Abstract
Entrepreneurship development is continuously tied to boosting the economy of the individuals, society, and the nation. Amongst a variety of approaches devised for economic development by scientists, researchers, and economists, a novel tool of the circular economy has emerged to help industries generate dual benefits. The ability to revamp the economy and reduce awful environmental impact are its objectives. Further revelation is about the knowledge of traditional, recycling, and circular economies and useful strategies for developing entrepreneurship in a circular economy. The findings further revealed essential links to build processes and measures to manage the knowledge for circular economy development. The chapter has revealed a three-pronged approach as important to the development of entrepreneurship in a circular economy. In that context, economics, regulations, and technology are the three important dimensions found essential to developing entrepreneurship.
TopIntroduction
Public viewpoints undoubtedly indicate Entrepreneurship as the “capacity and willingness to develop, organize and manage” a business venture along with any of its risks to make a profit that leads to empowerment. That is a process of strengthening individuals, organizations and communities so they get more control over their own situations and environments. In the context of circular economy, it is considered as (WEF, 2019) an industrial system that is restorative or regenerative by intention and design. It replaces the end-of-life concept with restoration, shifts towards the use of renewable energy, eliminates the use of toxic chemicals, which impair reuse and return to the biosphere, and aims for the elimination of waste through the superior design of materials, products, systems and business models. Quality entrepreneurship is also believed to be a crucial factor in combating poverty and inequality in society. Often said is the other fact that, peaceful environment promotes national development (Clark, 2013) and highly educated people more often have a peaceful attitude in life than their lower counterparts (Komatsu, 2017). Maintaining harmony (Narendran, 2012) and perpetually pursuing to enhance Circular Economy (Berger & Fisher, 2013) is the attitude exhibited by highly educated class of people. Entrepreneurship for Circular Economy Development fosters focused knowledge of subject matter and Individuals look for its utility at work-place.
Key Terms in this Chapter
Circular Economy: It is defined as a process of gaining monetary benefit by converting resources in manufacturing industry in linear direction and treating the waste produced therein in reverse direction forming a circulatory process.
Knowledge Management: It is defined as a process of seeking informative material content by planning, organising, and verifying and is the one which could be converted into useful knowledge using intelligence and philosophy by a qualified person.
Entrepreneurship Development: It is defined as a process of training or preparing an aspirant to adding skills, capacities and abilities in handling risk in a particular business or situation.