An Model Of How Enrgy Flows Through An Ecosystem What Is Sustainable Entrepreneurship?

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What Is Sustainable Entrepreneurship?

I’ve been grappling with the emerging field of sustainable entrepreneurship, which has its roots in the concept of sustainable development that developed out of the 1970s conservation and environmental movement, so I undertook a short analysis to try to better understand the concept. A Google search of sustainable development returns over 30,600,000 web sites, references and/or citations posted on the Internet indicating significant interest in all aspects of what is ‘sustainable’. The Merriam-Webster On-Line Dictionary defines ‘sustainable’ as “…relating to, or using a method of harvesting or a resource so that the resource has not decreased or permanent damage; . No. Wikipedia [I’m not a fan of this web site, however it does serve a purpose in providing quick accounting of a subject] explains that sustainable development concerns the carrying capacity of natural systems; It is nature’s carrying capacity to support all life, i.e. natural capital and the human challenge of economic growth.

Since the 1970s, when the concept emerged in the context of establishing limits to development growth, the term “sustainability” was and is used to conflate ecology and economic growth, including terms such as ‘limits to growth’ and ‘steady state economies’. The environmental movement led to wholesale changes in building and zoning codes related to economic development, particularly land development, across the country. The idea that we have unlimited resources to develop was challenged by the new idea of ​​limited resources that must be intelligently developed in harmony with nature which has created the competitive forces that have shaped our economic development over the past forty years. Scholars of sustainable development consider three elements in it: environmental sustainability, economic sustainability and socio-political sustainability. Special interest groups on both sides of the spectrum have claimed the concept to further their own agendas. However, in my opinion, the common sense approach is always preferable, especially when we in today’s world almost unanimously agree that there is a natural limit to resources that must be recognized. Having said that, I strongly believe that the free market is and will remain the best place to combine economic growth with sustainable development.

An example of how free markets are used to achieve stability is the Santa Fe Institute’s Dr. work begun by Brian Arthur that applied naturalistic principles of biology to the study of economics, particularly economic growth; Which is known as ‘The Santa Fe Approach’. Arthur was very interested in explaining how financial markets work, how business forms, the natural world, and how human organization, in order to grow, must adapt and assimilate to the environment while adapting to constant change. ‘The Santa Fe Approach’ was a pioneering concept that helped pave the way for a new field of economics called ‘Environmental Economics’. Dr. who founded the International Society for Ecological Economics (ISEE) and did many researches at the University of Maryland. The concept of sustainable development has been enriched by the new field of ecological economics popularized by Robert Costanza.

Ecological economics aims to apply economic thought and practice to physical reality, particularly in thermodynamics and the laws of biological systems. It embraces the objective of improving human welfare through economic development and seeks to achieve this through planning for the sustainable development of the environment and societies. Ecological economics distinguishes itself from neoclassical economics in that economics is a subfield of ecology, in that ecology is concerned with life and the Earth’s energy and matter transactions, and the human economy is by definition embedded in this system. This system is defined as natural capital, which includes all non-renewable resources such as oil, coal, gas and minerals and non-renewable resources such as ecosystems that comprise the planet in both quantitative and qualitative terms. It includes terms such as ‘carrying capacity’ which refers to nature’s ability to support human activities and goes to the heart of what sustainable development is, and from which sustainable entrepreneurship emerged.

A recent white paper titled “Sustainable Entrepreneurship in SMEs. Theory and Practice” by Evy Crals and Lode Vereeck defines sustainable development as the continued commitment of business to act ethically and contribute to economic growth, while improving the quality of life of workers. families, local communities, societies and the world as well as future generations. From sustainable development, according to this white paper, sustainable entrepreneurship is defined as an ongoing commitment by businesses to act ethically and contribute to economic development and improving the quality of life of workers, their families, local and global communities, and the future. Generations after all rights; Sustainable entrepreneurship can consider a more holistic approach to undertaking business ventures. But how does this relate to the true meaning of entrepreneurship?

Merriam Webster Dictionary defines an entrepreneur as one who organizes, manages, and assumes the risks of a business or enterprise. Often we use business and enterprise interchangeably to refer to the same thing. The word ‘entrepreneur’ is derived from the French word ‘entreprendre’, which means “to undertake”. In the context of business it means undertaking business activities. Entrepreneurship and small business are often used synonymously, interchangeably, and presented as the same. In fact, entrepreneurship differs from small business in four critical ways: scale of wealth creation, speed of wealth accumulation, risk and innovation. [Reference: See the Green$: Achieving Your Entrepreneurial Dream, LOGOS Press, January 2011.]

In terms of the accepted definition of sustainable entrepreneurship, where reference is made to the common good, I would like to clarify that sustainable entrepreneurship cannot and should not be about establishing some kind of social common good like the communal framework associated with planned economies. Such as the former Soviet Union, East Germany, Cuba, Venezuela and socialist African countries. To do so is an oxymoron. In contrast, the common good in a free market context is job creation which generates disposable income which increases the demand for goods and services. This is then accompanied by a multiplier effect that allows a dollar to flow through the economy 2 times or more, leading to additional demand for goods and services, which in turn increases disposable income, resulting in increased corporate revenue for re-investment, capital accumulation and business growth. This mixed economic activity raises state and federal corporate and personal income tax revenues, allowing for infrastructure investment in public works such as roads, bridges, railroads, dams, and national lands such as parks, wetlands, mountain ranges, and the like.

Instead, according to me, sustainable entrepreneurship is the process of maintaining the level of entrepreneurial development to bring about an ideal change in national gross domestic product, employment growth, capital investment, technological progress and quality of life, incommensurable, incomparable and economic activity. Incomparable I realize this sounds a bit altruistic and sounds like I’m talking about utopia. But I’m not. We can work through local, state, and national efforts to instill an economic mindset that is strategically focused on entrepreneurship and genuine organic economic growth at the community level across America. We can and do embed the concept of sustainability in the consciousness of the free market, and the successful entrepreneur, who seeks to build wealth in a high risk-reward environment, can achieve success through sustained invention and innovation. We can forget that entrepreneurial development was, is and will be what made our country great. We need more than that now.

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