Moghana Priyaa. A Sanjana. S II B.B.A (Shift-1) Trust is the gem of a big firm, no matter what the situation or time is the entrepreneur must give his fullest to win the trust of the customers and help them.
Green businesses are gaining popularity as more opportunities arise for eco-entrepreneurs to invest in. In the last 20 to 30 years the world has seen a big movement of people telling us about the importance of creating an environmental conscience. Some still believe that companies worldwide are responsible to some degree of environmental problems like a myth.
So green entrepreneurship is taking conscious action to address this problem. In this case, action of the day-to-day activities of companies which can be as simple as creating a recycle or reuse policy in the company for materials such as plastic, paper and others. It can also be more advanced as using new techniques that reduce the emission of gases on production or using cleaner energy from renewable sources. For example, the giant Google has set up a project to create their own energy via renewable resources like wind and sunlight. They even have a website to promote their green concept. Green entrepreneurship has a big obstacle, which is associated with high cost. For instance, setting up green projects like solar energy panel power can be quite expensive, however, its energy cost in the long run will show up an investment with economic returns. Stephen Katsaros, Founder of Nokero International Nokero (short for No Kerosene) was formed in June, 2010 to develop safe, affordable and environmental-friendly technology that eliminates the need for harmful and polluting fuels used around the world.
Nokero is a fully-financed, privately held company with offices in Denver, Colorado and Hong Kong. Nokero’s Denver office, led by the American inventor and company founder Steve Katsaros, generates new advances in solar LED design and technology and focuses on business development, marketing, and public relations. Nikhil Arora and Alejandro Velez, Founders of Back to the Roots Back to the Roots (BTTR) was founded in 2009 by Nikhil Arora and Alejandro Velez as a 100% sustainable urban mushroom farm. Since then, Back to the Roots has transformed into a unique company which is focused on bringing sustainable grow-at-home products into households across the country.
Their vision is to serve as a standard bearer of innovation and responsibility in their community in order to inspire others to work towards a more sustainable future. Vina Lustado, Founder of Sol Haus Design Vina Lustado is the founder of Sol Haus Design, a firm that specializes in sustainable building. As an avid traveler, Vina has always embraced the idea of living simply and in small living spaces.
Living simply allows flexibility, reduces consumer consumption, and frees people from debt. Change is a very common phenomenon which can be seen anywhere whether it is business, economics or anything. It sometimes occurs in a cyclic way or may be in a random order. In the same way, when we take a look towards consumers, we find that their needs, wants, demands, tastes and preferences are also changing. This change is not specific to a particular product category, but to every product segment. There may be several reasons for that such as increasing consumer household income, change in lifestyle and increasing consumer awareness etc.
Among these changes market also needs to adopt some other changes for its survival which includes new product development, product redesign, process design, changes in marketing policies etc. A successful business organization always focuses on these changes and implements it into its operations within time. Changing consumer behavior in the market generates a new market which may be seen both as a challenge and opportunity by many organizations. Those organizations that are capable enough to adopt changes and fulfill the desire of their customers, take it as an opportunity, but there are several organizations who failed to adopt these changes many times.
In recent years, it has been seen that the consumer behavior is taking a shift towards the eco-friendly products which is also called green products. The significant reason behind this change is the increasing pressure on planet earth because of pollution and certain other issues caused by this pollution. Therefore consumers, Government and Business organizations are taking this issue seriously around the world. Government is making strict norms and regulations to forbid the problems caused by business organizations, consumers and other sources, wherein an increasing consumer awareness towards environment changes their consumption and buying pattern of products. Among all these developments certain concepts are coming in the field of management such as green marketing, green supply chain management, reverse logistics, waste management etc., which not only fulfill the needs of the consumers, but also give assurance about the green and clean environment.
The concept of green marketing came into existence way back in 1980’s in United States and European countries and the development goes on. Green marketing helps in reducing the impact of environmental consequences by fulfilling the demand of the consumer’s green needs and also creates additional demand for green products. Green marketing concept not only fulfills the needs of the consumer, but also participates in the sustainable development. Due to the increasing growth and development of the green market, there are various opportunities for entrepreneurs around the world.
Innovation and new product development are among the important ingredients of entrepreneurship and can be seen in the green marketing concept. An entrepreneur always focuses on innovative ideas and brings change in the society and market with the help of their enterprise. Safeguarding the environment is a noble work for the society and the humanity and a good entrepreneur takes care of this entire task as he is also responsible for social welfare.
