An International Multidisciplinary Magazine

The Role of Green Entrepreneurship for Sustainable Development

Dr. Shobha Chaturvedi Mr. Akashdeep

Assistant Professor Assistant Professor

Department of Commerce {ABST} Department of Commerce {BADM}

Agrawal P G College, Jaipur St. Wilfred’s P G College Jaipur

Meaning of Green Entrepreneurship

Green entrepreneurship is a business model that focuses on creating sustainable products and
services while minimizing negative environmental impacts. It involves using environmentally
friendly practices and technologies to create products and services that are both profitable and
sustainable. Green entrepreneurs are committed to creating a better world by reducing waste,
conserving resources, and promoting social responsibility.

Meaning of Sustainable Development

Sustainable development is development that meets the needs of the present without
compromising the ability of future generations to meet their own needs. It is an approach to the
economic development of a country without compromising with the quality of the environment
for future generations. The Brundtland Report in 1987 defined sustainable development as
"development that meets the needs of the present generation without compromising the ability
of future generations to meet their own needs". The concept of sustainable development
contains two key concepts within it: The concept of 'needs', in particular, the essential needs of
the world's poor, to which overriding priority should be given; and the idea of limitations
imposed by the state of technology and social organization on the environment's ability to meet
present and future needs.

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Importance of Green Entrepreneurship for Sustainable development

Green entrepreneurship is important for sustainable development because it is businesses that

have the target to minimize the business’ impact on the natural environment by taking into
account the ecological dimension of sustainability. Green entrepreneurs cultivate green business
with the help of green practices and consciously address an environmental or social
problem/need through the understanding of entrepreneurial ideas. Green entrepreneurship can
help in achieving sustainable development goals by promoting sustainable consumption and
production patterns, reducing greenhouse gas emissions, and creating green jobs.

Green entrepreneurship is a path towards sustainable development. Green entrepreneurs

deliver the source for beginning and sustaining a green economy by serving green products and
services, presenting greener production techniques, enhancing demand for them, and building
green jobs. The United Nations General Assembly recognized the important contribution
entrepreneurship makes to sustainable development by creating jobs, driving economic growth
and innovation, improving social conditions and addressing social and environmental challenges
in the context of the 2030 Agenda for Sustainable Development. The Entrepreneurship Policy
Framework identifies policy objectives and outlines options in the form of strategies and action
plans.

Limitations of Green Entrepreneurship for Sustainable Development

Green entrepreneurship has many risks like environmental issues, societal issues etc. Green
entrepreneurs should have the ability to overcome all the difficulties that come from society, as
they have to take the decision which does not affect the environment. Nature is the main factor
for the country’s wealth. Without a green market of an initial scale, green entrepreneurship has
no basis for survival, and there is no room for development. In addition, green enterprises must
make consumers aware of the unsustainability of existing technologies and products and
encourage their demand for green products. The sustainable development goals establish a real
link between the ecological system and the economic system. They also reinforce the need for a
transition to a green economy, i.e., a fundamental transformation towards more sustainable
modes of production and consumption.

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Methods of Sustainable Development by Green Entrepreneurship

Green entrepreneurship is a path towards sustainable development. Green entrepreneurs

consciously address environmental or social problems/needs through entrepreneurial ideas
and penetrate the market by swapping conventional or traditional products. They deliver the
source for beginning and sustaining a green economy by serving green products and services,
presenting greener production techniques, enhancing demand for them, and building green jobs.

Green entrepreneurship can create green jobs through sustainable business models. It nurtures
a (green) business culture and raises awareness amongst entrepreneurs about opportunities
arising from environmentally friendly business models. It creates an enabling environment
which promotes and encourages green investments and entrepreneurship.

Who can Benefit from Green Entrepreneurship

Green entrepreneurship benefits everyone including the entrepreneur, employees, customers,

and the environment. Green entrepreneurs can make a significant contribution to eliminating
unemployment, poverty and environmental problems. They have a greater role in
environmentally friendly
practices and environmental
tasks than other
entrepreneurs. Public
policies that promote green
entrepreneurship can play a
decisive role in the global
effort to mitigate human-
induced climate change.

Conclusion

Green entrepreneurship is the activity of consciously addressing environmental and social

problems and needs, and coming up with brilliant innovative entrepreneurial ideas that will
bring a solution to them. Green entrepreneurs deliver the source for beginning and sustaining a

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green economy by serving green products and services, presenting greener production
techniques, enhancing demand for them, and building green jobs. With green entrepreneurship,
economic development will be implemented so that environmental and social costs are reduced
and economic competitiveness is built more on the basis of sustainable criteria, including the
environmental and social criteria in addition to the economic sustainability. Small- and medium-
sized enterprises (SMEs) form the backbone of most economies, providing high levels of
employment and contributing extensively to GDP growth.

References:

1. Green Entrepreneurship: A Path towards Sustainable Development.

https://www.globsyn.edu.in/blog/green-entrepreneurship-a-path-towards-
sustainable-development.
2. Green Entrepreneurship | SpringerLink. https://link.springer.com/referenceworkentry
/10.1007/978-3-319-95726-5-6
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5. Green Entrepreneurship: Sustainable Development for Business.
https://ied.eu/blog/green-entrepreneurship-sustainable-development-for-business/
6. Challenges of Green Entrepreneurship in India overview - JETIR.
https://www.jetir.org/papers/JETIR1805837 .pdf
7. Frontiers | Relationship between green entrepreneurship orientation ....
https://www.frontiersin.org/articles/10.3389/fpsyg.2022.1068734/full.
8. The green economy transition: the challenges of technological change ....
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10. Green Entrepreneurship: A Path towards Sustainable Development.

https://www.globsyn.edu.in/blog/green-entrepreneurship-a-path-towards-
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11. United Nations a General Assembly - UNCTAD. https://unctad.org/system/files/official-
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About Authors

Dr. Shobha Chaturvedi is currently working as Assistant

professor in Agarwal PG College Jaipur affiliated to
University of Rajasthan, she has done M.Com. degree from
ABST& BADM and PhD from University of Rajasthan. she has
taught PG UG and professional courses. She is having 23-year
experience in academic. she has attended and presented
many papers in National International seminar and
conference and has also participated in faculty development
program. she has author several books on finance accounts
etc and also has many papers in different journals National
and international.

Mr. Akashdeep is serving as Assistant Professor at

Department of Commerce in St. Wilfred’s PG College Jaipur,
Rajasthan. His academic Qualification are BCom., M.Com.
(Business Administration), M.Com.(Economics
Administration and Financial Management), M.A. (Pursuing
in Economics), UGC-NET in Commerce. He has over 4 Year
Experience with Teaching in Commerce Department. He has
Published 3 research article in international journals and One
Poem published in Gina Kavya Manjusha. He has also
participated in many faculty development programs.

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