Vaibhav Vinchu
KBS (MMS)
- Established Sustainability Objectives
This research surveyed 50 Romanian entrepreneurs in IT, cosmetics, fashion, food, and renewable energy to understand how they’re incorporating sustainability into their businesses. The survey found that most of the entrepreneurs were familiar with sustainability concepts. All of them had set sustainability goals for their businesses. The most common actions they were taking to be more sustainable were recycling materials (45%) and reducing energy consumption (30%). This shows that these entrepreneurs are aware of sustainability and are actively trying to make their businesses more environmentally friendly. (Claudia Ramona Ciocnitu (Stoiconi), 2023)
- Leading Countries and Publication Outlets
This study reviewed 97 academic articles to understand how sustainability and circular economy (CE) are being integrated into business development. The research found that CE and sustainability are closely linked, and businesses need to use strategies related to both to become more competitive and use resources efficiently. These strategies involve things like using new technologies, sharing platforms, extending product lifecycles, and reducing waste. The study also looked at which countries and journals are publishing the most research on these topics, finding that Italy, Brazil, and Germany are leading contributors. Most of the publications are in the fields of Environmental Science, Social Sciences, and Energy.( Albérico Travassos Rosário et al 2024)
- Need for Sustainable Business Models
This paper introduces a new framework to help businesses understand and design business models that support sustainable development. It addresses the problem that current business models often contribute to environmental issues by overusing resources. The framework combines existing business model frameworks with new elements that consider social, environmental, and economic factors. By applying this framework, businesses can better understand how their operations impact sustainability and identify ways to create value for society while minimizing harm. The framework was tested on an energy provider to demonstrate how it can provide insights into the relationships between different types of value.( Peter Bradley et al 2016)
- Overview of Sustainable Restaurant Business Research
This research paper explores how to create a sustainable restaurant business by examining the restaurant industry’s role in tourism and its environmental impact. It looks at global best practices and surveys Bulgarian restaurant customers to understand their attitudes towards sustainability. The study emphasizes the importance of food in tourism spending and highlights the three core elements of a restaurant business: culinary product production, terms of supply and consumption, and disposal of finished goods. It also examines the concept of sustainable tourism and provides examples of how restaurants can achieve sustainability through culinary practices, waste reduction, and green restaurant initiatives. The research used an online survey with 149 Bulgarian consumers to gather data on their attitudes toward supporting sustainable restaurant practices.( Mancheva-Ali et al 201
- Overview of the Research
This research explores the concepts of business models, social entrepreneurship, and sustainability, noting the lack of universally accepted definitions for each. It examines how economic and social value creation can be integrated into a social enterprise’s business model sustainably. The paper reviews existing literature on social entrepreneurship, social enterprises, and social entrepreneurs, highlighting the various definitions and the ongoing debate surrounding the terminology. The authors propose a 3D Social Entrepreneurship Model to illustrate the dynamic and multi-dimensional nature of social entrepreneurship, emphasizing the interplay between entrepreneurial processes, entrepreneur attributes, the business model, and contextual factors. Ultimately, the paper seeks to provide a framework for understanding and further researching the integration of social and economic values within sustainable social enterprise models.( Sorin BLAGA, 2018.)
- Blending Economic and Social Value
This paper explores the definitions of business models, social entrepreneurship, and sustainability, highlighting the lack of consistent agreement on their meanings. It investigates how social enterprises can sustainably blend economic and social value creation within their business models. Through a literature review, the study examines various definitions of social entrepreneurship and related terms. The authors propose a “3D Social Entrepreneurship Model” that illustrates the complex interactions between entrepreneurial processes, entrepreneur characteristics, the business model itself, and external factors. The ultimate goal is to provide a framework for understanding and researching how social and economic values can be integrated into sustainable social enterprise models.( Maja Levi Jakšic at al 2018)
- Addressing the Need for Sustainable Business Models
This paper introduces a method for strategically evaluating business models in the early stages of development, specifically focusing on sustainability. It addresses the need for companies to adapt their business models to meet environmental and social challenges like climate change and resource scarcity. The proposed method builds upon a sustainability-related canvas approach and strategic management principles. It offers a procedure and five key criteria for evaluating business models: creating stakeholder benefits, market attractiveness, uniqueness, long-term viability, and generating sustainability-oriented value. This helps companies prioritize promising ideas and make informed decisions about implementing sustainable business models.( Kristina Höse et al 2022)
· Successes and Challenges of SBMs
This paper reviews existing research on sustainable business models (SBMs) across various industries to understand their use and effectiveness. The study identifies notable SBMs and classifies them into fourteen categories, analyzing their successes and failures. It shows that interest in SBMs has grown significantly in the past two decades, with businesses increasingly using them to achieve economic, environmental, and social goals. The review covers applications of SBMs in areas like innovation, management, energy, fashion, healthcare, and the circular economy. The paper concludes that SBMs are becoming more popular and successful, driven by the use of advanced technologies, but also identifies gaps in research for specific application areas.(Magdalena Marczewska & Mariusz Kostrzewski, 2020.)