We can see around us, many entrepreneurs who changed the concept of businesses in their own way and provided solution for various problems in the society. Green entrepreneurship innovates, substitutes the traditional or conventional products into the green products and taps the green market. Creation of the green market is a kind of an opportunity for these green entrepreneurs as it is an emerging market and not penetrated enough. These green entrepreneurs are also called enviropreneurs as they build their business which is favorable to the environment and society.
The concept of green entrepreneurship is not only helping consumers in getting their green products and services, but also making people lean towards green ecosystem. Green entrepreneurship also faces challenges such as lack of substitution of the conventional products, cost controlling, redesigning, raw material and lack of R infrastructure etc. These challenges can be reduced in further development. On the other hand, it is also true that green entrepreneurship creates changes in the society in the form of providing a good natural environment. Various developed and developing countries have started adopting green practices such as green marketing, green supply chain and waste management. The nurturing of green entrepreneurs also encourages young graduates to come and be a part of this emerging opportunity. Green entrepreneurs can make profit through the market as well as social recognition in the society.
Therefore, we can say that it is not all about business, but somewhat a kind of social activity in terms of providing a safeguard to our natural environment. The paper is trying to focus on how emergence of green market is an opportunity for green entrepreneurs and sustainable development in India. The paper is segmented in various parts such as theoretical background of the study i.e.
literature review, identification of various parameters on the basis of the literature review, methodology, development of the conceptual model, discussion and findings, managerial implication, conclusion, contribution of the study, limitations and future research scope. Jason Graham-Nye, Co-Founder of gDiapers Australian-born and the co-founder and CEO of gDiapers, Jason Graham-Nye, has turned his commitment of making the planet greener and healthier into an environmental friendly hybrid diaper company. One diaper, two options: reusable cloth and a biodegradable disposable. Graham-Nye launched gDiapers with his wife Kim in 2005, and has been nurturing the company into a growing success every year since. Steffany Boldrini, Founder of EcoBold Born and raised on a small ranch in Brazil, Steffany Boldrini was destined to become a future green entrepreneur. Ultimately, her upbringing was an important life-changing event, which culminated into what is now Eco Bold, a leading e-commerce company providing online video reviews of various green and eco-friendly products.
Gia Machlin, founder of EcoPlum: Gia founded EcoPlum in 1997 because she wanted to inspire and motivate people to live a more sustainable lifestyle and to practice conscious consumerism. Prior to founding EcoPlum, Gia was President of MMC 20/20 Systems, Inc. In 1998, Gia co-founded Plan Data Management, Inc. (PDM), and grew it into a thriving software and data services provider servicing Fortune 500 companies. PDM was acquired by a public company in 2006. Gia’s professional experience also includes management consulting with the Machlin Consulting Group and Deloitte & Touche, and sales and marketing with Unisys and AT&T. Gia is a long-time member of the Women Presidents’ Organization and a founding member of the Columbia Business School Alumni Club’s Sustainable Business Committee.
Gia serves as Board President of the Blue Card, Inc., a non-profit organization that provides cash assistance to needy Holocaust survivors. She’s been an active volunteer in NYC public schools for the last 11 years. Five Ideas for Eco-Entrepreneurs to Invest in Green Business Revolution: There are numerous green business options that you can venture into on a part-time basis and with a small investment. Whether you are interested in a part-time or a full-time green business, here are top 5 ideas that eco-entrepreneurs can invest in and join the green business revolution: 1. Green App Development If your preference is working in the technology world, you can still make a contribution to the green revolution through the development of apps that promote a green living ideology through proper waste management and recycling. Generally, apps that offer information on what to buy and how to recycle waste are quite popular.
Green app development is quite promising in terms of income generation as its potential will not exhaust in the near future. Besides, existing businesses can also consider developing apps that are branded, as there is room for winning more customers for your products and services as well as cementing their loyalty. 2. Waste Management/Recycling Business Recycling is a great step towards ensuring that toxic waste does not end up in the landfills. An electronics recycling business is great area as old computers, mobile phones, fax machines as well as outdated television sets can be used to produce items that can be used elsewhere. You can also consider offering a pickup service for such electronics and deliver them to recyclers at a fee even though you may not offer actual recycling services. 3. Manufacturing of Green Products This is another leading business idea that has continued to top the list of green business ideas.
You may want to consider manufacturing vegan, organic or herbal soaps, lotions, shampoos as well as other cosmetics whose demand has continued to grow. One of the reasons why these products are preferred is because they have few or no side effects as opposed to chemical-based personal care products. Thus, you can manufacture different kinds of safe and natural personal care products and then market and sell them locally. 4. Green Consulting Setting up a green consultancy is another good green business idea.
