Sustainopreneurship : Concept & Future Development

Today’s youth population is larger than ever, with 1.8 billion people under the age of 25 which 90 percent of whom live in less developing nations. The National Policy Plan is the United Nations’ road map for assisting countries in economic growth, social well-being, and environmental sustainability (2030 Agenda). Each one of the 17 Sustainable Development Goals (SDGs) represents a great opportunity to improve humanity’s health and quality of life. Their long-term effectiveness, however, is dependent on efforts to raise youth awareness and knowledge of environmental well-being.

In essence, young people are the foundations and driving forces behind the success of the SDGs. The 2030 Agenda emphasizes young people’s inherent ability to drive change, and youth are involved in more than one-third of the SDGs’ benchmarks, either explicitly or implicitly.

The emergence of coronavirus (SARS-CoV-2) and the rapid spread of the COVID-19 pandemic by the end of 2019 have caused major health concerns for the global population. As a result, in a relatively short amount of time, health worries have converted into worldwide economic and societal problems, generating an unprecedented climate of uncertainty.

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Entrepreneurship and innovation are crucial in this circumstance because they have the ability to dramatically lessen the COVID-19 outbreak’s harmful impacts. Entrepreneurship is widely recognized as a long-term socioeconomic development engine, with the potential to improve citizens’ well-being by raising nations’ and regions’ wealth and worth. As a result, in order to overcome the crisis and turn flaws into long-term competitive advantages, entrepreneur expertise and resources, as well as individual skill, must be part of the solution.

Entrepreneurship is an important component of any economic system’s ability to sustain economic growth. It appears to be a requirement for long-term development, and it could be viewed as strategic equipment for ensuring an equitable and non-discriminatory society. Through startups, it enables citizens to create a self-domain of economic activity. In the second decade of the twenty-first century, this strategic evolution in entrepreneurial trends is thought to be a response to the requirement for sustainability and rapid expansion among the doldrums of global business and an unpredictable economy. Because it has the potential to bring about necessary changes to current products, processes, and behavioural patterns, sustainable entrepreneurship has received special attention in the face of the challenges of reducing the negative environmental and societal impacts caused by current unsustainable business tactics.

Sustainopreneurship (environmentally sustainable innovation and entrepreneurship) is said to have evolved from earlier concepts like ecopreneurship and social entrepreneurship. The notion comprises addressing sustainability challenges through novel collaborations in order to make environmental and social sustainability a critical vision and goal, while simultaneously adhering to the constraints imposed in order to maintain life support systems operating.

To put it another way, it may be a “business with a purpose” that uses sustainable solutions to translate global challenges into economic opportunity. Sustainable entrepreneurship offers a unique viewpoint on the development of economic, social, and ecosystem values, with a focus on future generations’ well-being.

Without a doubt, the potential advantage of Sustainopreneurship is enormous, in many ways: by preventing the occurrence of expensive, wasteful, and environmentally inexcusable technologies, by assisting businesses in optimizing capacity, input use, including human capital, and by providing optimal customer service – all while avoiding the use of wasteful and non-recyclable packaging. All of this equates to significant energy, material, and labour savings, with an estimated total worth of 30-40 percent of world GDP in the next 10-15 years.

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The Indian government’s ‘Digital India’ and ‘Start-up India’ programmes have resulted in significant improvements in the sphere of entrepreneurship since 2015, owing to the sheer deployment of professional e-commerce administration. According to Bank of America Merrill Lynch, India’s e-commerce business will be valued $220 billion in gross merchandise volume by 2025. The Sustainopreneurship concept can lead to a paradigm shift in e-entrepreneurship, resulting in long-term business process sustainability and addressing societal challenges such as unemployment, poverty, social exclusion, environmental degradation, economic development, and triple bottom line. As a result, efforts must be made to disseminate a wealth of literature on sustainable business, a full understanding of the problem environment, and a conceptual model tailored to entrepreneurship.

The dynamism in the millennial business environment has pushed concentrated emphasis on the relationship between entrepreneurship and sustainable development due to the originality of the issues for the continued sustainability of company, economics, and society. Sustainopreneurship has recently piqued the curiosity of a number of scientific disciplines. Sustainopreneurship can offer a strategic perspective on the extension and sustainability of e-continued entrepreneurship, which has had a significant impact on economic development, industrial progress, and society’s long-term development.