· Challenges and Gaps in Research
This study explores how sustainable businesses contribute to achieving the United Nations Sustainable Development Goals (SDGs) by analyzing research trends using bibliometric analysis. The study reviews 1,305 academic papers to understand how businesses implement sustainability in their strategies. It finds that research on sustainable business has increased significantly, particularly in areas related to innovation, responsible production, and circular economy. Key findings show that businesses integrating sustainability practices can improve infrastructure, reduce waste, and enhance economic development. The study also identifies research gaps, emphasizing the need for further exploration of sustainable business models in various industries. (Viziteu Loredana & Lucaci Ancuța & Orhean-Vranceanu Maria, 2024)
· Challenges and Risks for Businesses
Human activities, particularly economic growth and resource overuse, have significantly impacted the environment, leading to biodiversity loss and ecosystem degradation. Businesses face increasing risks due to resource scarcity and environmental regulations, making sustainability a key factor in competition. A sustainable business minimizes environmental harm while maintaining profitability. Companies must integrate sustainability principles, offer eco-friendly products, and adopt responsible governance. Key environmental concerns include climate change, deforestation, water scarcity, and pollution. To address these challenges, businesses must implement long-term strategies to reduce their ecological footprint and promote sustainable development.( Anca Costea-Dunarintu & Constanta Chitiba, 2015)
· Overall Summary
Businesses are increasingly adopting sustainability by setting goals like recycling and reducing energy use. Research highlights the link between circular economy strategies and business competitiveness, with Italy, Brazil, and Germany leading in sustainability studies. New business models are needed to balance profit with environmental and social responsibility. Studies focus on areas like sustainable restaurants, social entrepreneurship, and strategic business planning. While sustainable business models are growing, challenges like resource overuse, climate change, and regulations remain. Companies must innovate, adopt greener practices, and use technology to improve efficiency. More research is needed to enhance and expand sustainability efforts across industries.
Reference
Albérico Travassos Rosário & Paula Lopes & Filipe Sales Rosário, 2024. “Sustainability and the Circular Economy Business Development,” Sustainability, MDPI, vol. 16(14), pages 1-24, July.
Anca Costea-Dunarintu & Constanta Chitiba, 2015. “Environmental Trends and Sustainable Business,” Knowledge Horizons – Economics, Faculty of Finance, Banking and Accountancy Bucharest,”Dimitrie Cantemir” Christian University Bucharest, vol. 7(2), pages 100-102, June
Claudia Ramona Ciocnitu (Stoiconi), 2023. “Strategies for Implementing Sustainability in Entrepreneurial Businesses,” Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 53-60, December.
Kristina Höse & Anika Süß & Uwe Götze, 2022. “Sustainability-Related Strategic Evaluation of Business Models,” Sustainability, MDPI, vol. 14(12), pages 1-15, June.
Magdalena Marczewska & Mariusz Kostrzewski, 2020. “Sustainable Business Models: A Bibliometric Performance Analysis,” Energies, MDPI, vol. 13(22), pages 1-30, November.
Maja Levi Jakšic & Jovana Rakicevic & Milica Jovanovic, 2018. “Sustainable Technology and Business Innovation Framework – A Comprehensive Approach,” The AMFITEATRU ECONOMIC journal, Academy of Economic Studies – Bucharest, Romania, vol. 20(48), pages 418-418.
Mancheva-Ali, Olga & Lilov, Iliyan, 2018. “Opportunities to Achieve a Sustainable Restaurant Business,” Proceedings of the ENTRENOVA – ENTerprise REsearch InNOVAtion Conference (2018), Split, Croatia, in: Proceedings of the ENTRENOVA – ENTerprise REsearch InNOVAtion Conference, Split, Croatia, 6-8 September 2018, pages 303-311, IRENET – Society for Advancing Innovation and Research in Economy, Zagreb.
Peter Bradley & Glenn Parry & Nicholas O’Regan, 2016. “A framework for understanding and designing business models for sustainable development,” Working Papers 20161606, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
Sorin BLAGA, 2018. “A Business Model For Social Entrepreneurship Sustainability,” Scientific Bulletin – Economic Sciences, University of Pitesti, vol. 17(2), pages 19-32.
Viziteu Loredana & Lucaci Ancuța & Orhean-Vranceanu Maria, 2024. “The Contribution of Sustainable Businesses to Achieving Sustainable Development Goals: A Bibliometric Analysis,” Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 2628-2641.