RIGA TECHNICAL UNIVERSITY

FACULTY OF ENGINEERING ECONOMICS AND MANAGEMENT

Institute of Business Engineering and Management

ARAVIND BABU

Identification and Evaluation of Factors Affecting Success of

Entrepreneurs in Green Energy Sector of India

Master Thesis

Scientific Advisor:
Assist. Prof., Dr. oec
Ieva Andersone

Riga 2022
 Introduction

Entrepreneurship has been hailed as a driver of India's economic growth. In this

context, governments have implemented aid in the form of loan guarantees, tax incentives,
and research credit, as well as mechanisms geared to promote self-employment. The
development of a green economy/growth has expanded entrepreneurial endeavors even
further. Green entrepreneurship is seen as the driving force behind the construction of a
comprehensive and sustainable economic, environmental, and social system, despite the fact
that global inequality and growing unemployment offer huge problems for policymakers.
By offering green goods and services, promoting greener manufacturing processes,
increasing demand for green products and services, and generating green employment, green
entrepreneurs serve as a catalyst for launching and maintaining a green economy. Small- and
medium-sized entreprises (SMEs) are vital to green development as significant
entrepreneurial drivers and critical actors in growing green sectors. Green entrepreneurship is
an increasingly significant phenomena from a development standpoint, but it remains
understudied. However, a significant portion of the expanding literature on green
entrepreneurship lacks sufficient empirical investigation. A green economy has a bottom-up
strategy. Thus, it must be driven by entrepreneurs, who react to legislative incentives with
managerial and technological innovation. The entrepreneurs in the Green Energy Sector of
India faces several challenges for success. This paper which attempts an empirical evaluation
of the success factors of green energy entrepreneurs is relevant in the current scenario.
This research aims to identify and evaluate the different factors affecting success as
well as scope of entrepreneurs in green energy sector of India.
The research questions are as follows.
 RQ1- What are the factors affecting the success of entrepreneurs in the Green Energy
Sector of India?
 RQ2- What can be done to overcome the challenges faced by the Indian Entrepreneurs in
the Green Energy sector for ensuring their sustainability in the future?
For accomplishing the aim, the following tasks must be solved:
 To conduct an extensive literature review on the factors affecting the success of
entrepreneurs in the green energy sector of India.
 To prepare a questionnaire based on the factors identified from the literature review and
using this questionnaire for gathering the expert opinion regarding the success of green
energy entrepreneurs in India.
 To Conduct Spearman Correlation to validate the obtained hypotheses.
 To conduct a factor analysis based on the survey results for gathering specific groups of
components consisting of factor groups.
 To propose a model for the development and wellbeing of the Indian entrepreneurs in the
field of green energy and for implementing it in the future.
The object of the research is the success of entrepreneurs in the Green Energy Sector.
The subject of the research is the factors affecting the success of entrepreneurs in the Green
Energy Sector in India.
The hypotheses are:
 H1- The success of entrepreneurs in green energy sector is affected by the government
support.
 H2- Financial barriers has an impact on the success of entrepreneurs in green energy
sector.
 H3- Lack of skilled workforce affects the success of entrepreneurs in green energy sector.
 H4- Improper infrastructure has an impact on the success of entrepreneurs in green energy
sector
The limitations of the work are as follows:
 The survey of this work is conducted only in India.
 The survey considers only the case of entrepreneurs.
 The research is conducted by considering a sample size of 200, selected by convenience
sampling method.
 The selected sources of green energy are only the ones which are commercially feasible
and viable.
As exploratory research is the only emphasis of this project, the general methodology
can be described in depth. The research approach used is quantitative. A questionnaire will be
designed based on the literature review and primary data will be collected. This will aid in the
discovery of several aspects influencing the success and potential of entrepreneurs in India's
green energy industry. The technique will comprise an online survey in the form of a
questionnaire, and it will be administered to 200 entrepreneurs in Kochi, Kerala, who work in
the green energy industry. For these four hypotheses, consideration is given. For this purpose,
a Spearman Correlation will be performed. The findings of the survey will be analyzed using
factor analysis, and a model for the future growth and well-being of green energy
entrepreneurs will be proposed.
 The thesis is organized into four sections: an introduction, three chapters, and a
conclusion with appendices. In this investigation, four hypotheses are being examined. The
first chapter is a literature assessment of the many elements determining the success and
potential of entrepreneurs in India's green energy industry. The last element of the literature
review identifies the literature gap. The research methodology is described in Chapter 2. In
the third chapter, the findings of the online survey will be analyzed using Factor Analysis to
determine the many elements that influence the success and potential of entrepreneurs in
India's green energy industry. A Spearman Correlation analysis will be performed to verify
the acquired hypotheses. The results of the data collecting were presented with an analysis
and summary.
 1. Literature Review

