Social and Eco-Friendly Enterpreneurship: The Keys to Sustainability

Abstract

The article summarizes the arguments and counterarguments in the scientific discussion on the development of sustainable entrepreneurship. The main purpose of the study is to identify the essential characteristics and key determinants of success of sustainable entrepreneurship initiatives. Systematization of literature sources showed that the current stage of entrepreneurship is characterized by the transition from the concept of maximizing profitability to the formation of long-term sustainability. Existing theoretical and empirical research shows that sustainable entrepreneurship is an activity aimed at balancing economic, social and environmental challenges. The theoretical analysis of the results of basic research on sustainable entrepreneurship has identified a list of key internal and external determinants that contribute to the development of sustainable entrepreneurship. It is determined that the key internal characteristics of the entrepreneur are the level of his motivation and qualification. At the same time, among external factors, the education system, the availability of state environmental and social policy measures, as well as public perception and support of social and environmental initiatives play a significant role in promoting sustainable entrepreneurship. It is established that the existing empirical research revealed the differentiation of results for companies of different sizes and at different stages of operation, as well as depending on the form of ownership and sector of activity. The results of the analysis provide a scientific basis for further research on the key determinants of the effectiveness of sustainable entrepreneurship initiatives, the identification of the most promising sectors for social and environmental initiatives, and the study of links with social, environmental and economic parameters.