By: Patience Machayi
Entrepreneurship and sustainability are usually taught separately instead of interdisciplinary, which probably should not be the case. Business schools often teach entrepreneurial students a “profit-first mentality”, which negatively influences their intentions to engage in sustainable entrepreneurship . So allow us to begin by redefining entrepreneurship. It refers to the method of improving old systems and concepts , creating a brand new enterprise, and bearing any of its risks, springing up with solutions to various economic, social, and environmental challenges with the view of creating a profit.
Long-term business prosperity hinges on the goals being realized and research have shown that entrepreneurs that do good also do well earning more while reducing risks, diversifying markets lowering operational cost, and improving product quality while at an equivalent time providing vital social services and infrastructure. As often said, it is impossible to own a successful business in an exceedingly failing world. Entrepreneurship can help address environmental challenges through the introduction of latest global climate change mitigation, adaptation technologies, and resilience measures, furthermore as by promoting environmentally sustainable practices and consumption patterns.
Business solutions that align with the goals stand to open up market opportunities while increasing the standard and quantity of investment, better information, and more inclusive engagements. Vulnerable groups have been the hardest hit by the covid-19 pandemic, and over 1.5 billion workers within the informal economy have been severely stricken by the lockdowns, experiencing an 80 percent decrease in earnings. Entrepreneurship drives economic growth by creating jobs, promoting decent work and sustainable agriculture, and fostering innovation, thus tackling goal number 8 (decent work and economic growth). Entrepreneurship also can make a positive contribution to “promoting social cohesion by reducing inequalities and expanding opportunities for all, including women, children , persons with disabilities and the most vulnerable people” all of which address social developmental goal number 5 and 10 that target equality and inequality.
All in all, entrepreneurship plays an important role in the development process of any sector and country at large. It builds resilient infrastructure while promoting inclusive and sustainable industrialization (goal 9) . It also provides financial literacy which will reduce the degree of poverty (goal 1) that later tackle goals 2, 3, and 6. It aids in reducing inequality by promoting inclusiveness and systems that are not biased (goal 10) and ultimately addressing the global climate change crisis (goal 13). We can therefore agree that entrepreneurship has significant potential in the achievement of the 2030 Agenda!
- Secretary-General. (2020, July 27). Entrepreneurship for sustainable development. New York ; United Nations Conference on Trade and Development. https://unctad.org/system/files/official-document/a75d257_en.pdf
- Sustainability , volume 11 (2019) – MDPI. (n.d.). Retrieved January 8, 2022, from https://www.mdpi.com/2071-1050/11