs see them as opportunities for change and progress. They believe that business can be a force for good and a catalyst for creating a more sustainable and equitable world.
“We do not inherit the Earth from our ancestors; we borrow it from our children.”
~~ Native American Proverb
This popular quote beautifully captures the essence of sustainable entrepreneurship by highlighting the intergenerational responsibility we have towards the planet. It emphasizes the need to preserve and protect our natural resources for future generations. While the specific author of this proverb is unknown, it is often attributed to various Native American tribes who have long held a deep reverence for the Earth and its sustainability. The quote reminds us of the importance of considering the long-term impacts of our actions and the role sustainable entrepreneurship plays in ensuring a sustainable future for the generations to come.
In sustainable entrepreneurship, success is measured not only by financial performance but also by the positive social and environmental outcomes achieved. Entrepreneurs carefully consider the impacts of their actions on all stakeholders, including employees, customers, communities, and the natural environment. They strive for responsible innovation, finding ways to create products and services that meet market needs while minimizing their ecological footprint.
Sustainable entrepreneurs actively engage with stakeholders, collaborating and building partnerships to create shared value. They are keenly aware of the United Nations’ Sustainable Development Goals (SDGs) and align their ventures with one or more of these goals. By doing so, they contribute to the global efforts aimed at eradicating poverty, reducing inequalities, and addressing other critical challenges.
Learn more about the future of sustainability and entrepreneurship from Bernard Eng in this interesting 11-minute video:
TEDx Talks. (2021, September 3). The future of sustainability and entrepreneurship | Bernard ENG | TEDxUKM [Video]. Retrieved from https://youtu.be/YfZ2r3KQrEU
In this dynamic field, sustainable entrepreneurs are change agents, constantly seeking opportunities for improvement and innovation. They employ creative thinking, resilience, and adaptability to navigate the complex landscape of sustainability. By integrating economic, social, and environmental considerations into their decision-making, sustainable entrepreneurs drive positive change, inspire others, and leave a lasting impact on the world.
So, whether you aspire to launch your own sustainable business or contribute to sustainability initiatives within existing organizations, sustainable entrepreneurship offers an exciting path to create a better future. It’s about making a difference, pursuing your passion, and building a business that thrives while making a positive impact on society and the planet. Embrace the journey, unleash your entrepreneurial spirit, and join the growing community of sustainable entrepreneurs in shaping a more sustainable and inclusive world.
Knowledge Check!
Resources:
- Masciarelli, F., & Leonelli, S. (2020). Sustainable entrepreneurship: How entrepreneurs create value from sustainable opportunities. Emerald Group Publishing.
- Moore, A. (2023, February 24). 10 billionaires stepping up to fight climate change. https://www.entrepreneur.com/green-entrepreneur/10-billionaires-stepping-up-to-fight-climate-change/446344
- Shepherd, D. A., & Patzelt, H. (2011). The new Field of sustainable entrepreneurship: Studying entrepreneurial action linking “What is to be sustained” with “What is to be developed”. Entrepreneurship Theory and Practice, 35(1), 137-163. doi:10.1111/j.1540-6520.2010.00426.x
