“It is one world. And it’s in our care. For the first time in the history of humanity, for the first time in 500 million years, one species has the future in the palm of its hands.” - David Attenborough (2017) In this section we will discuss the effect of innovation as entrepreneurial behaviour as well as sustainable business models. The significance of innovation and entrepreneurial behaviour becomes especially clear when addressing the complex task of balancing environmental, social, and economic priorities. Entrepreneurs, through their innovative endeavours, must navigate these often conflicting dimensions to create sustainable value. Silvestre et al. (2019) presents a typology of innovations for sustainable development, highlighting two key dimensions: social and environmental. This typology underscores the challenges entrepreneurs face in giving equal attention to both social and environmental considerations. They found that balancing sustainability and environmental criteria is a challenge by itself, without even considering the impact on the profit of the company. Combined, these challenges stem from the inherent trade-offs between immediate economic viability and long-term sustainability goals, which entrepreneurs must carefully balance to create solutions that are both profitable and sustainable. Effectively navigating this apparent paradox can yield substantial benefits. For instance, companies like Patagonia have shown that prioritising sustainability can simultaneously foster innovation (Perkins et al., 2024). A recent study by Jin et al. (2019) investigated the benefits a commitment to sustainability on innovation outcomes. As shown in Figure 7.1, their framework found that while sustainability is not the dominant driver, it plays an important role in fostering a positive relationship between innovation culture and innovation achievements. Entrepreneurs often face the challenge of integrating sustainability without compromising short-term profitability or technological advancements. However, companies that successfully combine sustainability with innovation, often reap long-term benefits in terms of enhanced reputation, and stronger customer loyalty. nt to Sustainability ur care. For the first time in the history of 500 million years, one species has the future ss the effect of innovation as entrepreneurial nable business models. The significance of al behaviour becomes especially clear when balancing environmental, social, and economic gh their innovative endeavours, must navigate ons to create sustainable value. Silvestre and y of innovations for sustainable development, ns: social and environmental. This typology repreneurs face in giving equal attention to considerations. They found that balancing tal criteria is a challenge by itself, without the profit of the company. Combined, these Chapter 7 36 Chapter 7. Entrepreneurial Behaviour and Commitment to Sustainability
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