Entreprentreurship has previously been recognized as the active network that can bring about the recovery of a sustainable society (Rahman et al., 2014). The emphasis on understanding environmentalism as well as on sustainable business activities has shown that green orientation can be useful, not only concerning the business bottom line but also with regard to the world’s natural assets or resources.
Specifically, green entrepreneurship presents the more pertinent inclination toward the development perspective. Nevertheless, the examination of the literature has shown that the green orientation is mostly within the sphere of research investigations (Pachaly, 2012). Sustainable growth and the green economy can simply be accomplished by cultivating an adequate fundamental shift in people’s mindsets as well as in society’s attitude toward the unfathomable fluctuations that are in the way of establishing green practices, mainly in businesses.
According to Szamosi (2006), the concentration on the younger generation is a thoughtful attempt to foster sustainable future business undertakings. The younger generation, through being incompletely twice the size of the company (Hewlett, Sherbin, & Sumberg, 2009), has become fully fledged worldwide, bringing many complex, dynamic, and innovative effects. Moreover, those of younger age admit the reality that they should give back to society through their work. In this way, entrepreneurial spirit has been positioned more among youth than among the rest of the present generation (Szamosi, 2006).
Going forward, the fresh breed of entrepreneurs is emerging from the world’s youth; therefore, exploring their inclination toward green entrepreneurship has been acknowledged as appropriate.
Green entrepreneurship is the active pursuit of social and environmental needs and challenges, as well as the generation of bright, original business concepts that will address them. These concepts carry a high level of risk, which benefits the environment while assisting in the maintenance of financial sustainability.
In other words, green entrepreneurship refers to businesses and organizations developing products or services that are used everywhere and have the potential to protect the environment. They must simultaneously ensure that the solutions won’t have a detrimental financial impact on the company.
A company cannot use a technique to develop a sustainable energy source if it causes the company’s own financial instability.
We must define the idea and role of a Green Entrepreneur in addition to Green Entrepreneurship, the person who manages the business from behind the scenes.
A green entrepreneur is someone who establishes a business venture that is green by design and ensures that all processes and products that result from that enterprise are green from the moment it is established.
Companies must begin using the new model that will enable them to both support green businesses and go green themselves in order for the concept of “green entrepreneurship” to be effective. This may take longer to do in older businesses when a specific way of operating is already in place.
It will be necessary to alter the fundamentals, and most businesses simply lack the funds to do so. But even when we’re talking about a brand-new business, funding is still crucial.
European green business owners will get the assistance they require today and in the years to come. The European Union takes the issue of sustainability and the use of environmentally friendly solutions to challenges extremely seriously.
With initiatives like the European Green Deal, it is noticed an increase in funding for initiatives that support environmentally friendly behavior. This has resulted in a number of “investments that will assist both build new green companies as well as reform present policies for old businesses.”