A Strategic Framework for Advancing Sustainable Entrepreneurship in Emerging Economies

Abstract

The research aimed to find out how global trends influence sustainable entrepreneurship in the area of business in Visakhapatnam, Andhra Pradesh. As the world deals with increasing problems from the economy, technology, the environment, and society, organizations have to update their strategies to be sustainable. By this research, we want to know the effect of these trends on sustainable companies in developing countries. A questionnaire of 25 Likert-item questions was used in a quantitative design to assess opinions about Internet technology using the following five areas: Economic Trends, Technological Trends, Environmental Trends, Social Responsibility, and Sustainable Business Operations. 357 entrepreneurs were chosen and surveyed to get the results. Exploratory Factor Analysis was carried out to discover the underlying constructs, the measurement model was tested using Confirmatory Factor Analysis, and the last step was Structural Equation Modeling to establish a causal relationship among the constructs. Results of the SEM model show that the model fits well (CFI = 0.958, RMSEA = 0.045), so its structure is strong. It was found that Global Technology Trends and Global Environmental Trends impact sustainable operations the most by 0.480 and 0.503, respectively. This proves that the approach is correct and points to the requirement for special policies and assistance targeted toward making entrepreneurship greener. The study advances understanding in sustainability and gives advice to entrepreneurs, policymakers, and development planners on how to use global trends in their regions’ business sectors.