SOCIAL ENTREPRENEURSHIP AND ENVIRONMENTAL SUSTAINABILITY: EXPLORING THE INTERSECTION

Abstract

The increasing search for answers by politicians to halt climate change has led to a rise in the popularity of sustainability literature. enterprises have been sluggish to transition to sustainable products, even though it is widely believed that doing so can benefit both enterprises and the economy. We contend that one of the reasons for this is that businesses struggle more than they do with the products they currently offer to understand how to gain a competitive edge with sustainable products. Thus, the question of how sustainable enterprises could create a competitive edge around sustainable products is addressed in this study. In addition, this article outlines the main benefits of social entrepreneurship in the field of renewable energy, addresses the main obstacles it faces, and offers solutions. In essence, this has important ramifications for social science researchers and practitioners. It emphasizes the need of social entrepreneurship as a comprehensive strategy for long-term gains in living quality. A non-random purposive sample of 310 Mumbai social company founders and CEOs was used in this study. Some of the main challenges that social entrepreneurship may face include government regulations, challenges implementing state-of-the-art infrastructure and technology, threats from external competitors, restricted access to public funds or loans, a lack of awareness and the acquisition of skills and knowledge, and a lack of understanding of social impact measurement methods. The key advantages of RE social businesses include energy savings, raising community knowledge, and generating positive social externalities in rural and impoverished areas. We conclude by talking about the real-world uses for social companies.

Keywords: Entrepreneurship, Sustainability, Exploratory Factor Analysis, Government, Regulations.