A Conceptual Study on Eco-Entrepreneurship

Abstract

Introduction: Sustainability in terms of the environment is the most crucial element for the economic system to function successfully. No matter how much the community has evolved or how much money can be earned from it, everyone's ultimate desire is to live a happy and tranquil life. The use of hazardous materials in combination with hazardous chemicals has skyrocketed in recent years, endangering people's lives. A partial answer to these problems is ecopreneurship, a new branch of entrepreneurship that seeks to create a sustainable way of life on Earth with a healthy atmosphere and better giving to the people.

Methodology: The method applied is a qualitative method, comprehensive literature review, secondary information collection and contextualization of the interlinkages, analysing how government supports ecopreneurs by providing technological advancements to develop the Indian economy. The study is organised around three objectives: to analyze the ecopreneurship impact on the Indian economy, to provide technological information to ecopreneurs, and to facilitate government support for ecopreneurs. The literature reviewed includes Schaltegger (2002) on ecopreneurs as creators of business models contributing to environmental sustainability, Alvord, Brown and Letts (2004) on social entrepreneurship, Robert Isaak (2005) on the making of the ecopreneur, Dixon and Clifford (2007) on ecopreneurialstrategies, Huang, Ding and Kao (2009) on green innovations, and Global Urban Development (2010) on green products and services.

Results & Discussion: Ecopreneurship combines the words eco, meaning environment, and preneurship, meaning entrepreneurship, and ecopreneurs are those interested in solving environmental issues while taking the environment's long-term health into account. Seven aspects of its significance are identified: environmental conservation, innovation for sustainability, social responsibility, financial prospects, climate change mitigation, support from governments and politicians, and effects on education and public awareness. Ten forces propel ecopreneurship, including environmental awareness, customer demand, regulatory pressures, innovative technologies, global sustainability goals such as the United Nations Sustainable Development Goals, corporate social responsibility, efficiency and cost savings, funding access, evolving business culture, and social and ethical values. Ten successful Indian ecopreneurs are documented, among them Manoj Bhargava (Billions in Change), Ankit Agarwal and Karan Rastogi (Help Us Green), Upendra Tripathy (Saur Energy International), Swati Pandey (Aranyaani), R. Gopinath (Agni Solar Systems), Anirudh Sharma (Graviky Labs) and Rajeev Kher (Sustainable Green Initiative). Twelve challenges are identified, including expensive initial costs, financial constraints, market acceptance, absent infrastructure, policy and regulatory barriers, supply chain difficulties, technological risks and difficulties in scaling.

Conclusion: A large number of academics have already examined the concept of ecopreneurship, along with its opportunities and difficulties, though most researchers only conducted study in particular geographic regions. The amount of research on this subject is expected to increase as more individuals become conscious of the possible environmental harm that their enterprises may do. It is recommended that people keep up their proactive efforts to save the environment by supporting policies and programs from the government, delivering subsidies and alluring incentives to eco-friendly business owners. The rationale for Indian business owners' adoption of green practices and the role of business consultants in suggesting green initiatives for start-up enterprises are proposed for further investigation.