India's energy demand is increasing, and attitudes regarding traditional energy

sources are shifting. This creates the ideal conditions for lenders to expand funding for
renewable energy projects and for renewable energy entrepreneurs to capitalize on
demand. With abundant resources and expanding government backing, the advantages of
major renewable energy projects are substantial. In addition to entrepreneurial prospects,
opportunities exist for local small and medium-sized businesses (SMEs). Unlike major
businesses, small and medium-sized enterprises (SMEs) are positioned to capitalize on and
address the particular needs of local communities. This helps them to construct local and
regional initiatives that are more cost and energy efficient. Once operational, they are
frequently able to compete with major firms in their area. (Saifan., 2017).

1.1. Benefits and Opportunities of Green Energy for Entrepreneurs

Small- and medium-sized enterprises that concentrate on building renewable energy

projects not only have the potential for financial benefit, but also for a wide range of good
social effects. By providing communities with inexpensive and sustainable renewable energy
solutions, SMBs and social businesses may simultaneously address the primary causes of
poverty and reduce carbon emissions. (Bromiley, 2016). These social and economic benefits
are the result of a variety of variables, including: (Figure 1.1)
 Creating local employment in renewable energy
 Reducing health-related risks, expenses, and responsibilities
 Lowering energy expenses
 Improving energy resiliency
 Creating local
employment in Reducing
renewable energy health-related
risks, expenses,
and
responsibilities

Improving
Lowering
energy
energy
resiliency
expenses

Benefits of Green Energy to

Entrepreneurs
Figure 1.1 Benefits of Green Energy to Entrepreneurs (Created by author).

There are several options available in the field of renewable energy accoding to Gibbs
et al, (2021). The following is a list of several opportunities.

Bio diesel Production Biodiesel manufacturing is an excellent business

concept for sustainable energy. A small-scale
biodiesel producing plant may be established.
Biofuels are derived from either plants or animals.
Therefore, it is a source of renewable energy that
may be utilised to launch the firm
E-rickshaw production- It is a common mode of transportation nowadays. E-
rickshaw is an efficient vehicle powered by
renewable energy sources. It also does not need
personnel to operate. It is seen in rural regions,
suburban areas, and even urban places. Using solar
panels to power an electric car is not possible.
However, this is a move away from oil and gases.
Energy storage companies In India, the power storage company is an excellent
green enterprise to launch. One may market energy
storage devices such as UPS and batteries. Customers
desire long-lasting batteries since many regions lack
solar energy. Selling UPS is an excellent business
opportunity. It may prevent individuals from losing
their computer data and files.
Expert advice One may also launch an expert enterprise in the
renewable energy resource industry. Numerous
individuals seek expert guidance on the renewable
energy industry. Depending on one's degree of skill
and experience, this company may be started.
Customers who are looking to purchase solar panels
for their homes or businesses may be advised on the
best solar panels. Additionally, one may provide
guidance on the installation of solar panels and other
alternative energy sources.
 Expert advice- One may also launch an expert enterprise in the renewable energy
resource industry. Numerous individuals seek expert guidance on the renewable energy
industry. Depending on one's degree of skill and experience, this company may be started.
Customers who are looking to purchase solar panels for their homes or businesses may be
advised on the best solar panels. Additionally, one may provide guidance on the
installation of solar panels and other alternative energy sources.
 Services for installation and maintenance- Customers might be offered installation and
maintenance services. It is a viable and lucrative renewable business concept that can be
implemented in India. Some individuals purchase solar panels but are unable to install
them on their own roofs. Installation and maintenance personnel are required. It gives
individuals the chance to comprehend a product's mechanics and hardware.
 Sell energy plans- One may begin to market energy plans to clients interested in
renewable energy sources. In power plans, it is possible to offer a variety of renewable
energy sources to campers and RV owners. It facilitates their independence by allowing
them to avoid grid connection. It is a contemporary method of using renewable energy.
 Commercial Rainwater Harvesting- The following business idea is to create a rainwater
collection company. Water scarcity is one of India's most prevalent issues. Numerous
locales, cities, and small villages encounter this issue. It permits the establishment of this
firm and the provision of excellent water solutions to clients. This company requires
understanding of the water harvesting process, training, and the ability to provide clients
with solutions.

