Effect of Ecopreneurship on Environment Protection and Sustainable Development

Abstract

Introduction: Ecopreneurship is the process of coming up with long-term solutions for social and environmental problems by applying creativity and entrepreneurial abilities. Through sustainable practices, ecopreneurship promotes peace and faster economic progress, aiding sustainable development, poverty reduction and job creation. Modern open economies require entrepreneurship as a component of their economy, and India has abundant natural resources, a shortage of capital and good human resources. One way to combat unemployment is through self-employment, as entrepreneurs create job opportunities and raise GDP, NNP, and per capita income.

Methodology: The study offers a concise overview of the corporate effort of ecopreneurship's adoption in India, briefly summarising the concept of entrepreneurship, its importance, the challenges it faces, and some actual examples of successful ecopreneurs in India. It traces the origin of the term from the French verb “entreprendre” and the compound of “eco” and “preneurship”, and sets out definitions from Gwyn Schuyler, who describes ecopreneurs as entrepreneurs whose business efforts are driven not only by profit but also by a concern for the environment, and from Gerald A. Gunderson, who defines ecopreneurship as deliberate human innovation to expand the supply of natural resources and improve environmental quality. Eight characteristics of ecopreneurship, seven areas of significance, ten driving forces and twelve challenges are then examined in turn.

Results & Discussion: Eight characteristics of ecopreneurship are identified: identifying business opportunities, undertaking risk, effect on the natural environment, intentionality of entrepreneurs, demonstrating concern, authority and power, sustainable development, and protecting innovations. Seven areas of significance are documented, covering environmental conservation, innovation for sustainability, social responsibility, economic opportunities, mitigating climate change, government and policy support, and impact on education and awareness. Ten driving forces are set out, including environmental awareness, customer demand, regulatory pressures, innovative technologies, global sustainability goals, corporate social responsibility, efficiency and cost savings, access to funding, changing business culture, and social and ethical values. Ten successful Indian ecopreneurs are documented, among them Manoj Bhargava of Billions in Change, Ankit Agarwal and Karan Rastogi of HelpUsGreen, Upendra Tripathy of Saur Energy International, Swati Pandey of Aranyaani, R. Gopinath of Agni Solar Systems, Anirudh Sharma of Graviky Labs and Rajeev Kher of the Sustainable Green Initiative. Twelve challenges are listed, from high upfront costs and restricted finance availability to technological risks and perception challenges.

Conclusion: A lot of scholars have already looked into the idea of ecopreneurship as well as its prospects and challenges, though the majority of the researchers provided research that was restricted to specific geographic areas. It is anticipated that as more and more people become aware of the potential harm their businesses may bring to the environment, the amount of research on this topic will continue to rise. It is advised that people continue to take proactive steps to protect the environment through supportive government regulations and initiatives for eco-friendly business owners, such as offering subsidies and enticing incentives. Practitioners could assist the government in socializing the regulations and incentives.