Benefits Of Sustainable Entrepreneurship

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Sustainable Entrepreneurship, Opportunities and Challenges

Sandhya Choudhary
Deptt. Of Management Studies, SRM University, India sandych31@gmail.com, +91-9013202142
Abstract
The last decade has made it clearly visible we cannot afford economic development on the expense of environmental and society. Our Society is currently galloping natural resources at such a fast rate for their own needs that is compromising on the needs and ability of future generations. Our continuously growing population needs clean drinking water, lots of energy, nutrition and want protection from the cascading results of climate change. Sustainable Entrepreneurship is one of the response to these challenges. Sustainable Entrepreneurs use to search for technologies …show more content…

Sustainable development has been defined as “development that meets the needs of the present without compromising the ability of future generations to meet their own needs”. In 1987, the term ‘sustainability’ was expanded to ‘sustainable development’ at the World Commission on Environment and Development (WCED) of the United Nations which is also known as the Brundtland Commission. According to it, sustainable development is the process which keep in concern the needs of current and future generations. In this process the allocation of capital investments, misuse or exploitation of natural resources, technological development and organizational change are in consonance with each other. The stated definition of WCED specify the conflux of three pillars of sustainable development– economic, environmental and social sustainability. The aim of sustainable development is to use renewable resources as much as possible and to reduce or recycle non-renewable resources in order to prevent environmental degradation (Hall et al.,2010; Shepherd & Patzel,2010). Elkington (1997) proposes a framework known as triple-bottom-line (TBL) to encapsulate the fusion of sustainable development into business activities. Elkington emphasizes that the triple-bottom-line of sustainability focus on economic development, environmental problem and social

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