Ecopreneurship: A Panacea for Environmental Protection & Sustainable Development since Vedic Age

Abstract

Introduction: Ecopreneurship, the practice of establishing and managing businesses that prioritize environmental sustainability alongside economic goals, has gained considerable attention in recent years. The world faces urgent environmental challenges, including climate change, deforestation and pollution, and India, as the third-largest carbon emitter, must transition toward sustainable business models. Despite its growth, ecopreneurs face numerous challenges in balancing innovation, profitability and environmental impact, including financial constraints, market competition, regulatory complexities and the lack of consumer awareness.

Methodology: The paper explores the multifaceted challenges encountered by ecopreneurs and delves into the frequent failures experienced by eco-ventures, identifying the common reasons behind these setbacks such as inadequate funding, scalability issues, and misalignment between sustainable practices and consumer demand. It reviews fifteen studies spanning Schaltegger (2002), Schaper (2002), Schuyler (1998), Cohen and Winn (2007), Parrish and Foxon (2009), Tilley and Parrish (2009), Hall et al. (2010), Pacheco et al. (2010), York and Venkataraman (2010), Goyal et al. (2014), Mitra and Pathak (2015), Saha and Dartha (2016), Kumar and Kumar (2017), Jain and Jain (2018) and Sharma and Sharma (2019). It then traces the concept of ecopreneurship through Indian epics, Vedas and Puranas, examining the Rigveda, Yajurveda and Samaveda.

Results & Discussion: The Encyclopaedia of Corporate Social Responsibility defines ecopreneurship as deliberate human innovation to expand the supply of natural resources and improve environmental quality, engaging all aspects of sustainability — social, economic and environmental. Indian Vedic scriptures emphasize coexistence of humans with nature, describing Earth as Bhū Māthā or Mother Earth and encouraging reverence for natural resources. The Rigveda emphasizes sustainable agriculture and eco-friendly farming practices across Mandala 1, Suktas 164 to 177, advising farmers to use natural methods to control pests and diseases, to practise crop rotation and intercropping which promote soil fertility, reduce soil erosion and increase crop yields, and to use natural methods to conserve water. The Yajurveda emphasizes eco-friendly technologies and sustainable development across Chapter 1, Verses 1 to 65, advising the use of natural materials and eco-friendly technologies that reduce pollution and conserve natural resources. The Samaveda emphasizes sustainable forestry and eco-friendly practices across Chapter 1, Verses 1 to 10, advising the use of sustainable forestry practices to promote eco-friendly development and reduce deforestation.

Conclusion: By examining both the obstacles and opportunities within the field of ecopreneurship, this paper provides valuable insights for aspiring entrepreneurs, policymakers, and researchers aiming to promote the growth of sustainable businesses and contribute to a greener economy. The study outlines potential pathways to success, emphasizing strategies such as leveraging green technologies, building strategic partnerships, adopting adaptive business models, and fostering a strong organizational culture committed to sustainability. Ecopreneurship is a pivotal step towards replacing antiquated environmentally detrimental practices with ideas and innovations that motivate individuals to preserve the planet.