1.2. Factors Affecting the Success of Entrepreneurs in Green Energy Sector

in India

Although the rewards for renewable energy entrepreneurs are substantial, there are
several obstacles to their success. These obstacles may be divided into several categories:
 Financial Barriers
 Underdeveloped Infrastructure
  Government Support
 Workforce related factors
The following figure 1.2 outlines the overall factors.
Underdeveloped
Lack of Initial Capital Infrastructure
Difficulty in accessing Lack of Technology
investors Lack of Logistics Support
Lack of funding by the
financing institutions.
Financial Technical
Barriers aspects

Government policies and Workforce

Government
Regulations Related
Tax Burden Support
Factors
Poor Training
Implementation of New Laws Lack of awareness among
employees
Lack of Skilled employees.

The following paragraphs discusses in detail about these factors.

1.2.1. Financial Barriers

Economic and fiscal limits in many nations, including India, hamper the expansion of
RE programmes. Low commercial and public investor interest in REs, lack of funding and
payback time, costly initial investment, high cost of RE technology, and bigger subsidy for
conventional energy sources may be the biggest challenges. Renewable energy technologies
have longer payback and investment durations. These technologies are expensive to develop
and risky investments. Entrepreneurs have issues acquiring loans and money to promote
sustainable energy. (Ayyagari, 2016).
Financial hurdles are the biggest barrier to green renewable energy, but they're not the
only one. These impediments vary by country, but are mostly caused by banks' dominance in
the Asian financial system. Since this system has a well-developed capital market and venture
capital is uncommon in many Asian countries, banks fund major projects, including those
employing renewable energy. (Bibri, 2017)
Lack of Initial Capital

Startup money covers a new business's earliest costs. Entrepreneurs need a business
plan or prototype to sell a notion and get startup funding. Startup cash may be donated by
venture capitalists, angel investors, banks, or other financial institutions. It pays the
company's initial important costs, such as inventory, license, office space, and product
development. Young, developing companies are startups. One or more people start these
businesses to manufacture and advertise a product or service. A firm must initially raise
money. This is startup money states Booyens (2017).
Initial capital pays for all startup costs. This includes initial recruiting, office space,
permits, licences, inventory, research and market testing, product production, and marketing.
Launching a new company sometimes requires many rounds of funding. (Carrolls, 2016).
Professional investors, including venture capitalists and angel investors, fund most
startups. Other financial entities outside banks may provide startup funding. Due to the danger
of investing in startups, investors frequently want a solid business plan. In return for their
investment, investors usually acquire company stock. (Mbohwa, 2018).
Difficulty in Accessing Investors

Entrepreneurship requires direct and indirect access to capital and investors. Bank
loans and venture funding dominate research and public discussion. During the launch phase,
83% of businesses lack bank loans or venture capital. Entrepreneurs face geographical,
demographic, and financial restrictions made worse by a capital market system that fails to
find and assist most entrepreneurs. Funding needs are unfulfilled. Access to finance (the
possibility for individuals or enterprises to utilize financial services) should be distinguished
from actual use, as non-use might be voluntary or involuntary. Voluntary non-users of
financial services have access to them but don't utilize them for cultural, religious, or other
reasons. (Arun et al., 2016).
Involuntary non-users seek access to financial services but can't for many reasons.
First, their low income may prevent financial institutions from serving them commercially
(i.e. profitably). Second, they may be discriminated against on social, religious, or ethnic
grounds. Third, contractual and informational networks (such as high collateral requirements
or a lack of credit registry information) may prevent financial institutions from serving them
commercially. (Farinelli et al., 2017).
Because the criterion for having access to finance may change over time, it makes
sense to split the banked and unbanked into market groups that reflect their current and
prospective future status as users or non-users of financial services. "Access frontier" is a
market segmentation method used to analyze market evolution. The access frontier indicates
the largest proportion of the population with access to a product or service at a given time.
The frontier may change over time owing to technological and competitive market changes.
(Groot et al, 2018).

