1. What is entrepreneurship? How would you define it according to the readings, videos, and class discussions? 2. According to the article, Viewing marketing through entrepreneurial mindset: A systemi

Sustainable Entrepreneurship

Sustainable entrepreneurship has been defined as “an entrepreneurial activity that creates value for society by addressing a social or environmental need, while also being financially sustainable” (Tunçalp & Yıldırım, 2015, p. 2). In other words, sustainable entrepreneurship is about creating social or environmental value in a financially sustainable way. There is a growing body of research on sustainable entrepreneurship, which has been further spurred by the United Nations’ Sustainable Development Goals. This research has looked at various aspects of sustainable entrepreneurship, including its definition, antecedents, and outcomes.

However, one area that has received relatively little attention is the business landscape of sustainable entrepreneurship. In other words, what are the different types of businesses that can be classified as sustainable entrepreneurship? To address this gap, Tunçalp and Yıldırım (2015) conducted a comprehensive review of the sustainable entrepreneurship literature. They identified and classified different types of businesses that can be considered sustainable entrepreneurship based on three dimensions:

• The kind of impact the company has (i.e., social, environmental, or both). Companies can have a positive social impact. This can entail donating to causes that are beneficial to society. For instance, a company can support community projects that are geared towards protecting the environment. Moreover, a firm can donate financial resources to assist community members in preparing for natural disasters that are likely to occur in a given area.

• The type of business model used (i.e., impact-first or profit-first). Some businesses make it their priority to ensure profit comes first. They do so without caring about the changes that the activities they undertake bring to the environment. On the other hand, some firms ensure that the environment is protected above anything else. It is advisable for companies to protect the environment by being more sustainable to realize long-term success.

• The stage of development of the business is in (i.e., start-up, scale-up, or mature). Companies that have just begun operations can be termed start-ups. Those that have conquered the market and have operated for many years are termed as mature. Additionally, they have products or services that are widely recognized and possess a loyal customer following. Mature companies tend to have steady and slow growth and face a lot of competition from their rivals. Paying dividends and boosting profits through various means like efficiency improvements and cost cuts are associated with mature companies.

The authors found that most businesses classified as sustainable entrepreneurship were start-ups focused on social or environmental impact with a profit-first business model. However, many companies classified as sustainable entrepreneurship were scale-ups or mature businesses with a social or environmental focus and an impact-first business model. This suggests that sustainable entrepreneurship is not just about start-ups but also companies of all sizes and stages of development. Moreover, it is not just about businesses focused on making a profit but also about businesses focused on creating a social or environmental impact.

In conclusion, the business landscape of sustainable entrepreneurship is diverse. It includes businesses of all sizes and stages of development, with a social or environmental focus and a profit-first or impact-first business model.

Reference

Tunçalp, D., & Yıldırım, N. (2015). Sustainable entrepreneurship: Mapping the business landscape for the last 20 years. Journal of Business Vent