THE ANALYSIS OF CHALLENGES AND PROSPECTS FACED BY ENTREPRENEURS TO ENSURE SUSTAINABLE GROWTH OF SMALL AND MEDIUM ENTERPRISES

Abstract

SMEcos (Small and Medium Ecopreneurs) are critical players in the circular economy and achieving the goal of sustainable development. This is especially true because SMEcos have long been the backbone of economic progress, and entrepreneurs make a significant contribution to the sustainable use of natural resources and the reduction of development problems. Therefore, this research looks at the problems and opportunities faced by small and medium-sized ecopreneurs. The terms “sustainable development”, “circular economy”, and “ecopreneurship” have been discussed in the research. It also considers how SMEcos might contribute to the development of a circular economy. As a theoretical framework, the survey is based on sustainability theory. To conduct thorough study, relevant and accurate learning theory and reports have been employed. Entrepreneurs face four major challenges: financial availability and accessibility; a lack of planning, competent labor, and appropriate management skills; a lack of competitiveness, technical innovation, and consumer loyalty; and a lack of legal and regulatory framework as well as social considerations. The SMEs offers significant potential for entrepreneurial development, according to the results. New entrepreneurs are frequently confronted with rivalry, unforeseen business obstacles, and other reasons when faced with external hurdles. In addition, the results of the study have revealed a number of concepts that can help entrepreneurs overcome difficulties, such as being optimistic in the face of difficulties, spreading an idea and vision to potential investors, etc.