Lack of Funding by the Financial Institutions

According to Gibbs et al., (2018), the bank-dominated Indian financial market, whose
primary source of financing for green renewable energy projects is its banks, is the single
most important determinant of the growth, scope, and type of green renewable energy
projects, i.e. those requiring funds for short- to medium-term projects, such as wind farms. In
such a market, the financial realities of Asia's market economy, as determined by its banks,
dictate the kind of energy that can be developed, rather than what is required for
environmental and energy reasons and, by extension, sustainable economic development.
Given the risk aversion of the primary probable funders, Asian banks, green renewable project
financing is further limited. This feature, which limits venture funding, is the outcome of a
larger problem affecting all small and medium-sized enterprises (SMEs), who make up most
of these initiatives.
Credit improves with age. Older enterprises have a solid credit rating. Their prior
mistakes have been deleted from credit reports. Young entrepreneurs are different. All of their
bad financial mistakes remain on their credit records, prompting credit card and loan
companies to reject them money or charge outrageous interest rates. (Fetola, 2016).

1.2.2. Technical Aspects

The absence of required infrastructure is one of the greatest obstacles to the

development of contemporary RE technology. Effective administration and operation of RE
technologies need educated and competent personnel, as shown by inadequate infrastructure
and production, a lack of technical/skilled specialists, and an absence of R&D transfer.
(Walton et al., 2015).
Underdeveloped Infrastructure

According to Lekhanya (2018), infrastructure is vital for economic growth because it

interacts with the economy via production processes. Changes in the quality of production
infrastructure have a substantial influence on an organization's output, revenue, profits, and
job creation in the economy. It's directly linked to production. Despite the evident association
between infrastructure (electricity, drinkable water, and road upkeep) and economic progress,
emerging countries' infrastructure leaves much to be desired. Lack of infrastructure in Nigeria
has affected the industrial sector, especially SMEs' ability to compete globally.
Mukonza (2016) states that Physical infrastructure requires large capital investments
and financial obligations. Big-scale efforts and large financial expenditures are sometimes
seen as an entry or beginning hurdle. New entrants must gather enough fixed capital to
compete with incumbent companies using a cost leadership approach and profiting from
economies of scale. Physical capital and infrastructure are underinvested.
Due to subadditivity of expenses, it is most effective to have a single supplier for
infrastructure. As infrastructure investments are generally huge, buried, and irreversible, the
public sector or public–private partnerships are common investors. These range from public
subsidies for commercial infrastructure projects to public ownership shares in the investor.
Infrastructure, although being capital-intensive, could assist alleviate startup bottlenecks by
improving communication, involvement, and the flow of information and ideas. (Mungadze,
2015).
Lack of Technology

Technology and Infrastructure affects economic development via manufacturing

processes. Changes in production infrastructure affect a company's output, revenue,
profitability, and employment creation. Production is related. Despite the link between
infrastructure (electricity, water, roads) and economic growth, rising nations' infrastructure is
lacking. Nigeria's lack of infrastructure affects the manufacturing sector, particularly SMEs'
worldwide competitiveness. (Pandrani, 2018).
Technological Infrastructure demands huge financial investments. Large-scale efforts
and financial expenditures might constitute an entrance or starting obstacle. New entrants
need fixed capital to compete with incumbents via cost leadership and economies of scale.
Underinvestment in capital and infrastructure. (Zahedi, 2015).
Due to subadditivity, a single infrastructure provider is best. Infrastructure investments
are usually large, buried, and irreversible, thus the public sector or public–private partnerships
invest. Public subsidies span from commercial infrastructure projects to investor shares.
Infrastructure might help startup bottlenecks by enhancing communication, collaboration, and
information and idea flow. (Zahedi, 2015).
Lack of Logistics Support

