3.4 The Position of the Entrepreneur Entrepreneurs face an inherently challenging dilemma: choosing between green growth and de-growth. Green growth promotes economic expansion through sustainable practices, seeking to decouple growth from environmental harm. In contrast, de-growth emphasises reducing overall economic activity to achieve sustainability, advocating limits on consumption and production to stay within ecological boundaries. Entrepreneurs must navigate this tension, balancing the pursuit of economic growth with the principles of de-growth that call for scaling down activities to protect the planet. A key consideration is whether businesses fully understand the strategic importance of decision-making within their operations. Applying the 80-20 rule suggests that businesses need not prioritise all areas equally, creating opportunities for de-growth in specific parts of their activities without jeopardising overall viability. This selective approach could enable companies to adopt more sustainable practices while maintaining their competitiveness. Another critical aspect is the extent to which businesses are informed about the potential of the circular economy. Investing in circular models allows companies to transition toward sustainability without abandoning the principles of the market economy. This involves practical steps such as reducing energy consumption and environmental footprints, designing out waste and pollution, and extending product lifespans. The circular economy offers a compelling framework for businesses to align profitability with ecological responsibility, fostering innovation while contributing to environmental sustainability. 3.5 Conclusion As we consider the positions of green growth and de-growth, illustrated in Figure 3.4, we are reminded that the quest for sustainable development is a delicate balance. This balance seeks to harmonise the pursuit for well-being with the preservation of our planet. Thus, we stand at a crossroads, where wisdom in the correct strategy which is tailored to each sector is needed. Entrepreneurs play a pivotal role in this dynamic, both as consumers of raw materials and as contributors to waste production. While de-growth offers a vital framework for maintaining activities within planetary boundaries, green growth, including the circular economy, emerges as a pragmatic enabler for fostering sustainable economic development. However, the actions of entrepreneurs do not occur in a vacuum. As discussed, financing green growth is often constrained by systemic reluctance to redirect funds from the entrenched fossil fuel economy, creating barriers to transformative change. In the next chapter, closer attention will be given to the concept of a well-being economy. 16 3.4 The Position of the Entrepreneur
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