This is because more and more businesses as well as individuals are looking to go green even though they do not have adequate knowledge on where to begin. Thus, as a consultant you can develop a concrete action plan for them after looking at their environment and making an analysis of the environmental weaknesses and strengths. Homes and businesses that are consuming more energy than they need for cooling or heating can benefit from green advice. In addition to consulting, you can also consider adding a green event management service where you will see to it that every area of the event is executed in a manner that is environmental friendly. 5. Energy Efficiency Auditor Being able to determine the amount of energy you use at home and sticking to it is a great step in ensuring energy efficiency.
Unfortunately, not so many people understand the value of this. This is why you will do really well if you set up an auditing agency that oversees the business owners in determining how much insulation they need, know when the bulbs are due for a change as well as the kind of programmable thermostats they need. There are endless opportunities when it comes to green business ideas so you need to identify the area that you are passionate about. Also make sure that you are well skilled in your chosen area before setting up your recycling business if you want to make the difference you desire. The term green entrepreneurship stems from Berle’s (1991) book the green entrepreneur: Business opportunities that can save the earth and make you money.
As the title suggests, it’s a rather practically oriented book that touches on topics such as recycling, nature preservation, renewable energy implementation, etc. In his book, Berle (1991) noted how “One man’s garbage is another man’s treasure”. An interesting observation is that almost all the definitions related to green entrepreneurship are also related to the start-up phase of a company and the ability of the person or the company to align activities with environmental protection. Green entrepreneurs are embracing environmental values as a core component of their identity and seeing them as a competitive advantage of their company in the market (Allen and Malin, 2008). Research studies also argue that the difference between ecologically-oriented start-ups and conventional start-ups lies in the environmental considerations of the green entrepreneurs themselves (Schick et al., 2002). However, it is also recognized that green and ethical entrepreneurs emphasis added may have mixed motivations; their motives may not be solely green but a combination of green, ethical and social motives instead.
These are often difficult to separate (as, indeed, the concept of sustainability reflects) (Walley and Taylor, 2002). To sum up, the “green” entrepreneurship is an economic activity whose products, services, methods of production or organization have positive effect on the environment. This effect could be a result of the following: – Offering products or services the consumption of which leads to a change in the consumer’s behavior, reducing the negative effect on the environment; – Equalizing the ecological and the economic goals of the company; – Introducing innovative ecological solutions to problems connected with production and consumption of products and services; – Developing business models which, when applied to use, might lead to a sustainable economic development; – Discovering new possibilities in the market which are in connection with the demand and new way of living of the society. Entrepreneurship is considered to be the moving force of the economy, ensuring economic growth, technological and organizational innovations, and new workplaces.
Training staff to work in the field of “eco-entrepreneurship”, as well as finding ecologically engaged people who have developed a plan for solving an environmental issue, is the key strategy for the success of the “green” idea. There are many types of eco-friendly businesses and thus, it could reflect on people’s lives in different ways in order to encourage them to think “green”. Good Practices Good example of green entrepreneurship inspired by green ideas, good education in environmental area and enthusiasm of young and creative people is Inedit – Spanish consultant firm. Inedit started its activity in 2009.
It is part of the research group Sostenipra (Sustainability and Environmental Prevention), which also brings together researchers from ICTA-UAB (Institute of Environmental Science and Technology) and IRTA (Institute of Agri-food Research and Technology) which are international reference centers in their work areas. In 2011, Inedit established a subsidiary company in Mexico (focused on sustainable architecture services and eco innovation). The team of Inedit is compiled with professionals in area of environmental sciences. Inedit works in applied research in the field of sustainability and environmental prevention. The firm offer services of eco-design and Eco innovation, and applies tools for the quantification of the sustainability of products, processes and systems. Inedit offers environmental consultancy services to help organizations to: Make an environmental assessment of products, services and systems. Identify opportunities for savings and improvement. Gather quantitative information for being used in environmental communication and/or for environmental certification implantation.
Positioning and access to new market niches. Inedit provides consultancy services to assess the sustainability of: Life cycle analysis of sustainability Environmental, social and economic assessment of the life cycle of a product, service or organization to make them more sustainable and cost-efficient. Calculation, mitigation and compensation of the carbon footprint Quantification emissions greenhouse gas emissions associated with a product, service or organization.
Quantification of water flows associated with the life cycle of a product, service or organization. Environmental projects – development of diagnosis reports and studies to minimize risks and maximize opportunities in the environmental field.