11.3 Fundamentals of Green Entrepreneurship
307
11.2 Definition
Green entrepreneurship can be defined in terms of the output and the process of
economic activity. It is the activity of rationally tackling a social or environmental
issue or need by realizing the entrepreneurial ideas with a high risk-level that is
environmentally friendly and financially sustainable. A Green entrepreneur is an
individual who initiates and manages an entrepreneurial venture designed to incorporate green processes and products from the onset. From this definition, provide
your understanding of the terms Green entrepreneurship and Green entrepreneur.
During the last three decades, significant interest and research have focused
on comprehending the Green growth determinants. A significant issue has eluded
policymakers and economists’ attention: the ultimate introduction of Green commodities and technologies by Green entrepreneurs in the marketplace. They are
economic actors who are instrumental for turning ideas into practice through
the transformation of prototypes into viable products. Contrastingly, many policy
mechanisms that attempt to spearhead Green growth in sub-Saharan Africa mainly
aim to identify technological innovations that can mitigate human effect on the
environment and tackle global environmental problems, including biodiversity loss,
global warming, and land degradation. In the next section, the focus will be on the
important aspects of Green entrepreneurship and its applicability in sub-Saharan
Africa.
11.3 Fundamentals of Green Entrepreneurship
11.3.1 Creative Destruction
According to Gibbs (2009), Green entrepreneurship is based on the fundamental
concept introduced by Schumpeter about creative destruction. It has the ability to
disrupt the current economic model that contributes to the destruction of the planet’s
resources without substituting or replenishing them naturally. Green entrepreneurship can also become the driving force for a sustainable economic system through
consideration of the three fundamental dimensions: society, environment, and
economy (see Fig. 11.1).
Green entrepreneurs act as agents of change and contribute to the destruction of
conventional production methods, structures as well as consumption models. After
destruction, they substitute them with better ecological services and products (Gibbs
2009). Consequently, they can be termed as disruptive innovators.
In detail, provide your understanding of disruptive innovation.
307
11.2 Definition
Green entrepreneurship can be defined in terms of the output and the process of
economic activity. It is the activity of rationally tackling a social or environmental
issue or need by realizing the entrepreneurial ideas with a high risk-level that is
environmentally friendly and financially sustainable. A Green entrepreneur is an
individual who initiates and manages an entrepreneurial venture designed to incorporate green processes and products from the onset. From this definition, provide
your understanding of the terms Green entrepreneurship and Green entrepreneur.
During the last three decades, significant interest and research have focused
on comprehending the Green growth determinants. A significant issue has eluded
policymakers and economists’ attention: the ultimate introduction of Green commodities and technologies by Green entrepreneurs in the marketplace. They are
economic actors who are instrumental for turning ideas into practice through
the transformation of prototypes into viable products. Contrastingly, many policy
mechanisms that attempt to spearhead Green growth in sub-Saharan Africa mainly
aim to identify technological innovations that can mitigate human effect on the
environment and tackle global environmental problems, including biodiversity loss,
global warming, and land degradation. In the next section, the focus will be on the
important aspects of Green entrepreneurship and its applicability in sub-Saharan
Africa.
11.3 Fundamentals of Green Entrepreneurship
11.3.1 Creative Destruction
According to Gibbs (2009), Green entrepreneurship is based on the fundamental
concept introduced by Schumpeter about creative destruction. It has the ability to
disrupt the current economic model that contributes to the destruction of the planet’s
resources without substituting or replenishing them naturally. Green entrepreneurship can also become the driving force for a sustainable economic system through
consideration of the three fundamental dimensions: society, environment, and
economy (see Fig. 11.1).
Green entrepreneurs act as agents of change and contribute to the destruction of
conventional production methods, structures as well as consumption models. After
destruction, they substitute them with better ecological services and products (Gibbs
2009). Consequently, they can be termed as disruptive innovators.
In detail, provide your understanding of disruptive innovation.