A review of sustainable entrepreneurship practices and their impact on long-term business viability
1 Stanbic IBTC Insurance Limited, Lagos.
2 Independent Researcher, Abuja.
3 Independent Researcher, Lagos.
4 IHS Towers Nigeria Plc.
5 Independent Researcher, UK.
Review Article
World Journal of Advanced Research and Reviews, 2023, 20(03), 1283–1292
Article DOI: 10.30574/wjarr.2023.20.3.2588
Publication history:
Received on 07 November 2023; revised on 16 December 2023; accepted on 19 December 2023
Abstract:
This paper explores the intricate relationship between sustainable entrepreneurship practices and long-term business viability. The literature review highlights the positive impact of sustainable entrepreneurship on financial performance, market positioning, and employee satisfaction by examining key concepts, theoretical frameworks, and empirical evidence. Despite the evident benefits, entrepreneurs face barriers such as regulatory complexities, resource constraints, and a lack of awareness. Looking to the future, emerging trends like technology integration and circular economy adoption offer opportunities for forward-thinking entrepreneurs. Recommendations include continuous learning, stakeholder engagement, transparency, sustainable innovation, and educational initiatives. In conclusion, sustainable entrepreneurship emerges as a strategic business imperative, fostering a future where economic success aligns harmoniously with environmental and social responsibility.
Keywords:
Sustainable entrepreneurship; Business viability; Triple Bottom Line; Circular economy
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Copyright © 2023 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0