As planet Earth is our home, it is our responsibility to manage the home we live in. It is well identified fact that environmental issues such as “global warming” are threatening the ecosystem and our existence. In recent times the businesses around the world are witnessing things that are varying like never before due to technological advancement, change in economy and political influences. De Facto, because of advancement in technology and changes in standards of living conditions of consumers there has been a major shift tastes and preferences also.
Various studies carried over on consumer’s preferences have eminently shown that individuals are now health and environment conscious. It may be a key object that every company is trying to fill up the vacuum by offering eco-friendly products and tend to adhere to green marketing practices. This impression has ultimately developed a new breed- ‘Eco- entrepreneurs’ who aim to hit this untapped desire of consumers by offering eco-friendly products and by adopting green strategy to attract them. Since last decade the concept eco entrepreneurship is gradually escalating and has caught world’s attention in a big way.
It can be also a prospect for those entrepreneurs, who believe in innovation and redesigning their products and services in ecological manner. This may be an ideal time for those entrepreneurs who want to grab the opportunities of this developing green market because of following two major reasons: Firstly, the environmental market is growing at a rapid speed. Every entrepreneur, business manager and investor who has had even a brief glance recognizes the market’s potential. Secondly, they will lead towards building a better world for the current as well as future generation.
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Concept of Eco Entrepreneurs For the very first time, Terry Clark of Goizueta Business School, Emory University devised the term ‘green entrepreneurs’. The term green entrepreneurs are a mixture of two words i.e. environment and entrepreneurship. But it was Bennett (1991), Berle (1991) and Blue (1990) who first espoused the concept ‘environmental entrepreneur’, ‘green entrepreneur’, ‘eco-entrepreneur’ and ‘eco preneur’ in their studies. There is a common consensus that entrepreneurs are generally driven by a special motivation and acts on a valuable opportunity (Miller 2003).
Green entrepreneurs are the ones who make use of opportunities and initiates business for sustainable development which helps in structure. transforming, are socially devoted and technologically advanced usually based on ecofriendly process and environmental product (Walley & Taylor, 2002). In short, green entrepreneurship is a business model that helps to addresses the problem of society as well as ensures healthy environmental condition by innovating products and services accordingly. The basic goal of these entrepreneurs is to earn profit by guarding and improving environmental condition thereby providing to society something novel and eco-friendly.
Based on basic definitions given by authors following are the basic characteristics extracted about green entrepreneurs:
- They commence new risky business ventures wherein the outcome of the business is uncertain.
- They are inherently motivated. Their aim behind running a business undertaking is not just earning profit but also serving the society.
- They consciously aim at covering those economic activities that will have an overall positive effect on the natural environment and on economic sustainability and a better future.
- They face enormous challenges such as commitment from the public sector, suppliers and consumers.