Logistics systems are important because they fulfil sales contracts. The buyer cares
less about the seller's assertions that he can provide competitive pricing than if he really can.
Economic and regulatory duties need contract-compliant delivery. In case of noncompliance
with the delivery period, the seller may be entitled to a refund of the sale price and subject to
legal penalties, if so, stipulated in the sales contract. A better delivery schedule is a valuable
promotional tool for consumers hesitant to invest in storage and inventory. Superior and/or
prompt delivery boosts a provider's reputation, increasing the possibility of future orders.
(Saifan, 2017).
Good logistics enhance a company's commercial and marketing objectives. It gives
things time and location utilities, maximizing consumer value. By ensuring speedy delivery in
the shortest time and at the lowest cost, it reduces customer inventory. It minimizes inventory,
material handling, transportation, and distribution expenses. Effective physical
distribution/logistics may improve customer service and save money states Booyens (2017).

1.2.3. Government Support

According to Bibri (2017), Governments often want to encourage entrepreneurship

since successful enterprises provide value for the populace. This value enables corporations to
create employment, pay corporate taxes, and allow employees to pay their own taxes.
Governments get political credit for programmes that boost trade, wealth growth, and
employment. In general, the government establishes and modifies the institutional
circumstances that either stimulate or discourage entrepreneurs from inventing or pursuing
other profit opportunities. Government may encourage entrepreneurship by eliminating or
raising negative incentives. According to Booyens (2017) specifically, government can:
 Reduce the hurdles to entrepreneurship created by previous governments or society
 The patent system and the rule of law serve to defend intellectual property and money.
 Provide enterprises with commercially viable technologies.
 Increase entrepreneurial incentives at the expense of other priorities.
 Provide preferential advantages to favored sectors, firms, or areas, notwithstanding the
political and economic costs associated with market distortion and favoritism.
Government Policies and Regulations

Regulations, like laws, provide businesses guidance for predicting risk consequences.
Rules should be unambiguous and not changed quickly or simply when a new majority is
elected. A rule is a constraint, and limits tend to hinder creativity. Eliminating rules promotes
creativity. Not often. Zoning laws may push similar businesses to locate near one other,
promoting idea exchange. Business owners feel more secure deploying money when the
government safeguards property rights, especially intellectual property. When their
government doesn't steal their property via eminent domain or communist takeovers,
entrepreneurs feel secure. (Farinelli et al., 2017).
Regulations favor larger, more established companies that innovate less, while hurting
smaller, more entrepreneurial ones. International trade barriers, like tariffs, protect a nation's
existing corporations and make it hard for new businesses to compete. Bureaucracy may make
starting a business difficult, costly, and time-consuming. In corrupt countries, owners may
have to pay extra costs to expedite documentation. (Gibbs et al., 2021).
Tax Burden

Taxation impacts a company's profitability; thus, entrepreneurs are less likely to risk
money. Progressive taxation penalizes enterprises for making more money, which may
discourage entrepreneurship. Reducing taxes and regulations may stimulate entrepreneurship,
but they may also raise the competitiveness of existing businesses, which entrepreneurs will
evaluate. Tax breaks for nonprofits and social enterprises boost civil society's value-added
services. (Groot et al., 2018).
Entrepreneurship faces political and cultural constraints. In other countries, prejudice
based on gender, race, or religion prevents many would-be entrepreneurs from succeeding.
Government may outlaw discrimination and protect equal rights. Government may support
external limitations on firm development. so entrepreneurs can dedicate more time to their
jobs. (Mbohwa et al, 2018).
Implementation of New Laws

