Sustainable Development

Assignment 01
Table of Contents

Introduction:.................................................................................................................................................. 2

Entrepreneurs’ Responsibility ....................................................................................................................... 2

Factors Determining Entrepreneurs’ Intention: ............................................................................................ 3

Eco – Entrepreneurs: ................................................................................................................................ 4

Entrepreneurs Intention: ........................................................................................................................... 4

Sustainable Development: ........................................................................................................................ 4

Go Green Initiative: .................................................................................................................................. 4

Conclusion: ................................................................................................................................................... 5

Reference: ..................................................................................................................................................... 5
Introduction:
The economic and non-economic progression, increasing job opportunities with fresh
products and services are all considered as vital results of entrepreneurship (Koe et al. 2014;
Audertsch and Thurik, 2004). Motivating entrepreneurship has become a critical factor in
theoretical and empirical models on the results of entrepreneurial performance and in their business
ventures (Robichaud, Mcgraw & Alain, 2001). The establishment and nourishing of successful
business ventures requires entrepreneurs to be motivated for achieving their goals of better
performance towards growth and sustainability (Chedli, 2016; Collins, Hanges & Locke, 2004). It
is identified from studies that there is an association between the entrepreneurial activity and the
environmental conditions. Even though it all focused on very few factors of the environment which
is highly fragmented and descriptive (Gnyawali & Fogel, 1994).

The activities of entrepreneurship is relying on various aspects upon different time and
situation to make it complex and dependent with a combination of socio-economic, psychological
and environmental factors. These factors in particularly environmental aspects will have a
considerable impact on the decisions, personality, and other business activities of the
entrepreneurs. So it is vital for any study to measure the entrepreneurial spirit among individuals
should examine the socio-economic origins of the entrepreneurs at every stage of the business
activities. It is also to be understood that the environmental aspects has a direct proportion towards
the process of interaction and adaptation between the individuals and environment.

Sustainable development towards entrepreneurship creates an ecologically viable model

which strives to contribute socially responsible aspects to the environment and not just to achieve
profits alone. Thus, Sustainable entrepreneurship has been witnessed as the future of business
development.

Entrepreneurs’ Responsibility
Entrepreneurs generally holds responsibility in the development and growth of an
economy. Current transforming world and society requires business activities to take part in
offering products and services that safeguard social justice in the economy. It is vital to access the
resources either tangible or intangible which can create new ventures. Since it is the need of the
hour to look out how entrepreneurs utilize natural resources that does not pollute the environment.
 Creating awareness about the importance of environmental conservation among the
empolyees of the organization will need to be practiced in every activity they undergo. And also
conducting CSR activities will enrich the entrepreneurs’ objective towards safeguarding the social
justice. Students of a society are the tomorrow’s leader in business and government by educating
the students and young adults in understanding the importance of preserving natural resources.

Sustainable entrepreneurship is referred as the attention on preservation of natural

resources and safeguarding social justice in perceiving opportunities for offering products &
services that provides gains for individuals, society and the economy (Shepherd and Patzelt, 2011).
Preserving natural resources for the benefit of present and future generations is referred as
“Environmental Sustainability” (Lu and Taylor, 2016).

 It should be made mandatory that avoiding natural resources that are scarce in the
economy by availing alternative resources.
 Creating products with lesser weight which in turn helpful in employing lesser
resources.
 Reducing wastages by following improved manufacturing process which can
produce more products with minimal resources or material.
 Producing products with high re-use capability and less cost for re-use. Re-use can
be altered with recycle process also.
 Resources should be leveraged through better processes using technology that can
add more features to the product.
 Extending the Life of the Product which can eliminate the use of more new products
in the society. As the product stays for a longer period the amortization impact will
be lower.

Factors Determining Entrepreneurs’ Intention:

Sustainable Entrepreneurs are the entrepreneurs those has the capability of handling three
aspects in their business activities namely balanced economic growth, environmental flexibility
and social equality (Elkington, 1997). Thus it is evident that sustainable entrepreneurs has the
required ability for both preserving natural resources and safeguarding social justice.
 Sustainable Entrepreneurship has continuously endeavored to integrate both environmental
and social aspects (Larson, 2000; Cohen, 2006). This also connects to the fact of creating
innovative product that offers proper utilization of available resources in the society (Bhave, 1997;
Buttner and Gryskiewicz, 1993).

Eco – Entrepreneurs:
Eco-entrepreneurs are the term referred for entrepreneurship which has evolved from the edge of
a new era in sustainable or green initiative production process, a promising initiative than the
earlier generation. It is considered that sustainable entrepreneurship or green initiatives on
manufacturing products should make it clear to the economy that all natural resources are finite
and it should be considered as critical element in deciding the manufacturing processes of any
business in safeguarding resources to the maximum extent. Sustainable entrepreneurship will
become feasible if the operations and activities of business involves recycling, reuse and
reducing wastes.

Entrepreneurs Intention:
Entrepreneur’s intention and behaviors were attributed primarily through the personality of the
individual (Baum et al., 2007). These intentions of entrepreneurs were described through their
individual traits. The traits such as optimism, Self efficacy and risk taking ability are considered
as the antecedents of the entrepreneur’s intention (Rauch and Frese, 2007).

Sustainable Development:
Sustainable development has higher complement towards entrepreneurship which has
considered as vital aspects of economic stability and prosperity in protecting social justice
(Daneke, 1989). Entrepreneurs has to maximize their utility function that provide benefits for
sustainable development. The current era of technological and industrial evolution has more
negative effects of the natural environment which increases the need for business people and
society to look at environmental aspects (Bhatia & Jain, 2013). Thus, the sustainable development
has evolved as the important aspect of entrepreneurial decisions in businesses activities.

Go Green Initiative:
Currently companies are practicing more over green marketing but there is low availability
of the green products (Osman et al., 2016), whereas consumers are aware about the green products
and services (Carrete et al., 2012). Green marketing practice integrates multiple green business
activities that includes green packaging, eco-friendly design, eco green advertisement and eco
labeling (Gleim et al., 2013). Green practices has growing attention and awareness among the
consumers as well as the entrepreneurs’ due to the various environmental issues arising in the
society (Saxena & Khandelwal, 2008). Green practices and initiatives satisfies the consumers and
also it leads the business activities to the sustainable development. (Gleim et al., 2013).

Thus it is associated with the characteristics of green marketing and practices which strives
to the preservation of natural resources and protection of social justice along with the concepts of
Sustainable entrepreneurship (Dixon & Clifford, 2007). The entrepreneurs characteristics of
innovation and new product design has proper association with the aspects of green marketing
(Keskin et al., 2013). Creating better society and preservation of natural resources for better life of
individuals through the good and services are the responsibility of successful sustainable
entrepreneurs (Shepherd & Patzelt, 2011).

Conclusion:
Entrepreneurs the backbone of any economy by whom the life blood of business activities
evolves and sustains in the particular society. Their roles and responsibilities has an equal
proportion of impact on the development of economy. Hence it is understood that preserving
natural resources and safeguarding social justice has great impact on the sustainable development
of entrepreneurship and society.

Reference:
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 http://www.rcbi.org/index.php/columns/722-the-new-era-of-eco-
entrepreneurship