Abstract
Understanding the effects of entrepreneurs' intentions towards sustainable entrepreneurship can be an initial step in developing sustainable entrepreneurs. Limited research has been conducted on the intention of practicing entrepreneurs, specifically among owners of SMMEs (small, medium, and micro enterprises) towards sustainable entrepreneurship. Previous research focused on a traditional entrepreneurial process, with limited studies having been done to investigate the intentions of entrepreneurs to engage in sustainable entrepreneurship. Studies focusing on intention towards sustainable entrepreneurship are limited, more so in South Africa. To fill this research vacuum, this chapter provides insights on entrepreneurs' perceptions of sustainable entrepreneurship. The chapter reveals that entrepreneurs' intentions to adopt sustainable practices were driven by subjective standards, their views toward sustainability, and their perceived behavioural controls. From a managerial standpoint, this chapter recommends that SMMEs match their business operations with their stakeholders' values.
TopBackground
According to Bajdor, Pawełoszek, and Fidlerova (2021), sustainable entrepreneurship” is a concept that combines several aspects of traditional entrepreneurship, combining the terms “sustainable development” with “entrepreneurship.” The fundamentals of sustainable activity are less concerned with management systems and more concerned with an entrepreneur’s initiative and ability to succeed in the market and effect (good) changes in society and the natural environment. Sustainable entrepreneurship is built on two distinct pillars: social entrepreneurship and eco entrepreneurship. While eco-entrepreneurship is concerned with the environment, social entrepreneurship is concerned with social well-being (Bajdor et al., 2021)
Sustainable entrepreneurship, on the other hand, “goes farther” by incorporating social, environmental, and economic factors (Bajdor et al., 2021). Based on the preceding, Bajdor et al. (2021) assume the foundation was traditionally defined as entrepreneurship, upon which social and eco-entrepreneurship were founded, hence creating the foundation for sustainable entrepreneurship (Bajdor et al., 2021).
According to Bajdor et al. (2021), The phrase “sustainable enterprise” evolved as a result of the introduction of a new paradigm known as “sustainability,” which can be informally translated as “renewable,” “sustainable,” or a continuous process of achieving balance in specific areas. In terms of the enterprise, this paradigm has two interpretations:
It stresses the organisation’s ability to sustain business continuity in a highly dynamic and variable environment, and secondly, it helps the organisation to capitalise on the opportunities created by the changes. The notion of “sustainable enterprise” answers to the constant changes occurring in the contemporary reality in which businesses function (Bajdor et al., 2021).
Key Terms in this Chapter
Social Sustainability: Social sustainability happens when formal and informal processes, systems, structures, and relationships, actively support the capacity of current and future generations to create healthy and liveable communities.
Triple Bottom Line: Is a method used in business accounting to expand stakeholders’ knowledge of the company further. It goes beyond the traditional and financial aspects and reveals the company’s impact on the world around it.
Sustainability: The capability of continuously providing conditions conducive to a longer life for a group of people and their descendants in a specific ecosystem.
Environmental Sustainability: Refers to engaging in practices that do not compromise the environmental resources for future generations.
Entrepreneurship: Is the method of developing a fresh and useful product or service, while taking into consideration all the factors needed to make the product or service accessible to the market.
Sustainable Development: Is regarded as the development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Sustainable Entrepreneurship: The emphasis on maintaining nature, life support, and community in pursuit of perceived chances to create new products, processes, and services for gain, where gain is generally defined to include economic and non-economic benefits to individuals, the economy, and society.
Economic Sustainability: Concentrates on the economic value that is provided by the organisation to the surrounding environment in a manner that prospers and promotes it for its ability to sustain future generations.