Sustainable entrepreneurship: A review of green business practices and environmental impact
1 Independent Researcher, Nashville, Tennessee, USA.
2 Hult International Business School, USA.
3 Department of Accounting, City Power, Johannesburg, South Africa.
4 Independent Researcher, Lagos, Nigeria.
5 Independent Researcher, Anambra, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 21(02), 346–358
Article DOI: 10.30574/wjarr.2024.21.2.0461
Publication history:
Received on 29 December 2023; revised on 03 February 2024; accepted on 06 February 2024
Abstract:
Sustainable entrepreneurship has emerged as a pivotal force in the contemporary business landscape, with a growing emphasis on environmentally conscious practices that reconcile economic prosperity with ecological stewardship. This paper provides a comprehensive review of green business practices within the context of sustainable entrepreneurship, shedding light on the multifaceted dimensions of environmental impact. The study delves into the core principles that underpin sustainable entrepreneurship, examining the integration of environmental considerations into business strategies and operations. Entrepreneurs, driven by a heightened awareness of global environmental challenges, are increasingly adopting eco-friendly practices to mitigate negative effects on the planet. The paper explores various green business models, such as circular economy approaches, eco-innovation, and sustainable supply chain management, as key enablers of sustainable entrepreneurship. Furthermore, the environmental impact of sustainable entrepreneurship is assessed through an examination of case studies and empirical evidence. From reduced carbon footprints to resource efficiency and waste reduction, the positive outcomes of green business practices are elucidated. The paper also highlights the potential challenges and barriers faced by sustainable entrepreneurs, such as market acceptance, regulatory constraints, and financial implications. Understanding these challenges is crucial for fostering a supportive ecosystem for sustainable ventures. Additionally, the review addresses the role of technology and innovation in driving sustainable entrepreneurship forward. Technologies like renewable energy, advanced materials, and data analytics are explored as catalysts for environmentally friendly business practices. The paper emphasizes the need for continuous research and development to enhance the effectiveness and scalability of green solutions. This review contributes to the growing body of knowledge on sustainable entrepreneurship by offering a comprehensive overview of green business practices and their environmental impact. As businesses worldwide grapple with the imperative of sustainable development, the insights presented herein serve as a valuable resource for entrepreneurs, policymakers, and researchers seeking to navigate the intersection of economic growth and environmental responsibility.
Keywords:
Entrepreneurship; Green Business; Environmental Impact; Sustainability; Review
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0