Government may reduce the cost of technological innovation by commercialising

government-produced innovations. Government may change finance regulations to decrease
transaction costs and actual borrowing costs. The government may make government loans
easier or cheaper for businesses, subsidize lending, or subsidize borrowing. All of these
projects involve a cost, either directly as a subsidy or indirectly as cheaper finance for riskier
ventures than the private credit market would supply. (Arun et al., 2016)
Government may contribute venture capital to new enterprises, especially in fields
where the private sector can't afford expensive risks or lacks competence with this kind of
investment. This money may help failing enterprises, however. These less-investable
enterprises may not have received private money rather than government subsidies. The
government may disregard other enterprises by focusing on high-growth companies. High-
quality projects attract money, not surplus capital, research shows. (Mbohwa et al., 2018).
1.2.4. Workforce Related Factors

Certain manufacturers see staff training as an unnecessary cost and expect that new
employees would learn the job from their supervisors and more seasoned reps. However, this
kind of planning is often inadequate and causes challenges for the firm. (Groot, 2018).
Poor Training

Successful firms attract, develop, and retain high-performers. High-quality training

programmes improve productivity, turnover, safety, and job satisfaction. Not integrating
training in your company's strategy might have serious consequences. If you don't train,
you're ignoring your whole company. More than ever, recruiting demands training and
growth. Millennials are drawn to firms that provide learning and development opportunities.
As technology and markets change, Generations X and later must retrain. Without training,
you may lose good employees. (Fetola, 2016).
Poor performance is a common effect of little or no training. Untrained workers
provide less, lower-quality labor. Less knowledge and training reduce performance and profit.
This kind of work typically causes blunders, quality issues, and lost time. It hurts customers,
suppliers, and others. Lack of training may cause poor performance and retention. Employees
prioritize job-related skills. Attrition occurs when performance and learning skills are missing.
Errors and missed expectations diminish morale and retention rates. (Pandrani, 2018).
Well-trained employees provide high-quality work and benefit the firm. Efficiency
boosts self-esteem. Employee satisfaction and retention improve. Increasing work quality
usually improves customer satisfaction and supplier and stakeholder relationships.
(Muckonza, 2016).
Lack of awareness among Employees
According to Zahedi et al., (2015) the employees who lack a clear understanding of
how their jobs fit into the organization's overall activity are more likely to be negligent and
unable to identify their most important responsibilities. Company culture defines acceptable
conduct. Leaders build similar perspectives and values, which are then communicated and
reinforced, shaping employee perceptions, behaviors, and understanding. Culture guides all
organizational activities. Due to diverse industries and conditions, there is no universal
cultural pattern. Successful companies have a strong corporate culture. High-level agreement
exists on cultural priorities, which are focused on the organization and its goals. Successful
firm leaders embrace their cultures every day and articulate them to employees and prospects.
They know how their values affect and manage their organizations. (Pandrani, 2018).
Lack of Skilled Employees
The phrase "unskilled labor" is obsolete; it was originally used to designate a portion
of the workforce having a restricted skill set or low economic worth. Correct terminology is
low-wage work. According to the Center for Global Development, the terms unskilled and
skilled were created from institutions, politicians, and other interest groups. Based on these
categories, labor market power has been determined. Also, out of date is the notion that the
unskilled work force is defined by lower educational attainment, such as a high school
certificate, GED, or lack thereof, which often leads to lower salaries. The following table 1.2
outlines the overall factors identified from the literature review. (Fetola, 2016).
Table 1.2
Summarization of the factors from the Perspectives of Literatures (Created by author).
Main Factors Sub Factors References
Financial Barriers Lack of Initial Capital Ayyagari, (2016), Bibri, (2017),
Difficulty in accessing Booyens (2017), Carrolls, (2016),
investors Mbohwa, (2018), Arun et al.,
Lack of funding by the (2016), Farinelli et al., (2017),
financing institutions. Groot et al, (2018), Gibbs et al.,
(2018), (Fetola, 2016).
Technical Aspects Underdeveloped Walton et al., (2015), Lekhanya
Infrastructure (2018), Mukonza (2016),
Lack of Technology Mungadze, (2015), Pandrani,
Lack of Logistics Support (2018), Zahedi, (2015), Saifan,
(2017)
Lack of Government Support Government policies and Bibri (2017), Booyens (2017),
Regulations Farinelli et al., (2017), Gibbs et
Tax Burden al., 2021, Groot et al., 2018,
Implementation of New Laws Mbohwa et al, 2018, Arun et al.,
(2016), Mbohwa et al., 2018,
Workforce Related Factors Government policies and Groot, (2018), Fetola, (2016),
Regulations Pandrani, (2018), Muckonza,
Tax Burden (2016), Zahedi et al., (2015),
Implementation of New Laws (Pandrani, 2018), (Muckonza,
2016).

