The Green Entrepreneurship Paradox: Are green and entrepreneurship incompatible?
Arecent discussion in a research debate group raised an intriguing point concerning the contradictory nature of the terms “Sustainability” and “Entrepreneurship.” The obvious answer to the question of “whether sustainable business practices reduce the carbon footprints of entrepreneurial activities in a country to zero” is a resounding “NO.”
It does, however, play a critical role in reducing the environmental impact of corporate activities and safeguarding natural resources.
Sustainability, according to Prof Knut Haanaes of IMD in Lausanne, Switzerland, has evolved into a business strategy that increases a company’s longevity.
According to Talal Rafi, a member of the World Economic Forum Expert Network, the shifting perceptions of their surroundings have made sustainability more crucial for businesses.
The rising demand for sustainability adoption from a variety of stakeholders has created a new arena for businesses to compete in. As a result, businesses have begun to report on their sustainability efforts using various reporting frameworks and standards.
GRI is one of the most widely used frameworks for sustainability reporting (Global Reporting Initiative Standards).
PDO, Omantel, Oman Arab Bank, OQ, and Bank Muscat are among the companies in the Sultanate of Oman that use GRI standards for sustainability reporting.
Apparently, all sustainability policies and practices across the globe are reserved for the big players and SMES find no place in it. The erstwhile CSR and the current ESG are the best examples of giving overemphasis to big players in the industry. In fact, SMES are also significant if we take them collectively.
Hence, we need an inclusive approach to sustainability rather than a reserved one.
The whole scenario of viewing sustainability as a competitive tool by these big players and the possibilities of undertaking dummy acts for the sake of reporting can decay the objectivity of sustainability policies by the government.
The most sustainable strategy to ensure green behaviours in any economy is to instil a sustainability attitude among the people, rather than making reporting mandatory.
It is the collective obligation of the entire society to assure green business in an economy in order to create a brighter future for future generations, not only managers, employees, investors, or consumers.
Finally, rather than enforcing a sustainable mindset through the legal system, it’s past time to invest in cultivating one. We need to restructure the curriculum to impart sustainability values, which will serve as the foundation for developing sustainable practices.
Green entrepreneurs will emerge organically in a society with a sustainability attitude, making the portmanteau “Greenentrepreneurship” compatible.