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Green Entrepreneurship And Smes Growth - Education - Nairaland

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Green Entrepreneurship And Smes Growth by uniprojectM1: 1:44pm On Feb 16
The interest of many concerned parties in green entrepreneurship has increased due to the trending issue of the need to preserve the earth’s resources. It is strongly observed that green entrepreneurship practices bring better and more compelling competitive advantage for a firm through green entrepreneurial innovation. The idea of green entrepreneurship is based on business owners’ ability to diversify ideas and implement new concepts where the environment and citizens are safe. Therefore, many firms intend to adopt green practices.

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However, a lack of readiness regarding competent workers, ideas, and creativity in production denies them from adopting green processes. Nevertheless, there are chances for firms with inquisitiveness and innovative capability to revert to green practices and surpass other competing products in the markets
GREEN ENTREPRENEURSHIP
Green entrepreneurship refers to a special subset of entrepreneurship that aims at creating and implementing. solutions to environmental problems and to promote social change so that the environment is not harmed. Green entrepreneurship refers to a special subset of entrepreneurship that aims at creating and implementing solutions to environmental problems and to promote social change so that the environment is not harmed. It has also been suggested that green entrepreneurship could be a new business paradigm instead of a subset of entrepreneurship because green entrepreneurs have wider motivations than just launching eco-friendly products and services for a niche market. Environmental or green entrepreneurship can be explained on the basis of theories on entrepreneurship, and environmental and welfare economics as a subset of sustainable entrepreneurship. The environmental economics literature states that environmental degradation is a result of market failures, while the entrepreneurship literature claims that there are business opportunities in market failure. The target of green entrepreneurship is to improve the business ecosystems where businesses operate and at the same time promote changes in business practices that have an impact on the natural environment and society. This can be on the level of business and production processes and/or products themselves. Green entrepreneurship is responding to the growing demands for the termination of environmentally degrading business and consumers’ growing willingness to pay for the reduction of activities that have a negative impact on the environment. Green entrepreneurs are seizing business opportunities that can result in the improvement of ecological sustainability.
SMEs GROWTH
It is vital to evaluate SME performance for various reasons. For starters, small and medium-sized firms greatly influence GDP and unemployment. SMEs contribute considerably to global GDP and the decrease of unemployment, apart from centralized economic systems, which are on the threshold of annihilation. Secondly, the importance of small and medium-sized firms has grown dramatically due to the difficulties in recovering from the worldwide economic emergency and the interconnectedness of national economies brought about by globalization. This is because these firms are more suited and acclimatize to the requirements of an incessantly varying environment Small and medium-sized businesses can be judged on their effectiveness, profitability, productivity, market share, revenue, cost, and liquidity dynamics, as well as their achievement of goals, leadership style, employee behavior, and customer happiness. A set of 14 indicators is used to evaluate the performance of small and medium-sized businesses, including public image, productivity, staff morale, earnings, sales, on-time order delivery, appropriate work capital, effectiveness in production operations, quality of products, achievement of targets, clientele, ease of supervision, cost reduction, and product diversification
GREEN ENTREPRENEURSHIP AND SMES GROWTH
The firms’ inclination to green entrepreneurship can be defined by the tendency for the firm to adopt green practices. Some individuals within an organization make the moves for firm practices and could influence the tendency to adopt or not adopt green entrepreneurship practices management teams support entirely green practices, while some organizations’ management members are skeptical of the need for green practices or the cost of attaining green practices. Green entrepreneurship has been found to positively impact the performance of small and medium-sized enterprises (SMEs). Several studies have shown that green innovation leads to improvements in marketing, product innovation, and overall market performance.

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