It was often considered that unskilled employees earned less money due to their
inferior educational attainment, such as a lack of a high school certificate, GED, or both.
However, there are occupations for high school graduates and those without a college degree
in the 21st century. (Muckonza, 2016)
 1.3. Gap Identified from the Literature Review

When doing a literature review, the author evaluates whether or not a gap exists in the
current literature by considering the perspectives of several writers. The author finds that
current literature does not cover the advantages and potential of the green energy industry
adequately. This research also investigates the factors that affect the success of entrepreneurs
in India's green energy sector. The singularity of this research is what makes it so remarkable.
From this section, the following deductions may be made:
 The overview, advantages, and potential of green energy have been investigated.
 As a response to the first study question, "What are the elements determining the success
of entrepreneurs in India's Green Energy Sector? ", the literature review revealed the
following factors:
 Financial Barriers, Technical Aspects, Lack of Government Support, Unskilled Workforce
 2. Methodological Part of the Research

Research methodology refers to the methods and strategies used to find, select,
process, and analyze information regarding a certain issue. The methodology portion of a
research paper helps to objectively analyze the overall validity and dependability of a study.
The methods section addresses two primary concerns: How was the information gathered or
generated? How was the data analyzed? The overall methodological approach is outlined in
the following figure 2.1.

Formulating
RQ1- What are the factors affecting the success of the ResearchRQ2-
Questions
What can be done to overcome the challenges faced by the Indian
Entrepreneurs in the Green Energy sector for ensuring their sustainability in the
entrepreneurs in the Green Energy Sector of India? future?

Secondary Data Collection

Review of 15 articles downloaded from google Scholar Articles selected by using an inclusion and exclusion criteria

Financial Barriers Identification of Factors from the Literature Review

Lack of Government Support
Technical Aspects Unskilled Workforce

Primary Data Collection

Construction of Questionnaire Using the Survey Participants- Entrepreneurs in the field
Factors in Google Forms of Green Energy Sector Expected Sample Size- 100

Data Analysis
Spearman Correlation Analysis will be performed for validating Factor Analysis will be Performed for analysisng the survey
Hypothesis results and for gathering group of factors

Model for the future wellbeing and success of Entrepreneurs in the field of Green Energy in India will be Proposed

Figure 2.1 Overall Methodology of the research (Created by author).

The interconnectivity of the components and the requirement to detail the execution of
each approach may make it challenging to write a method section, despite its seeming
simplicity. If the opening section is well-structured and has all the essential components, the
rest of the work may be utilized as a template.

2.1. Methods of Data Collection

2.1.1. Primary Data Collection

Employers will provide primary data via a complete survey of their employees,
allowing the author to acquire the required findings at the end. Using a web-based platform
such as Google Forms, the author will conduct an online poll in India, a nation in South Asia.
The survey portion will focus particularly on the experiences of Green Energy Sector-active
Indian-based entrepreneur enterprises. This study's final methodology will be based on
exploratory analysis, which is an excellent way for gathering excellent content for this topic.
Systematic research is the most common descriptive approach of analysis that will be used to
analyze the many aspects that impact the success of entrepreneurs in India's Green Energy
Sector, and it will be utilized most frequently.
According to the results of the survey, 100 replies are anticipated, and a representative
sample size will be selected from these 100 responses using the survey's selection criteria.
Participation Eligibility

To be eligible to participate in the survey, an individual must meet the following

minimal requirements:
 All participants must be employed in some capacity by a firm in the green energy
industry.
 Participants must be at least 18 years old to participate in the survey.

