Achieving Sustainability in Newly Founded Start-Up Businesses: Navigating Challenges and Gaining Insights

Sweta Leena  Hota,; Nirupama  Mohanty,; Arya  Kumar,; Kedareswar  Panda,

Achieving Sustainability in Newly Founded Start-Up Businesses: Navigating Challenges and Gaining Insights

Sweta Leena Hota | Nirupama Mohanty | Arya Kumar | Kedareswar Panda

Abstract:

Entrepreneurs embody multifaceted roles as leaders, risk-takers, and learners, driving toward success while transforming dreams into reality. However, amid their journey, they encounter formidable challenges. Hence, this article delves into startup entrepreneurs' hurdles in fostering sustainability. Amidst today's focus on sustainability, startups must navigate obstacles to enhance customer ratings and long-term performance. Examining risk management models, implementing ecofriendly technologies, and refining marketing strategies are crucial. Moreover, fostering virtual collaboration among geographically dispersed employees is essential to mitigate external challenges and achieve sustainability. Through these endeavors, entrepreneurs pave the path toward enduring success in the dynamic landscape of startup ventures.

References:

Aguinis, H., Villamor, I., Lazzarini, S. G., Vassolo, R. S., Amorós, J. E., & Allen, D. G. (2020). Conducting management research in Latin America: Why and what's in it for you? Journal of Management, 46(5), 615-636. https://doi.org/10.1177/0149206320901581
Ahlstrom, D., Arregle, J. L., Hitt, M. A., Qian, G., Ma, X., & Faems, D. (2020). Managing technological, sociopolitical, and institutional change in the new normal. Journal of Management Studies, 57(3), 411–437. https://doi.org/10.1111/joms.12569
Anwar, M., Khan, S. Z., & Khan, N. U. (2018). Intellectual capital, entrepreneurial strategy, and new ventures performance: Mediating role of competitive advantage. Business and Economic Review, 10(1), 63-93. http://dx.doi.org/10.22547/BER/10.1.3
Bhalerao, K., Kumar, A., Kumar, A., & Pujari, P. (2022). A study of barriers and benefits of artificial intelligence adoption in small and medium enterprise. Academy of Marketing Studies Journal, 26(1), 1-6. https://www.abacademies.org/articles/a-study-of-barriers-and-benefits-of-artificial-intelligence-adoption-in-small-and-medium-enterprise-13409.html
De Vass, T., Shee, H., & Miah, S. (2021). IoT in supply chain management: Opportunities and challenges for businesses in early industry 4.0 context. Operations and Supply Chain Management: An International Journal, 14(2), 148–161. http://doi.org/10.31387/oscm0450293
George, G., Merrill, R. K., & Schillebeeckx, S. J. (2021). Digital sustainability and entrepreneurship: How digital innovations are helping tackle climate change and sustainable development. Entrepreneurship Theory and Practice, 45(5), 999-1027. https://doi.org/10.1177/1042258719899425
Ghezzi, A., & Cavallo, A. (2020). Agile business model innovation in digital entrepreneurship: Lean start-up approaches. Journal of business research, 110, 519-537. https://doi.org/10.1016/j.jbusres.2018.06.013
Gregurec, I., Tomičić Furjan, M., & Tomičić-Pupek, K. (2021). The impact of COVID-19 on sustainable business models in SMEs. Sustainability, 13(3), 1098. https://doi.org/10.3390/su13031098
Hameed, I., & Irfan, Z. (2019). Entrepreneurship education: a review of challenges, characteristics and opportunities. Entrepreneurship Education, 2(3), 135–148. https://doi.org/10.1007/s41959-019-00018-z
Henry, M., Bauwens, T., Hekkert, M., & Kirchherr, J. (2020). A typology of circular start-ups: An Analysis of 128 circular business models. Journal of Cleaner Production, 245, 118528. https://doi.org/10.1016/j.jclepro.2019.118528
Hota, S. L. (2022). Analysis of influencer marketing impact on buying behaviour among teenagers. International Journal of Mechanical Engineering, 7(1). https://kalaharijournals.com/resources/IJME1-20/IJME_Vol7.1_10.pdf
Kickul, J., Gundry, L., Mitra, P., & Berçot, L. (2018). Designing with purpose: advocating innovation, impact, sustainability, and scale in social entrepreneurship education. Entrepreneurship Education and Pedagogy, 1(2), 205-221. https://doi.org/10.1177/2515127418772177
Kim, B., Kim, H., & Jeon, Y. (2018). Critical success factors of a design start-up business. Sustainability, 10(9), 2981. https://doi.org/10.3390/su10092981
Klofsten, M., Fayolle, A., Guerrero, M., Mian, S., Urbano, D., & Wright, M. (2019). The entrepreneurial university as driver for economic growth and social change-Key strategic challenges. Technological Forecasting and Social Change, 141, 149–158. https://doi.org/10.1016/j.techfore.2018.12.004
Muo, I., & Azeez, A. A. (2019). Green entrepreneurship: Literature review and agenda for future research. International Journal of Entrepreneurial Knowledge, 7(2), 17-29. https://doi.org/10.37335/ijek.v7i2.90
Salamzadeh, A., & Dana, L. P. (2021). The coronavirus (COVID-19) pandemic: challenges among Iranian start-ups. Journal of Small Business & Entrepreneurship, 33(5), 489-512. https://doi.org/10.1080/08276331.2020.1821158
Shepherd, D. A., & Gruber, M. (2021). The lean start-up framework: Closing the academic–practitioner divide. Entrepreneurship Theory and Practice, 45(5), 967–998. https://journals.sagepub.com/doi/10.1177/1042258719899415
Stachová, K., Papula, J., Stacho, Z., & Kohnová, L. (2019). External partnerships in employee education and development as the key to facing industry 4.0 challenges. Sustainability, 11(2), 345. https://doi.org/10.3390/su11020345
Tien, N. H., Hiep, P. M., Dai, N. Q., Duc, N. M., & Hong, T. T. K. (2020). Green entrepreneurship understanding in Vietnam. International Journal of Entrepreneurship, 24(2), 1–14. https://www.researchgate.net/publication/342752415_GREEN_ENTREPRENEURSHIP_UNDERSTANDING_IN_VIETNAM_2
Tsvetkov, V. A., Gurinovich, A. G., Afanasyev, I. V., Anastasov, M. S., Vrazhnova, M. N., & Churin, V. V. (2019). Effective management of a company's economic security: 21st century challenges. International Journal of Civil Engineering and Technology, 10(2), 1810-1820. https://www.academia.edu/download/60380887/IJCIET_10_02_17720190824-40314-ydap29.pdf
Vuong, Q. H., La, V. P., Nguyen, H. K. T., Ho, M. T., Vuong, T. T., & Ho, M. T. (2021). Identifying the moral–practical gaps in corporate social responsibility missions of Vietnamese firms: An event‐based analysis of sustainability feasibility. Corporate Social Responsibility and Environmental Management, 28(1), 30-41. https://doi.org/10.1002/csr.2029.
Zuzul, T., & Tripsas, M. (2020). Start-up inertia versus flexibility: The role of founder identity in a nascent industry. Administrative Science Quarterly, 65(2), 395-433. https://doi.org/10.1177/0001839219843486