2.1.2 Gathering Secondary Data

Publications and academic papers for the theoretical basis and review were collected
from Science Direct, Google Scholar, and a number of other specialized online resources.
This research consists mostly of publications on such themes as green energy,
entrepreneurship in green energy, the green energy industry in India, and variables
influencing entrepreneurship in green energy. The categories of the theoretical framework aid
in focusing the researcher's attention on the problem under investigation.
Selection Guidelines
 From the search results, articles are selected based on their ability to address the
research question. For this inquiry, only articles that met the selection criteria were evaluated.
These are some of the screening criteria:
 The purpose of this study is to investigate the different factors that influence the success
of entrepreneurs in the area of green energy in India.
 The emphasis of the report should be on the various effects on entrepreneurs in the green
energy sector.
Exclusionary Guidelines

 Not meeting the requirements.

 Textbook chapters, book reviews, encyclopedia articles, and workshop abstracts.
 Articles authored in languages other than English are disqualified.
 Articles published before to 2014 were disqualified.
Sample Size

The response ratio is derived by dividing the total number of poll requests by the total number
of answers. The author intends to send out 100 invitations and expects to get 100 responses.
Calculator.net, an internet programme, will be used to determine the amount of the collection.
During the research period, a total of 100 responses will be gathered. After applying the
selection criteria to all of the replies, the author anticipates a representative sample of 100
responses.

2.2. Methods of Data Analysis

2.2.1. Descriptive Analysis

Analyzing data uses descriptive statistics. A careful analysis of the data enables future
programming to reflect audience preferences. Organizing, classifying, and altering data to
communicate significant information; converting raw data into an easier-to-interpret and
analyze format. Specifying, displaying, or summarizing data points helps create patterns.
Descriptive analysis explains, illustrates, or summarizes data points to detect patterns.
Statistics requires building a data collection. This strategy reveals data errors and outliers.
Preparing for a statistical research may include studying variable correlations.

2.2.2. Spearman Correlation Analysis

 The rank correlation coefficient of Spearman is a nonparametric measure of order
interaction (statistical dependence of ranking between two variables). It is frequently
represented by the Greek letter " (rho) and is mostly used in the data processing sector. It is
named after Charles Spearman. It measures the magnitude and direction of the relationship
between two ranking criteria. Prior to examining the Spearman correlation coefficient,
however, it is vital to comprehend Pearson's correlation. Pearson correlation is a quantitative
measure used to assess the linearity of a connection between two data sets.

2.2.3. Factor Analysis

Principal component analysis is a multivariate approach used to reduce data. The basic
assumption is to represent a set of variables with a smaller set. These are variables or factors.
These are essential structures that can't be judged by size alone. Factor analysis is for interval
data, however ordinal data may be used instead (e.g. scores assigned to Likert scales). Unless
specified, factor analysis variables should be linear. Examine scatterplots of pairings of
variables to confirm. For a factor analysis to be significant, the variables must be at least
slightly connected; otherwise, the exercise would be worthless.

3. Conclusions and Recommendations

3.1. Conclusions
The purpose of this study is to conduct a critical analysis in order to identify and
assess the factors that influence the success of green energy entrepreneurs in India. The article
will examine research that will be undertaken across many disciplines on the same topic. The
current economic condition in India is one of expansion. Green entrepreneurs contribute to the
establishment and maintenance of a green economy by providing green products and services,
promoting greener manufacturing practices, and generating green employment. As
entrepreneurial drivers and major players in burgeoning green sectors, small and medium-
sized enterprises are essential to green development. The importance of green
entrepreneurship to development is understudied. The expanding body of literature on green
entrepreneurship requires empirical investigation.
By completing a comprehensive literature analysis, the author finds the elements that
influence the success of green energy entrepreneurs in India. The elements will be utilized to
create an online survey questionnaire. Using factor analysis, the survey data will be analyzed
 and a model for the success and happiness of Green Energy Entrepreneurs in India will be
developed.
3.2. Recommendations
Future studies may investigate other elements influencing the success of Green Energy
Sector businesses. The empowerment paradigm that will be proposed in this study may be
adopted in corporations. Other techniques, such as AHP, may be used instead of factor
analysis. In the realm of green energy, entrepreneurs have access to a diverse array of
prospects for success.

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